EQLine Research and Services Pvt Ltd

EQLine Research and Services Pvt Ltd
Daily Technical Report
February 24, 2015
Sensex (28975) / Nifty (8755)
Exhibit 1: Nifty Daily Chart
Trading for the week began slightly higher considering quiet
global cues. Subsequently, the index consolidated in a
narrow range for the major part of the session. However, a
strong selling pressure in most of the heavyweights dragged
the index lower to close with more than a percent cut. All
sectors during the session ended in the negative territory
amongst which the Oil & Gas, Consumer Durables and
FMCG were the major draggers. The advance to decline
ratio was strongly in favor of the declining counters.
(A=1193 D=1698) (Source–www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed
at 27921 / 8402 and 24358 / 7302 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed
at 28875 / 8723 and 27975 / 8418 levels, respectively.
Trading strategy:
Our benchmark index kick-started the week with a marginal
upside gap as suggested by the SGX Nifty. However, the
index was struggling to maintain its position at higher levels
due to selling pressure seen in most of the index
Actionable points:
View
Neutral
Resistance Levels
8794 – 8825
Support Levels
8794 – 8750
heavyweights. As a result, we witnessed a nosedive in the
latter half of the session and the Nifty slipped below the
crucial support level of 8794.45. Since, the index has now
breached and closed below the low of the ‘Hanging Man’
pattern; we may witness further weakness towards 8680 –
8650 levels. On the higher side, 8794 – 8825 levels are
now seen as immediate resistances for the market. Any
bounce towards these levels is expected to get sold into at
least with an intraday perspective. Thus, we reiterate that
traders are advised to stay light on positions and avoid
taking undue risks.
EQLINE RESEARCH
212/4B, Ramani Srinivasan IInd street, Venkateswara Nagar, New Perungalathur, Chennai 600063. Ph: +919444119602
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EQLine Research and Services Pvt Ltd
February 24, 2015
Daily Technical Report
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (18913)
Yesterday, the Bank Nifty’s movement was quite similar to
the benchmark index. The banking index opened slightly
higher and then corrected in-line with the Nifty to shed
another 0.84% to close below the 19000 mark. Going
forward, yesterday’s low of 18835 is likely to be seen as
an important support level for the index. Any sustainable
move below this level may extend this correction towards
18700 – 18600 levels. On the flipside, 19000 – 19200 is
now seen as an intraday resistance zone for the Bank
Nifty.
Actionable points:
View
Neutral
Resistance Levels
Support Levels
19000 – 19200
18835 – 18700
EQLINE RESEARCH
212/4B, Ramani Srinivasan IInd street, Venkateswara Nagar, New Perungalathur, Chennai 600063. Ph: +919444119602
2
EQLine Research and Services Pvt Ltd
Daily Technical Report
February 24, 2015
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
SENSEX
NIFTY
BANKNIFTY
ACC
S2
S1
PIVOT
28,634
28,805
29,084
R1
29,254
R2
29,534
8,654
8,704
8,787
8,837
8,920
18,605
18,759
18,990
19,144
19,374
1,594
1,605
1,620
1,631
1,646
AMBUJACEM
256
259
262
265
268
ASIANPAINT
789
799
816
826
843
AXISBANK
533
541
554
562
575
2,140
2,161
2,192
2,212
2,243
BANKBARODA
177
180
183
185
189
BHARTIARTL
342
345
348
350
354
BHEL
267
270
273
276
280
BPCL
723
731
743
751
762
CAIRN
246
248
250
251
253
CIPLA
655
662
673
680
692
COALINDIA
380
382
384
387
389
DLF
141
144
148
151
155
3,331
3,360
3,392
3,422
3,454
BAJAJ-AUTO
DRREDDY
GAIL
386
393
401
409
417
GRASIM
3,569
3,632
3,716
3,779
3,863
HCLTECH
1,916
1,944
1,986
2,013
2,055
HDFC
1,287
1,299
1,319
1,331
1,351
HDFCBANK
1,051
1,059
1,070
1,079
1,090
HEROMOTOCO
2,613
2,630
2,647
2,664
2,680
HINDALCO
149
152
157
160
165
HINDUNILVR
864
875
894
906
925
ICICIBANK
323
326
330
333
338
IDFC
164
166
168
170
173
INDUSINDBK
847
857
868
878
889
2,213
2,239
2,274
2,301
2,335
ITC
383
387
393
396
402
JINDALSTEL
183
187
191
195
198
KOTAKBANK
1,292
1,304
1,320
1,332
1,347
LT
1,660
1,674
1,693
1,706
1,725
LUPIN
1,549
1,599
1,651
1,701
1,753
M&M
1,235
1,248
1,261
1,274
1,288
MARUTI
3,509
3,528
3,551
3,570
3,593
NMDC
133
135
139
141
145
NTPC
143
145
146
147
148
ONGC
318
321
327
331
337
PNB
159
161
165
167
171
POWERGRID
150
153
155
158
160
RELIANCE
829
840
858
870
888
SBIN
288
292
299
303
309
SSLT
214
217
221
224
228
SUNPHARMA
893
901
912
920
932
TATAMOTORS
565
569
577
582
589
82
84
86
87
89
358
363
370
375
382
TCS
2,646
2,671
2,697
2,722
2,748
TECHM
2,715
2,747
2,794
2,826
2,874
ULTRACEMCO
2,924
2,951
2,997
3,024
3,070
WIPRO
636
643
650
657
665
ZEEL
331
338
350
356
368
INFY
TATAPOWER
TATASTEEL
212/4B, Ramani Srinivasan IInd street, Venkateswara Nagar, New Perungalathur, Chennai 600063. Ph: +919444119602
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EQLine Research and Services Pvt Ltd
Daily Technical Report
Research Team Con No: 9444119602
February 24, 2015
E-mail: [email protected]
Website: www.eqinfotech.com
Disclaimer
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whatsoever nor do they accept responsibility for any financial consequences arising from the use of the research
or information provided herein.
EQLINE RESEARCH
212/4B, Ramani Srinivasan IInd street, Venkateswara Nagar, New Perungalathur, Chennai 600063. Ph: +919444119602
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