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Daily Technical Report
March 03, 2014

Sensex (21120) / Nifty (6277)
The concluding session of the week started on a flat note as
indicated by the SGX nifty. Index then witnessed a sudden spurt
in the initial hour which was followed by some profit booking in
the midsession. However, last hour sharp recovery led the
index to close with more than half a percent gain. On the
sectoral front, the Consumer durables and FMCG counters
closed with nominal losses; whereas Healthcare, IT and TECK
counters outperformed the benchmark index. The advance to
decline ratio was in favor of the declining counters. (A=1314
D=1357)(Sourcewww.bseindia.com)


Forma tion
The 89-day EMA and the 89-week EMA are placed at
20605 / 6126 and 19503 / 5841 levels, respectively.
The 20-day EMA and the 20-week EMA are placed at
20694 / 6149 and 20612 / 6129 levels, respectively.
The 78.6% Fibonacci retracement level of the fall from
6355.60 (high on January 23, 2014) to 5933.30 (low on
February 04, 2014) is placed at 6265.

Tra ding stra tegy:
Its been a cheerful week for the bulls as the Nifty continued
its northward journey right from the opening session. In the
process, the index initially conquered the 6160 mark and
then persistent buying interest enforced it to enter the
Breakaway Gap area of 6190 6265 created on January
27, 2014. The upper end of this gap area coincides with
the 78.6% Fibonacci retracement level of the fall from
6355.60 (high on January 23, 2014) to 5933.30 (low on
February 04, 2014). Hence, it can be considered as a
strong resistance zone for the market. The daily momentum
oscillators have now entered an extreme overbought
territory, which indicates possibility of an exhaustion or
profit booking in the coming days. We advise traders to
start liquidating their long positions and avoid taking undue
risks. Any reversal sign near the current resistance zone may
trigger some selling pressure in the market. In this scenario,
we may expect the Nifty to retest 6176 6130 levels. On
the flipside, 6283 6300 levels remain to be a strong
resistance zone for the index. A sustainable move beyond
6300 may push the index back to recent high of 6356 level.
Exhibit 1: Nifty Daily Chart


Source: Falcon

Actionable points:

View N eutra l
Support Levels 6228 6176
Resistance Levels 6283 6300





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Bank Nifty Outlook - (10765)
On Friday, Bank Nifty opened half a percent higher but
immediately shaved off some part of early morning gains
on the back of strong selling pressure in few constituents.
However, similar to the benchmark index, the Bank Nifty
too recovered from days low and eventually managed to
close with minor gains. At this juncture, the banking index
is hovering around the 61.8 % retracement of recent fall,
where we are now observing a pattern which resembles a
Hanging Man Japanese candlestick pattern. This level
coincides with the daily 89EMA. An occurrence of such
pattern near the important resistance zone indicates
possibility of near term trend reversal. This pattern will get
activated once the Bank Nifty closes below Friday's low of
10688. In this scenario, we may expect further correction
towards 10600 10470 levels. On the flipside, any
closing above 10803 level will negate the said pattern. In
this scenario, we may witness further up move towards
10973 level.

Actionable points:

View N eutra l
Support Levels 10688 10600
Resistance levels 10803 10973



Exhibit 2: Bank Nifty Daily Chart

Source: Falcon





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Daily Pivot Levels for Nifty 50 Stocks
SCRIPS S2 S1 PIVO T R1 R2
SENSEX 20,933 21,026 21,083 21,177 21,234
NIFTY 6,208 6,242 6,263 6,297 6,317
BANKNIFTY
10,644 10,705 10,749 10,809 10,854
ACC 1,075 1,090 1,100 1,115 1,125
AMBUJ ACEM 162 165 167 170 172
ASIANPAINT 463 468 475 480 487
AXISBANK 1,225 1,246 1,259 1,280 1,292
BAJ AJ -AUTO 1,891 1,919 1,938 1,966 1,985
BANKBARODA 528 539 547 559 566
BHARTIARTL 279 283 288 292 297
BHEL 158 163 166 171 174
BPCL 365 372 378 385 391
CAIRN 322 323 324 325 326
CIPLA 371 378 381 388 392
COALINDIA 240 242 245 247 250
DLF 137 139 141 143 144
DRREDDY 2,834 2,865 2,902 2,933 2,970
GAIL 363 367 370 374 377
GRASIM 2,494 2,517 2,549 2,572 2,604
HCLTECH 1,505 1,540 1,565 1,600 1,625
HDFC 804 812 818 825 831
HDFCBANK 655 662 673 680 690
HEROMOTOCO 1,913 1,940 1,967 1,994 2,021
HINDALCO 96 101 104 108 111
HINDUNILVR 536 542 549 556 563
ICICIBANK 1,023 1,034 1,041 1,051 1,059
IDFC 92 93 94 95 96
INDUSINDBK 386 392 398 404 410
INFY 3,732 3,778 3,808 3,854 3,884
ITC 321 324 328 331 335
J INDALSTEL 234 237 240 242 245
J PASSOCIAT 39 40 41 43 44
KOTAKBANK 667 676 685 694 703
LT 1,082 1,096 1,105 1,119 1,129
LUPIN 932 964 983 1,015 1,034
M&M 938 956 967 986 997
MARUTI 1,521 1,555 1,607 1,641 1,693
NMDC 125 126 128 129 130
NTPC 109 111 114 115 118
ONGC 278 285 289 295 299
PNB 529 540 551 563 573
POWERGRID 92 93 94 96 97
RANBAXY 353 359 364 370 374
RELIANCE 781 790 803 813 825
RELINFRA 351 357 361 367 371
SBIN 1,509 1,521 1,530 1,542 1,552
SESAGOA 173 176 177 179 181
SUNPHARMA 621 633 640 652 660
TATAMOTORS 399 408 413 422 427
TATAPOWER 77 78 79 80 82
TATASTEEL 332 338 346 352 360
TCS 2,119 2,197 2,239 2,317 2,358
ULTRACEMCO 1,797 1,821 1,842 1,865 1,887



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