Daily Technical Outlook for 24th April 2015

DAILY TECHNICAL OUTLOOK

SWASTIKA INTELLIGENCE GROUP 24th April 2015

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Bears are very active where every rise has become an opportunity to them; only a decisive move above

8500mark can boost bull’s sentiment.

NIFTY: 8398(-0.37%)

STRATEGY FOR TRADERS:

Nifty is not showing conviction at higher levels where 8500 is key resistance mark; traders are advised to remain

with sell on rise strategy till nifty trades below 8500mark; for any contra positional long 8250 is stop loss.

Daily Nifty Levels R1: 8450 R2: 8500 R3: 8560

Pivot: 8422 S1: 8350 S2: 8300 S3: 8270

CHART FORMATIONS:

Nifty didn’t give follow up buying of hammer candlestick formation but hold previous bottom.

Nifty is likely to from a double bottom formation near its 200-days rising moving average.

8500 is immediate and key hurdle which is 38.2% retracement of previous fall while 9-day EMA of 8524 will also act as immediate hurdle.

Below 8270 nifty is likely to vulnerable for major correction where 8165 is immediate and minor support.

TECHNICAL INDICATORS:

Mechanical indicator RSI has slipped below 40mark

while stochastic is trading in oversold territory.

CCI respected -200 support mark while MACD is still negatively poised.




DAILY PIVOT POINTS

Trading Strategy for 24th April 2015 Symbol Close R3 R2 R1 Pivot S1 S2 S3

CNXNifty 8398.30 8624.65 8564.80 8481.55 8421.70 8338.45 8278.60 8195.35

ACC 1518.60 1622.20 1598.60 1558.60 1535.00 1495.00 1471.40 1431.40

AMBUJACEM 237.60 255.10 251.00 244.30 240.20 233.50 229.40 222.70

ASIANPAINT 786.40 827.60 818.80 802.60 793.80 777.60 768.80 752.60

AXISBANK 538.20 559.23 553.97 546.08 540.82 532.93 527.67 519.78

BAJAJ-AUTO 1991.05 2058.83 2038.22 2014.63 1994.02 1970.43 1949.82 1926.23

BANKBARODA 179.45 186.38 184.12 181.78 179.52 177.18 174.92 172.58

BHARTIARTL 399.85 408.73 405.82 402.83 399.92 396.93 394.02 391.03

BHEL 233.30 239.62 237.23 235.27 232.88 230.92 228.53 226.57

BPCL 802.55 827.45 821.05 811.80 805.40 796.15 789.75 780.50

CAIRN 213.60 224.98 222.07 217.83 214.92 210.68 207.77 203.53

CIPLA 663.95 681.30 675.05 669.50 663.25 657.70 651.45 645.90

COALINDIA 384.25 391.47 388.68 386.47 383.68 381.47 378.68 376.47

DRREDDY 3528.80 3665.53 3630.27 3579.53 3544.27 3493.53 3458.27 3407.53

GAIL 375.60 386.60 382.80 379.20 375.40 371.80 368.00 364.40

GRASIM 3639.30 3806.53 3755.77 3697.53 3646.77 3588.53 3537.77 3479.53

HCLTECH 895.00 932.00 919.50 907.25 894.75 882.50 870.00 857.75

HDFC 1276.05 1324.12 1310.88 1293.47 1280.23 1262.82 1249.58 1232.17

HDFCBANK 1013.50 1041.20 1032.70 1023.10 1014.60 1005.00 996.50 986.90

HEROMOTOCO 2390.55 2493.53 2460.32 2425.43 2392.22 2357.33 2324.12 2289.23

HINDALCO 135.05 139.97 138.48 136.77 135.28 133.57 132.08 130.37

HINDUNILVR 902.65 948.03 935.02 918.83 905.82 889.63 876.62 860.43

ICICIBANK 311.85 321.40 318.65 315.25 312.50 309.10 306.35 302.95

IDEA 184.55 194.70 191.75 188.15 185.20 181.60 178.65 175.05

IDFC 169.40 174.10 172.50 170.95 169.35 167.80 166.20 164.65

INDUSINDBK 858.75 888.80 879.35 869.05 859.60 849.30 839.85 829.55

INFY 2122.00 2182.00 2166.00 2144.00 2128.00 2106.00 2090.00 2068.00

ITC 342.10 354.50 350.50 346.30 342.30 338.10 334.10 329.90

KOTAKBANK 1377.55 1433.43 1410.62 1394.08 1371.27 1354.73 1331.92 1315.38

LT 1724.10 1802.67 1782.53 1753.32 1733.18 1703.97 1683.83 1654.62

LUPIN 1725.85 1821.75 1800.85 1763.35 1742.45 1704.95 1684.05 1646.55

M&M 1198.85 1256.90 1238.95 1218.90 1200.95 1180.90 1162.95 1142.90

MARUTI 3494.45 3582.22 3558.88 3526.67 3503.33 3471.12 3447.78 3415.57




NMDC 124.60 131.12 129.63 127.12 125.63 123.12 121.63 119.12

NTPC 149.50 157.80 155.90 152.70 150.80 147.60 145.70 142.50

ONGC 307.95 321.90 318.65 313.30 310.05 304.70 301.45 296.10

PNB 160.00 165.50 164.20 162.10 160.80 158.70 157.40 155.30

POWERGRID 146.65 151.48 150.22 148.43 147.17 145.38 144.12 142.33

RELIANCE 877.05 908.30 898.85 887.95 878.50 867.60 858.15 847.25

SBIN 277.65 295.77 291.58 284.62 280.43 273.47 269.28 262.32

SSLT 211.50 221.13 218.57 215.03 212.47 208.93 206.37 202.83

SUNPHARMA 942.00 1014.67 997.73 969.87 952.93 925.07 908.13 880.27

TATAMOTORS 512.00 543.07 535.43 523.72 516.08 504.37 496.73 485.02

TATAPOWER 79.25 81.95 81.15 80.20 79.40 78.45 77.65 76.70

TATASTEEL 369.45 392.15 381.55 375.50 364.90 358.85 348.25 342.20

TCS 2457.25 2528.90 2504.35 2480.80 2456.25 2432.70 2408.15 2384.60

TECHM 615.20 657.43 647.37 631.28 621.22 605.13 595.07 578.98

ULTRACEMCO 2728.30 2953.53 2901.77 2815.03 2763.27 2676.53 2624.77 2538.03

WIPRO 534.25 561.02 554.98 544.62 538.58 528.22 522.18 511.82

YESBANK 851.30 919.33 887.17 869.23 837.07 819.13 786.97 769.03

ZEEL 328.90 341.02 335.83 332.37 327.18 323.72 318.53 315.07

Research Team Designation E-Mail ID

Santosh Meena Senior Research Analyst [email protected]

Research Team Designation E-Mail ID

Amit Khare Senior Research Analyst [email protected]

Sonakshi Bahety Technical Research Analyst [email protected]

Sandeep Choubey Technical Research Analyst [email protected]

Anisha Agrawal Fundamental Research Analyst [email protected]

Sayyam Neema Technical Research Analyst [email protected]

Nitesh Porwal Technical Research Analyst [email protected]

Manish Bimal Research Associate [email protected]

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Daily Technical Outlook for 24th April 2015