The document provides a technical analysis of the Nifty, Bank Nifty, and CESC stocks. For Nifty, it notes the index opened positively but fell, and provides resistance and support levels. For Bank Nifty, it analyzes the candlestick pattern and moving averages, and gives levels. For CESC, it describes a bearish flag pattern and recommends selling below 705.

1. 16th Oct’14 Equity Bazaar
Nifty
Nifty Technical View:
 Nifty prices opened on a positive note however, failed to sustain at higher levels end drifted lower.
 Price Pattern: On hourly chart, Nifty prices have traded in lower top lower bottom formation while taking resistance of its downtrend line shown in the below chart.
 Moving Average: From past few trading sessions we have observe Nifty price have tested its 50 SMA 7913 levels but failed to give close above that level. If Nifty prices sustain above the mentioned level than next immediate resistance prices can have toward 7956 level which is also 100 SMA. Break below 7913 levels, we expect minor correction till 7800 levels.
 RSI: RSI has formed positive divergences which would be confirmed when prices give close above the shown down trend line.
 Conclusion: from the below chart state that, Nifty have broad range, for upper side 7954 level could act as crucial resistance & for lower level 7800 could act as strong support.
Resistance: R1 7973 R2 8016 R3 8123
Pivot : PL 7909
Support : S1 7866 S2 7802 S3 7695
Our Recommendation
Buy Nifty above 7960 Stop Loss 7900 Target 8150.
Sell Nifty below 7850 Stop Loss 7900 Target 7700.

2. 16th Oct’14 Equity Bazaar
Bank Nifty
Bank Nifty Technical View:
 The Bank Nifty prices were highly volatile in the previous trading session. Bank Nifty had given gap up opening and made intraday low of 15560 & given sharp bounce back.
 Candlestick Pattern: On daily chart we have seen Bank Nifty has formed Doji Candlestick which would indicate indecision in the current trend.
 Moving Average: Below chart suggest, The Bank Nifty prices are trading above the 50 EMA (15485) & 100 EMA (15511) if 50 EMA trade above 100 EMA, we might see upside move towards high level.
 RSI: RSI is near 60 levels, cross above 60 would add bullishness in prices.
 Conclusion: If prices stay above 50 & 100 EMA, prices could head towards 16000 levels.
Resistance: R1 15884 R2 16005 R3 16288
Pivot : PL 15722
Support : S1 15447 S2 15194 S3 14790
Our Recommendation
Buy BNF above 15800 Stop Loss 15700 Target: 16000.
Sell BNF below 15450 Stop Loss 15550 Target: 15200.

3. 16th Oct’14 Equity Bazaar
Stock of the Day
CESC View:
 After steep down move, prices have traded in bearish flag formation while prices have given conformation near breakdown levels of 710.
 Chart Pattern: On hourly chart, CESE has formed Bearish Flag Pattern is a continuation which would be confirmed below the lower band of the flag formation in this case it is near 710 levels.
 Moving Average: On Hourly chart, Prices have given close below the 50 & 100 SMA which is another bearish sign.
 RSI: The momentum indicator RSI is below 40 levels which indicate lack of momentum in prices.
 Conclusion: In short term, correction may continue till 677 levels in between rallies to be used as selling opportunity.
Resistance: R1 724 R2 738 R3 762
Pivot : PL 714
Support : S1 700 S2 690 S3 666
Our Recommendation
Sell CESC below 705 Stop Loss 715 Target: 680

4. 16th Oct’14 Equity Bazaar
Derivative Analysis  FIIS Data: FII’s are net Rs 694.67 Cr short on 14th October 2014 and Dll’s are the net Rs 495.52 Cr buyer on 14th October 2014.  Option Data: 8200 CE has the highest OI with 59 lakhs and 8100 CE has the second highest OI with 54 lakhs and 7800 PE has the highest OI with 71 lakhs and 7700 PE has the second highest OI with 50 lakhs.  Open Interest: The above options data shows that nifty has strong support at 7800 and has resistance at 8200. The change in level will take place once when NIFTY prices breaks 8000 mark.  Intraday Option Strategy: (A) Buy Nifty 7900 calls and Sell Nifty 8000 puts if buy level is breached. (B) Sell Nifty 7800 calls and Buy Nifty 7900 puts if sell level is breached.

5. 16th Oct’14 Equity Bazaar
SymbolS3S2S1PR1R2R3TrendActionACC 1337.351362.21372.751387.051397.61411.91436.75DownSellAMBUJACEM 199.22204.32206.23209.4167211.33214.52219.62DownSellASIANPAINT 612.58632.03639.07651.4833658.52670.93690.38DownSellAXISBANK 368.82381.97389.53395.1167402.68408.27421.42UPBuyBAJAJ-AUTO 2285.672344.672378.332403.6672437.332462.672521.67UPBuyBANKBARODA 823.03846.23858.87869.4333882.07892.63915.83UPBuyBHEL 199.08211.13218.57223.1833230.62235.23247.28UPBuyBPCL 624.47642.27649.28660.0667667.08677.87695.67DownSellBHARTIARTL 381.7389.4393.9397.1401.6404.8412.5UPBuyCAIRN 264.78275.43279.77286.0833290.42296.73307.38DownSellCIPLA 545.63562.03570.27578.4333586.67594.83611.23UPBuyCOALINDIA 327.73335.73339.97343.7333347.97351.73359.73UPBuyDLF 54.5583.9594.45113.35123.85142.75172.15DownSellDRREDDY 2803.722877.172906.232950.6172979.683024.073097.52DownSellGAIL 425.98436.28441.87446.5833452.17456.88467.18UPBuyGRASIM 3283.433346.233370.073409.0333432.873471.833534.63DownSellHCLTECH 1655.731693.531708.271731.3331746.071769.131806.93DownSellHDFCBANK 831.55852.35860.35873.15881.15893.95914.75DownSellHEROMOTOCO 2779.622818.422835.432857.2172874.232896.022934.82DownSellHINDALCO 135.95143.6147.3151.25154.95158.9166.55DownSellHINDUNILVR 689.15708.55719.9727.95739.3747.35766.75UPBuyHDFC 957.92984.02994.031010.1171020.131036.221062.32DownSellITC 330.5339343.00347.5351.5356364.5DownSellICICIBANK 1400.31436.251457.151472.21493.11508.151544.1UPBuyIDFC 132.47136.17137.88139.8667141.58143.57147.27DownSellINDUSINDBK 620.97634.52642.13648.0667655.68661.62675.17UPBuyINFY 3797.773862.773890.533927.7673955.533992.774057.77DownSellJINDALSTEL 133.1145.2151.1157.3163.2169.4181.5DownSellKOTAKBANK 973.58992.781002.971011.9831022.171031.181050.38UPBuyLT 1396.731421.231430.571445.7331455.071470.231494.73DownSellLUPIN 1280.951307.151318.81333.3513451359.551385.75DownSellM&M 1234.921254.821264.431274.7171284.331294.621314.52DownSellMARUTI 2899.432935.032948.572970.6332984.173006.233041.83DownSellNMDC 139.45146.45150.2153.45157.2160.45167.45SidewayNo ActionNTPC 134.48137.43139.07140.3833142.02143.33146.28UPBuyONGC 386.13395.08398.62404.0333407.57412.98421.93DownSellPOWERGRID 131.08133.38134.72135.6833137.02137.98140.28UPBuyPNB 879.5901.3913.4923.1935.2944.9966.7UPBuyRELIANCE 925.48945.88953.57966.2833973.97986.681007.08DownSellSSLT 170.2205.55227.55240.9262.9276.25311.6UPBuySBIN 2416.672468.322495.932519.9672547.582571.622623.27UPBuySUNPHARMA 769.13787.23795.07805.3333813.17823.43841.53DownSellTCS 2590.772647.672673.432704.5672730.332761.472818.37DownSellTATAMOTORS 463.23477.33482.67491.4333496.77505.53519.63DownSellTATAPOWER 81.3583.9585.4586.5588.0589.1591.75UPBuyTATASTEEL 410.67431.82443.93452.9667465.08474.12495.27UPBuyTECHM 2297.272332.572352.332367.8672387.632403.172438.47UPBuyULTRACEMCO 2392.832433.332450.172473.8332490.672514.332554.83DownSellWIPRO 554.27569.02574.53583.7667589.28598.52613.27DownSellZEEL 297.5307311.5316.5321326335.5DownSell

6. 16th Oct’14 Equity Bazaar
Amit Pawar (Research Associate) amit.pawar@choiceindia.com
Rohan Shinde (Research Associate) rohan.shinde@choiceindia.com
Deveya Gaglani (Research Advisor) deveya.gaglani@chocieindia.com
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7. 16th Oct’14 Equity Bazaar
Disclaimer
This is solely for information of clients of Choice India and does not construe to be an investment advice. It is also not intended as an offer or solicitation for the purchase and sale of any financial instruments. Any action taken by you on the basis of the information contained herein is your responsibility alone and Choice India its subsidiaries or its employees or associates will not be liable in any manner for the consequences of such action taken by you. We have exercised due diligence in checking the correctness and authenticity of the information contained in this recommendation, but Choice India or any of its subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this recommendation or any action taken on basis of this information. Technical analysis studies market psychology, price patterns and volume levels. It is used to forecast future price and market movements. Technical analysis is complementary to fundamental analysis and news sources. The recommendations issued herewith might be contrary to recommendations issued by Choice India in the company research undertaken as the recommendations stated in this report is derived purely from technical analysis. Choice India has based this document on information obtained from sources it believes to be reliable but which it has not independently verified; Choice India makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. The opinions contained within the report are based upon publicly available information at the time of publication and are subject to change without notice. The information and any disclosures provided herein are in summary form and have been prepared for informational purposes. The recommendations and suggested price levels are intended purely for trading purposes. The recommendations are valid for the day of the report however trading trends and volumes might vary substantially on an intraday basis and the recommendations may be subject to change. The information and any disclosures provided herein may be considered confidential. Any use, distribution, modification, copying, forwarding or disclosure by any person is strictly prohibited. The information and any disclosures provided herein do not constitute a solicitation or offer to purchase or sell any security or other financial product or instrument. The current performance may be unaudited. Past performance does not guarantee future returns. There can be no assurance that investments will achieve any targeted rates of return, and there is no guarantee against the loss of your entire investment.
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