Daily Technical Report
January 04, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19765) / NIFTY (6010)
Yesterday, for the third consecutive session indices opened
higher in-line with positive Asian bourses but struggled to
build on their early gains to eventually close marginally in
the positive territory. During the session, the Oil & Gas, Teck
and Realty sectors have outperformed the benchmark
indices; whereas the FMCG, Consumer Durables and
Capital Goods counters remained marginally in the negative
territory. The advance to decline ratio was strongly in favor
of advancing counters (A=1713 D=1263) (Source
-
www.bseindia.com).
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19346 / 5883 and 18740 / 5693 levels, respectively.
On the weekly chart, we are witnessing a breakout from
‘Downward Sloping Trend Line’ joining two significant
swing highs of 19811 / 5944 (April 2011) and 19137 /
5815 (Oct 2012) at 19050 / 5800 level.
The 38.20% and 50% Fibonacci retracement levels of
the rise from 18255 / 5548 (low on November 20,
2012) to 19612 / 5965 (high on December 11, 2012)
Source: Falcon:
are at 19100 - 18930 / 5806 - 5755, respectively.
Trading strategy:
Actionable points:
It was another gap up opening yesterday and finally the Nifty
has managed to close above the psychological level of 6000
View for the day
Neutral
mark. Despite this positive achievement, we are now
Resistance Levels
6017 - 6070
observing that indices have faced a resistance at the
Support Levels
5986 - 5960 - 5935
‘Upward Sloping Trend Line’ (drawn by joining a high of
October 5, 2012 and December 11, 2012) during the
session. Moreover, the current daily candle resembles a
‘Hanging Man’ Japanese candlestick pattern. The said
pattern has a negative implication BUT needs a confirmation
in the form of closing below the low of the candle i.e. 19693
/ 5986. However, considering positive sentiments across the
globe and bullish higher degree charts, we don’t expect a
complete reversal of the existing bull trend, although a minor
corrective move cannot be ruled out. Thus, in case of a
closing below 19693 / 5986, we may witness a short term
corrective down move towards 19624 - 19509 / 5960 -
5935. Any sustainable move beyond yesterday’s high of
19787 / 6017 would negate the pattern and Nifty may then
move towards the next resistance level 6070.
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Daily Technical Report
January 04, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12778)
Yesterday, the Bank Nifty opened on a flat note and traded in
a narrow range throughout the session. We had mentioned in
our previous report that the momentum oscillators on the
hourly chart are placed in overbought zone. At this juncture
we are witnessing that the momentum oscillators on the daily
chart are also placed well in the overbought territory. Hence,
we reiterate our view that a minor pullback or further
consolidation in the index cannot be ruled out. A correction in
the index will be seen only if it sustains below the 12722 level.
In this scenario the index is likely to correct towards 12615 -
12563 levels. The overall bias for the index remains positive
and any correction in the index should not be termed as a
change in trend. On the upside 12808 - 12838 levels are
likely to act as resistance.
Actionable points:
View for the day
Neutral
Resistance Levels
12808 - 12838
Support Levels
12722 - 12615
Source: Falcon:
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Daily Technical Report
January 04, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,655
19,710
19,748
19,803
19,841
NIFTY
5,974
5,992
6,004
6,022
6,035
BANKNIFTY
12,664
12,721
12,779
12,836
12,895
ACC
1,411
1,424
1,438
1,451
1,465
AMBUJACEM
203
205
207
208
210
ASIANPAINT
4,340
4,368
4,398
4,426
4,456
AXISBANK
1,377
1,383
1,390
1,397
1,403
BAJAJ-AUTO
2,192
2,204
2,216
2,228
2,240
BANKBARODA
868
879
889
900
910
BHARTIARTL
316
322
325
332
335
BHEL
234
236
239
241
243
BPCL
359
363
367
370
375
CAIRN
320
324
326
330
332
CIPLA
412
415
419
421
425
COALINDIA
356
358
360
363
365
DLF
231
235
238
242
245
DRREDDY
1,821
1,852
1,872
1,902
1,922
GAIL
356
360
364
367
371
GRASIM
3,136
3,157
3,190
3,211
3,244
HCLTECH
619
623
627
631
635
HDFC
836
841
846
851
856
HDFCBANK
675
679
685
689
694
HEROMOTOCO
1,856
1,872
1,897
1,913
1,938
HINDALCO
132
133
135
136
137
HINDUNILVR
524
528
531
535
538
ICICIBANK
1,159
1,166
1,172
1,178
1,184
IDFC
178
179
181
182
184
INFY
2,295
2,316
2,333
2,354
2,370
ITC
281
282
284
286
288
JINDALSTEL
456
461
466
471
475
JPASSOCIAT
99
100
101
102
103
KOTAKBANK
646
651
657
661
668
LT
1,611
1,624
1,643
1,655
1,674
LUPIN
599
604
611
616
624
M&M
926
931
937
942
948
MARUTI
1,524
1,533
1,550
1,560
1,577
NTPC
155
156
158
159
161
ONGC
273
276
279
282
284
PNB
880
888
901
909
921
POWERGRID
112
113
114
115
116
RANBAXY
510
513
518
521
526
RELIANCE
838
850
856
867
873
RELINFRA
534
540
545
551
556
SBIN
2,417
2,444
2,463
2,491
2,510
SESAGOA
201
202
204
206
207
SIEMENS
681
686
691
696
701
SUNPHARMA
719
727
737
745
755
TATAMOTORS
314
316
319
321
324
TATAPOWER
108
109
111
112
114
TATASTEEL
436
439
442
445
448
TCS
1,251
1,266
1,275
1,290
1,299
ULTRACEMCO
1,993
2,009
2,032
2,048
2,072
WIPRO
392
395
397
400
402
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Daily Technical Report
January 04, 2013
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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