Daily Technical Report
July 17 , 2013
Exhibit 1: Nifty Daily Chart
Sensex (19851) / NIFTY (5955)
Yesterday, our benchmark indices opened substantially lower
on the back of changes in norms by the RBI. However,
indices bounced back gradually throughout the session after
posting a low of 19649 / 5910 to eventually close with a one
percent loss. The Realty, Banking and Capital Goods
counters slumped during the session; whereas the Power and
the FMCG and Oil & Gas sectors defended our benchmark
indices. The Advance to Decline ratio was strongly in favor of
declining
counters.
(A=847 D=1443)
(Source-
www.bseindia.com )
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19378 / 5860 and 18561 / 5615 levels respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19474 / 5868 and 19434 / 5874, respectively.
The weekly ‘RSI’ and ‘Stochastic’ oscillators are positively
Source: Falcon:
poised.
The 61.8% and 78.60% Fibonacci retracement levels of
Actionable points:
the fall from 20444 / 6229 to 18467/ 5566 are placed
at 19689 / 5976 and 20021 / 6088, respectively.
View
Neutral
Support Levels
5904 - 5879
The daily chart depicts a ‘Bullish Pennant’ pattern
breakout.
Resistance Level
5964 - 6038
Trading strategy:
On Monday, post market hours, the Reserve Bank of India
(RBI) announced measures to curb Rupee depreciation by
tightening liquidity in the banking system. As a result, our
benchmark indices opened down with more than one and
half percent. However, the breakout point (19640 / 5904) of
‘Pennant’ pattern provided a decent support for the market.
Hence, indices steadily recovered from the lows to trim some
of the early losses. At this juncture, we are observing that
indices have now approached hourly ’20 EMA’ level of
19891 / 5964, which almost coincides with yesterday’s high.
Hence, going forward, any sustainable move beyond
yesterday’s high may push indices back to the 20063 / 6038
level. On the flipside, 19640 - 19505 / 5904 - 5879
remains to be a strong support band for our market. A fall
below these levels would mean that all long positions should
be squared off as further lower levels may be eventually
tested. We reiterate that traders should stick to individual
stocks movement and avoid taking undue risks.
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Daily Technical Report
July 17, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11226)
Yesterday, the Bank Nifty was the major culprit in dragging
our benchmark indices lower after the RBI’s announcement of
some measures to curb the rupee depreciation. The Bank
Nifty is now nearing the important support level of 11176.
Any sustainable move below this level would result in further
weakness in the index. As a result, the Index may test recent
bottom of 11033 or may even fall below the psychological
11000 mark. On the upside, yesterday’s high of
11459
would act as immediate resistance for Bank Nifty in coming
trading session.
Actionable points:
View
Neutral
Resistance Level
11459
Support Levels
11033 - 11000
Source: Falcon:
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Daily Technical Report
July 17, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,556
19,704
19,797
19,945
20,038
NIFTY
5,889
5,922
5,944
5,977
5,999
BANKNIFTY
11,049
11,137
11,298
11,387
11,548
ACC
1,203
1,230
1,246
1,274
1,290
AMBUJACEM
190
195
198
203
206
ASIANPAINT
4,713
4,774
4,817
4,878
4,920
AXISBANK
1,198
1,215
1,242
1,259
1,286
BAJAJ-AUTO
1,853
1,880
1,899
1,927
1,945
BANKBARODA
549
557
563
572
578
BHARTIARTL
302
312
318
327
333
BHEL
178
181
183
185
188
BPCL
330
339
344
353
359
CAIRN
296
300
302
306
309
CIPLA
394
398
403
407
413
COALINDIA
285
290
292
297
300
DLF
158
161
167
171
177
DRREDDY
2,209
2,244
2,300
2,334
2,390
GAIL
312
318
323
328
333
GRASIM
2,755
2,778
2,794
2,817
2,833
HCLTECH
852
865
875
887
897
HDFC
791
803
818
830
844
HDFCBANK
663
671
678
685
692
HEROMOTOCO
1,630
1,661
1,688
1,719
1,745
HINDALCO
101
102
103
105
106
HINDUNILVR
596
610
619
633
642
ICICIBANK
973
988
1,012
1,027
1,051
IDFC
124
126
129
131
134
INDUSINDBK
444
455
472
483
500
INFY
2,637
2,683
2,727
2,773
2,816
ITC
343
351
357
365
371
JINDALSTEL
211
214
218
220
224
JPASSOCIAT
49
50
51
52
54
KOTAKBANK
678
695
720
738
762
LT
945
958
972
985
999
LUPIN
860
867
876
884
893
M&M
897
905
915
923
932
MARUTI
1,385
1,398
1,414
1,427
1,443
NMDC
105
106
107
107
108
NTPC
141
142
143
144
145
ONGC
288
294
299
305
310
PNB
608
617
631
640
654
POWERGRID
107
109
110
111
112
RANBAXY
331
336
342
347
352
RELIANCE
875
888
896
909
917
RELINFRA
365
369
376
381
387
SBIN
1,766
1,797
1,828
1,859
1,891
SESAGOA
147
150
153
155
158
SUNPHARMA
1,089
1,104
1,117
1,132
1,145
TATAMOTORS
278
285
289
295
299
TATAPOWER
86
87
89
90
92
TATASTEEL
247
250
253
255
258
TCS
1,596
1,623
1,644
1,671
1,693
ULTRACEMCO
1,883
1,908
1,925
1,950
1,967
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Daily Technical Report
July 17, 2013
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E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
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