Daily Technical Report
February 03, 2014
Sensex (20514) / Nifty (6090)
Exhibit 1: Nifty Daily Chart
The concluding session of the week started on a flat note in-
line with the mixed global cues. The index then traded within a
narrow range throughout the session to close on a flat note.
On the sectoral front, excluding Auto, all other sectors closed in
the positive territory. The Realty and Oil & Gas were among the
major gainers. The advance to decline ratio was strongly in
favor of the advancing counters. (A=1506 D=1081)(Source-
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20634 / 6135 and 19395 / 5813 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20898 / 6205 and 20582 / 6121 levels, respectively.
The ‘Shooting Star’ pattern on the weekly chart has now
been confirmed.
The Weekly ‘RSI-Smoothened’ and the ‘ADX (9)’ indicator
Source: Falcon
are now signaling a negative crossover
Actionable points:
Trading strategy:
View
Neutral
A sudden shift in traders’ sentiments was influenced by
Support Levels
6027 - 5970
domestic as well as global developments. In our previous
Resistance Levels
6110 - 6150
weekly report, we had clearly mentioned that the bulls were
struggling at higher levels and that the bears had started
gaining strength. This was reflected in Monday’s session as the
On the other hand, Thursday’s ‘Bullish Hammer’ pattern
Nifty opened substantially lower and confirmed the ‘Shooting
does not rule out the possibilities of a near-term bounce
Star’ Japanese candlestick pattern formed during the previous
towards 6150 - 6180 levels. We expect the Banking, Oil &
week. In-line with our expectations, the Nifty slid towards the
Gas and Metal counters to remain under pressure; whereas
mentioned targets of 6129 - 6050. In the process, our market
the IT and Healthcare sectors may remain to be a safe bet
has now finally managed to come out of the congestion zone.
for traders.
A closing below the weekly ’20 EMA’ coupled with the negative
placement of the weekly ‘RSI-Smoothened’ and the ‘ADX (9)’
indicator suggests higher possibilities of intermediate-term
weakness. Considering these evidences, we expect the Nifty to
initially test the crucial support level of 5970 and may even
slide towards 5850 - 5820 levels, if it sustains below 5970
over the next 3 weeks.
1
Daily Technical Report
February 03, 2014
Bank Nifty Outlook - (10238)
Exhibit 2: Bank Nifty Daily Chart
On Friday, unlike our benchmark index, the Bank Nifty
opened tad higher and traded with a positive bias for
most part of the session. Going forward, Thursday’s
downside gap area of 10406 to 10314 would now act as
an important resistance zone. Only a sustainable move
beyond the upper range of 10406 would extend the rally
towards 10550 - 10600. However, the overall higher
degree chart structure remains bearish and hence, we
advise traders to use every bounce to create fresh short
positions. On the flipside, Thursday’s low of 10100 would
now act as a crucial intraday as well as near term support
for the index. A closing below this level may augment the
pessimism in the Bank Nifty and in this case, it may slide
towards the next support zone of 9950 - 9850.
Actionable points:
View
Neutral
Support Levels
10100 - 9950
Source: Falcon
Resistance levels
10314 - 10406
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Daily Technical Report
February 03, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,388
20,451
20,512
20,575
20,635
NIFTY
6,054
6,072
6,085
6,102
6,115
BANKNIFTY
10,075
10,157
10,212
10,293
10,348
ACC
968
990
1,003
1,024
1,038
AMBUJACEM
156
157
159
161
162
ASIANPAINT
461
466
473
478
484
AXISBANK
1,103
1,113
1,120
1,130
1,137
BAJAJ-AUTO
1,876
1,889
1,904
1,916
1,931
BANKBARODA
523
536
544
557
565
BHARTIARTL
306
311
313
318
321
BHEL
166
170
172
175
177
BPCL
339
351
358
370
377
CAIRN
319
322
323
326
328
CIPLA
402
406
413
417
423
COALINDIA
243
245
247
249
250
DLF
134
136
137
139
140
DRREDDY
2,577
2,593
2,619
2,635
2,661
GAIL
346
352
357
363
367
GRASIM
2,508
2,536
2,565
2,594
2,622
HCLTECH
1,414
1,438
1,454
1,478
1,494
HDFC
788
798
814
824
841
HDFCBANK
619
624
630
635
641
HEROMOTOCO
1,909
1,939
1,983
2,014
2,058
HINDALCO
106
108
109
111
112
HINDUNILVR
561
565
570
574
578
ICICIBANK
962
975
984
997
1,006
IDFC
90
92
93
94
95
INDUSINDBK
376
380
383
387
389
INFY
3,656
3,679
3,709
3,732
3,762
ITC
321
323
324
327
328
JINDALSTEL
244
247
251
255
259
JPASSOCIAT
39
40
40
41
41
KOTAKBANK
643
650
656
663
668
LT
966
976
986
996
1,006
LUPIN
854
868
880
894
905
M&M
856
873
886
903
916
MARUTI
1,603
1,620
1,637
1,654
1,672
NMDC
140
142
144
147
148
NTPC
122
124
126
128
129
ONGC
268
272
274
278
280
PNB
492
520
537
565
582
POWERGRID
95
95
96
96
96
RANBAXY
313
318
325
330
336
RELIANCE
823
827
830
834
838
RELINFRA
359
366
370
376
380
SBIN
1,499
1,512
1,525
1,538
1,551
SESAGOA
183
186
189
191
194
SUNPHARMA
576
582
590
597
605
TATAMOTORS
340
345
352
356
363
TATAPOWER
71
72
73
75
76
TATASTEEL
343
350
354
360
364
TCS
2,195
2,218
2,244
2,267
2,293
ULTRACEMCO
1,661
1,686
1,703
1,728
1,745
3
Daily Technical Report
February 03, 2014
Research Team Tel: 022 - 30940000
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Research Team
Shardul Kulkarni
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Head - Technicals
Sameet Chavan
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Technical Analyst
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