Daily Technical Report
September 03, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17381) / NIFTY (5259)
On Friday, our benchmark indices opened on a flat note
and consolidated sideways during first part of the session.
However, during second half selling pressure resumed
which led the index to close well below the 5300 mark.
Metal, Power and Auto sectors ended on a losing side
and the advance to decline ratio was in favor of declining
counters
(A=1380
D=1419)
(Source
-
www.bseindia.com).
Formation
The ’20-day EMA’ and the ’200-day SMA’ are
placed at 17560 / 5316 and 16920 / 5120 levels,
respectively.
Looking at the “Line Chart” it is clear that indices
have now confirmed the ‘Higher Top
- Higher
Bottom’ formation on the weekly chart after August
Source: Falcon
28, 2009.
The weekly momentum oscillators viz., the RSI and
Actionable points:
the Stochastic are signaling a negative crossover.
View
Neutral
Resistance Levels
5300 - 5330
Trading strategy:
Support Levels
5240
After posting four consecutive positive weekly closings, we
witnessed a correction in our markets during the last
The said formation would be negated only if indices
week. The bellwether indices (Sensex
/ Nifty) tested
break the important weekly swing low of 16598 / 5032.
support level of 17285 / 5240. We are now observing a
Also, looking at the extreme oversold condition of
negative crossover in the weekly momentum oscillators.
‘Stochastic’ momentum oscillator on the daily chart, the
The impact of these tools can be seen if our indices
possibility of a bounce towards 17712 / 5360 levels
sustain below this week’s low of 17338 / 5239. In such a
cannot be ruled out. Under normal circumstances, this
scenario, the markets may test 17123 - 16892 / 5190 -
bounce should be treated as a corrective up move.
5120 levels which are the 61.8% and 78.6% Fibonacci
However, in case we see some positive global news flow
Retracement levels of the rise from 16598 / 5032 to
on the back of the Jackson Hole meeting and if the US
17972 / 5449, respectively. However, the weekly ‘Higher
Fed commits to more quantitative easing, then a close
Top Higher Bottom’ formation mentioned in our earlier
beyond 17712 / 5360 level in the initial part of the week
report is still intact.
would indicate a strong reversal of current pessimism.
The Sensex / Nifty may rally towards 17972 / 5449
levels.
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Daily Technical Report
September 03, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (9991)
On Friday, Bank Nifty opened on a flat note and traded
with extreme volatility throughout the session to close with
a loss of nearly 1%. The index has taken support in the
support zone of 9964 - 9914. The positive divergence in
momentum oscillator “RSI” on hourly chart mentioned in
our previous reports is still intact. However, looking at the
mixed signal in momentum oscillators on the daily and
weekly chart we expect the Index to trade in a broad
range of 10330 - 9914 for the next 5 to 7 sessions.
Within the mentioned range 10130 - 10250 are likely to
act as resistance and 9948 - 9914 levels are likely to act
as support levels.
Actionable points:
View
Neutral
Resistance Levels
10130 - 10250
Source: Falcon
Support Levels
9948 - 9914
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Daily Technical Report
September 03, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,205
17,293
17,425
17,513
17,645
NIFTY
5,203
5,231
5,267
5,295
5,331
BANKNIFTY
9,841
9,916
10,023
10,098
10,206
ACC
1,290
1,299
1,313
1,322
1,336
AMBUJACEM
180
183
186
189
193
ASIANPAINT
3,548
3,594
3,677
3,723
3,806
AXISBANK
972
982
998
1,008
1,025
BAJAJ-AUTO
1,591
1,604
1,617
1,630
1,643
BANKBARODA
619
625
632
638
645
BHARTIARTL
237
242
246
251
254
BHEL
207
210
215
218
223
BPCL
322
328
339
345
356
CAIRN
327
334
342
348
356
CIPLA
366
371
377
382
388
COALINDIA
343
347
353
358
364
DLF
189
192
196
199
202
DRREDDY
1,648
1,663
1,683
1,698
1,718
GAIL
346
351
355
359
363
GRASIM
2,943
2,967
2,983
3,007
3,023
HCLTECH
537
541
544
548
552
HDFC
719
727
733
741
747
HDFCBANK
584
590
595
600
606
HEROMOTOCO
1,700
1,732
1,783
1,815
1,866
HINDALCO
101
102
104
106
107
HINDUNILVR
504
510
520
525
535
ICICIBANK
879
891
907
918
934
IDFC
129
131
135
138
141
INFY
2,336
2,349
2,367
2,380
2,399
ITC
264
266
268
270
272
JINDALSTEL
339
345
352
358
365
JPASSOCIAT
62
63
65
66
67
KOTAKBANK
560
567
579
586
598
LT
1,313
1,328
1,342
1,357
1,372
M&M
750
756
766
772
781
MARUTI
1,122
1,133
1,141
1,151
1,159
NTPC
166
167
169
170
172
ONGC
266
271
275
280
284
PNB
661
669
677
685
694
POWERGRID
117
118
120
121
123
RANBAXY
541
547
550
556
560
RELIANCE
749
758
771
780
793
RELINFRA
432
438
448
454
464
SAIL
76
77
78
79
80
SBIN
1,807
1,822
1,844
1,859
1,880
SESAGOA
165
168
171
175
178
SIEMENS
666
672
679
685
692
STER
91
94
96
99
101
SUNPHARMA
653
661
668
676
683
TATAMOTORS
227
231
234
238
242
TATAPOWER
98
99
99
100
101
TATASTEEL
352
357
363
367
373
TCS
1,321
1,333
1,346
1,357
1,370
WIPRO
353
358
365
370
377
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Daily Technical Report
September 03, 2012
Research Team Tel: 022 - 39357800
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
Mehul Kothari
-
Technical Analyst
Ankur Lakhotia
-
Technical Analyst
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