Daily Technical Report
July 29, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19748) / NIFTY (5886)
On Friday, our benchmark indices opened with half a
percent gain as indicated by the SGX nifty. However, just
before the midsession, indices witnessed immense selling
pressure and as a result eventually closed almost at the
lowest point of the day. The high beta sectors like, Metal,
Realty and PSU Banking witnessed a sharp correction;
whereas the Consumer Durable along with the defensive
sectors like, Healthcare and FMCG somehow managed to
close in the green. The Advance to Decline ratio was strongly
in favor of declining counters. (A=835 D=1433) (Source-
www.bseindia.com )
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19486/ 5881 and 18594 / 5622 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19775 / 5931 and 19489 / 5882, respectively.
The daily ‘RSI-Smoothened’ oscillator and the ‘ADX (9)’
Source: Falcon:
indicator are signaling a negative crossover.
The 78.60% Fibonacci retracement level of the fall from
Actionable points:
20444 / 6229 to 18467/ 5566 is placed at 20021 /
6088.
View
Bearish below 5869
Expected Targets
5850 - 5800
Resistance Levels
5945 - 5991
Trading strategy:
Our benchmark indices have broken their winning streak in
It would be important to note that the RBI Monetary policy
the fifth week. On Wednesday, we witnessed a breakdown
would be declared on Tuesday and volatility is likely to
from the ‘Rising Wedge’ pattern below 20065 / 6004. A
increase in the first half of the week.
move below last week’s low of 19649 / 5910 now clearly
indicates that going forward the trading strategy should now
be “Sell on Rise”. In addition, the negative placement in the
daily ‘RSI-Smoothened’ oscillator and the ‘ADX (9)’ indicator
suggests possibility of near term weakness. Also, this week’s
price action has now confirmed the ‘Lower Top’ on the
weekly chart. This is a sign of caution for the bulls and adds
an important point in the overall analysis. Going forward, we
advise traders to initiate fresh short positions on every rise
towards the 6007 mark. The stop loss for the trade would be
at 6100. A break of the weekly low of 19699 / 5869, would
augment further negative momentum and may result in a
slide towards 19485 - 19185 / 5800 - 5760 or lower levels.
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Daily Technical Report
July 29, 2013
Exhibit 2: Bank Nifty Weekly Chart
Bank Nifty Outlook - (10465)
On Friday, the Bank Nifty too opened higher in-line with our
benchmark indices and similarly faced significant selling
pressure in the second half of the session. The Bank Nifty
resumed its overall bearish trend and corrected more than
one and half percent during the session. We are now
observing that on the weekly chart, the Bank Nifty has broken
its critical support of 10888 on closing basis. This has resulted
in confirmation of ‘Lower top Lower Bottom’ on weekly chart.
Considering current strong pessimism, we are of the opinion
that the Bank Nifty still has ample room on the downside.
Any sustainable move below 10352 may drag the index lower
to test the 61.8% Fibonacci retracement level (9924) of the
rise from 7766 (low of the December 16, 2011 weekly
candle) and 13415 (high of the May 24, 2013 weekly
candle). On the upside, 10661 - 10829 levels would act as
strong resistance for the Bank Nifty.
Actionable points:
Source: Falcon:
View
Bearish below 10352
Expected Target
9924
Resistance Levels
10661 - 10829
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Daily Technical Report
July 29, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,577
19,663
19,785
19,871
19,993
NIFTY
5,825
5,856
5,900
5,931
5,975
BANKNIFTY
10,143
10,304
10,514
10,675
10,884
ACC
1,169
1,190
1,206
1,228
1,244
AMBUJACEM
166
172
176
183
187
ASIANPAINT
4,961
5,018
5,096
5,153
5,231
AXISBANK
1,064
1,086
1,116
1,138
1,169
BAJAJ-AUTO
1,987
2,009
2,030
2,052
2,073
BANKBARODA
533
554
576
597
620
BHARTIARTL
327
332
336
341
345
BHEL
154
156
159
161
164
BPCL
340
345
352
357
363
CAIRN
297
300
305
308
313
CIPLA
407
411
414
418
420
COALINDIA
265
274
285
293
304
DLF
162
167
173
179
185
DRREDDY
2,215
2,255
2,297
2,337
2,379
GAIL
307
313
323
329
339
GRASIM
2,648
2,670
2,698
2,720
2,748
HCLTECH
891
897
908
915
925
HDFC
786
796
805
815
824
HDFCBANK
628
636
646
654
664
HEROMOTOCO
1,823
1,844
1,857
1,878
1,891
HINDALCO
88
91
97
101
107
HINDUNILVR
632
648
664
680
697
ICICIBANK
902
917
934
949
967
IDFC
112
114
117
119
121
INDUSINDBK
392
406
418
432
444
INFY
2,873
2,893
2,923
2,943
2,973
ITC
340
354
364
377
387
JINDALSTEL
179
184
193
198
206
JPASSOCIAT
38
40
42
44
46
KOTAKBANK
653
667
681
694
708
LT
824
835
854
865
885
LUPIN
824
839
858
874
892
M&M
875
885
891
901
908
MARUTI
1,297
1,336
1,392
1,431
1,487
NMDC
103
104
104
105
106
NTPC
137
139
141
143
144
ONGC
296
300
305
309
315
PNB
555
574
603
622
651
POWERGRID
106
107
109
110
112
RANBAXY
290
297
306
313
322
RELIANCE
875
883
893
901
911
RELINFRA
354
363
373
382
393
SBIN
1,709
1,737
1,780
1,808
1,852
SESAGOA
120
126
134
139
147
SUNPHARMA
1,091
1,104
1,114
1,127
1,138
TATAMOTORS
279
284
293
299
307
TATAPOWER
87
88
90
91
92
TATASTEEL
211
215
221
225
230
TCS
1,726
1,750
1,775
1,799
1,823
ULTRACEMCO
1,829
1,847
1,863
1,881
1,897
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Daily Technical Report
July 29, 2013
Research Team Tel: 022 - 30940000
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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