Daily Technical Report
July 31, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19348) / NIFTY (5755)
Yesterday, our benchmark indices opened on a subdued
note considering quiet trading mood across the globe.
During the first half, indices remained range bound; but post
midsession markets once again headed downwards on the
back of significant rupee depreciation. The weakness
continued till the fag end of the session, which led indices to
close at the lowest point of the day. During the session, only
IT sector managed to close in the positive territory; whereas
the Oil & Gas, Realty, Power and PSU counters witnessed
massive correction throughout the day. The Advance to
Decline ratio was strongly in favor of declining counters.
(A=677 D=1593) (Source-www.bseindia.com )
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19486/ 5878 and 18611 / 5625 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19718 / 5906 and 19476 / 5870, respectively.
The daily ‘RSI-Smoothened’ oscillator’, the ‘5 & 20 EMA’
and the ‘ADX (9)’ indicator are signaling a negative
crossover.
Source: Falcon:
Actionable points:
Trading strategy:
Yesterday, the fifth consecutive session has ended in favor of
View
Bearish below 5747
the bears. As expected, the Nifty has now closed well below
Expected targets
5699 - 5679
the psychological level of 5800 and also below the 61.8%
Resistance Levels
5825 - 5861
Fibonacci retracement level (5767) of the rise from 5566
(low on June 24, 2013) to 6094 (high on July 23, 2013).
Although the momentum oscillators such as “stochastic” are
in the oversold zone, the overall chart structure is still
negative. Hence, going forward, if Nifty sustains below
yesterday’s low of 5747, then it is likely to fill the upward
gap created on June 28, 2013. In this case, markets may
test 5699 / 5679, which coincides with the 78.6% Fibonacci
retracement level. On the higher side, 5825 - 5861 levels
would act as immediate resistance levels in coming trading
session.
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Daily Technical Report
July 31, 2013
Bank Nifty Outlook - (10210)
Exhibit 2: Bank Nifty Weekly Chart
Yesterday, the Bank Nifty too opened on a muted note in-line
with our benchmark indices. We witnessed extreme volatility
in the index just before and after the announcement of RBI
Monetary policy. However, the RBI kept the interest rates
unchanged and as a result, the Bank Nifty tumbled more than
two percent during the session. Going ahead, we maintain
our view that the index is likely 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). However, similar to our
benchmark indices, the momentum oscillators in Bank Nifty
too have entered extreme oversold zone. Hence, the
possibility on near term bounce back cannot be ruled out. On
the upside, 10452 - 10661 levels would act as immediate
resistance for the Bank Nifty.
Actionable points:
View
Neutral
Support Levels
10195 - 9924
Resistance Levels
10452 - 10661
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Daily Technical Report
July 31, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,106
19,227
19,450
19,571
19,794
NIFTY
5,674
5,715
5,788
5,828
5,902
BANKNIFTY
10,031
10,120
10,285
10,374
10,539
ACC
1,155
1,165
1,180
1,190
1,205
AMBUJACEM
164
166
168
170
173
ASIANPAINT
492
501
512
521
532
AXISBANK
1,059
1,076
1,104
1,121
1,150
BAJAJ-AUTO
1,857
1,892
1,953
1,988
2,049
BANKBARODA
536
545
560
569
584
BHARTIARTL
307
314
324
331
341
BHEL
148
150
154
157
161
BPCL
286
299
320
333
354
CAIRN
284
288
293
298
303
CIPLA
402
405
411
414
419
COALINDIA
267
271
274
278
281
DLF
150
155
162
167
174
DRREDDY
2,080
2,129
2,194
2,243
2,309
GAIL
294
300
310
316
325
GRASIM
2,663
2,682
2,714
2,733
2,765
HCLTECH
895
900
908
913
920
HDFC
791
799
810
819
830
HDFCBANK
612
619
627
634
642
HEROMOTOCO
1,813
1,832
1,856
1,875
1,899
HINDALCO
81
84
88
90
94
HINDUNILVR
616
621
628
634
641
ICICIBANK
910
918
931
939
952
IDFC
107
109
112
114
116
INDUSINDBK
377
388
404
415
432
INFY
2,911
2,933
2,953
2,975
2,995
ITC
343
347
353
356
362
JINDALSTEL
192
197
204
209
215
JPASSOCIAT
36
37
38
39
41
KOTAKBANK
627
638
659
671
691
LT
835
842
853
860
870
LUPIN
812
826
846
860
880
M&M
884
890
898
904
912
MARUTI
1,326
1,334
1,349
1,357
1,371
NMDC
95
97
100
103
106
NTPC
133
135
139
141
144
ONGC
265
273
287
295
309
PNB
543
554
573
585
604
POWERGRID
103
104
106
108
110
RANBAXY
262
271
285
293
307
RELIANCE
830
844
868
882
906
RELINFRA
316
326
345
356
375
SBIN
1,683
1,703
1,739
1,759
1,794
SESAGOA
118
121
123
126
129
SUNPHARMA
564
570
575
581
586
TATAMOTORS
273
279
288
294
304
TATAPOWER
84
85
87
88
90
TATASTEEL
202
206
211
215
221
TCS
1,761
1,777
1,791
1,806
1,820
ULTRACEMCO
1,842
1,857
1,876
1,891
1,910
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Daily Technical Report
July 31, 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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