Daily Technical Report
May 06, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19576) / NIFTY (5944)
On Friday, indices opened on a flat note and traded in
between Thursday’s trading range with extreme volatility to
close with a loss of nearly 1%. For the session Banking, Auto
and Realty counters ended on a losing side whereas Metal
and Capital Goods stocks ended with gains. The advance to
decline ratio was in favor of declining counters (A=1027
D=1339)
(Source-www.bseindia.com)
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19090/ 5784 and 19120/ 5801 levels, respectively.
The ’89-day EMA’ and the ‘200-day SMA’ are placed at
19105/ 5787and 18750 / 5685, respectively.
The weekly ADX (9) indicator and the ‘RSI-Smoothened’
Source: Falcon:
oscillator have signaled a positive crossover.
The 78.60%Fibonacci retracement levels of the fall from
20204 / 6112 to 18144 / 5477 is placed at 19762 /
5976.
Trading strategy:
Actionable points:
For the third consecutive week, our benchmark indices have
View
Bearish Below 5930
closed in the positive territory. During the week, indices
Expected Target
5880 - 5867
managed to sneak beyond the
78.60% Fibonacci
Resistance Levels
5973 - 5958
retracement level of 19762 / 5976. This has negated the
‘Lower Top Lower Bottom’ formation seen in the weekly
In this scenario, indices may correct towards 19250 - 19120
chart. However, indices have registered a weekly closing
/ 5860 - 5800 levels in the coming few sessions. With all the
below this level. Similar to last week, the price action seen in
policy events out of the way and major quarterly results
the last trading session of this week can be termed as an
already declared, the lack of fresh triggers will be a concern
‘Inside Day’ pattern. This candlestick formation occurs when
for the bulls. Conversely, the weekly ADX (9) indicator and
the entire price range of a given day falls within the price
the ‘RSI-Smoothened’ oscillator are signaling a positive
range of the previous day. The pattern signals indecisiveness
crossover. Hence, any move beyond this week’s high of
in the market because neither the bulls nor the bears are
19792 / 6020 would push indices higher to test the ’52-
able to send the price beyond the range of the previous day.
week’ high of 20204 / 6112.
The said pattern will be confirmed below Thursday’s low of
19451 / 5910.
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Daily Technical Report
May 06, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12394)
On Friday, Bank Nifty opened on a flat note and traded with
extreme volatility on account of ‘RBI’ monetary policy to close
with a loss of 2.49%. We are witnessing that the index is
taking support on the gap formed on April 22, 2013 from
the past few sessions. Further correction in the index is likely
to continue only if it falls below the 12313 mark. In this case
the index is likely to drift towards 12241 - 12117 levels. On
the upside
12574 - 12694 levels are likely to act as
resistance for the day.
Actionable points:
View
Bearish Below 12313
Expected Target
12241 - 12117
Resistance levels
12574 - 12694
Source: Falcon:
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Daily Technical Report
May 06, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,419
19,497
19,621
19,699
19,823
NIFTY
5,888
5,916
5,958
5,986
6,028
BANKNIFTY
12,165
12,279
12,479
12,593
12,793
ACC
1,189
1,208
1,242
1,261
1,294
AMBUJACEM
182
185
190
194
199
ASIANPAINT
4,644
4,670
4,704
4,730
4,765
AXISBANK
1,439
1,457
1,485
1,503
1,531
BAJAJ-AUTO
1,759
1,783
1,824
1,848
1,889
BANKBARODA
679
689
702
712
725
BHARTIARTL
306
312
322
327
337
BHEL
186
189
192
194
197
BPCL
393
398
407
412
420
CAIRN
298
301
305
307
311
CIPLA
392
396
404
408
416
COALINDIA
312
315
318
321
323
DLF
224
228
234
238
244
DRREDDY
1,985
1,993
2,007
2,015
2,028
GAIL
326
331
339
343
351
GRASIM
2,897
2,921
2,950
2,974
3,003
HCLTECH
732
741
749
758
766
HDFC
837
846
854
863
871
HDFCBANK
669
675
685
690
700
HEROMOTOCO
1,570
1,591
1,608
1,628
1,645
HINDALCO
93
96
97
100
101
HINDUNILVR
566
569
573
576
580
ICICIBANK
1,093
1,111
1,141
1,159
1,189
IDFC
146
149
153
155
160
INDUSINDBK
449
458
467
477
486
INFY
2,258
2,283
2,303
2,329
2,349
ITC
327
329
331
333
336
JINDALSTEL
298
308
315
325
331
JPASSOCIAT
73
74
76
77
79
KOTAKBANK
699
711
720
731
740
LT
1,510
1,540
1,562
1,592
1,614
LUPIN
691
698
706
713
720
M&M
924
942
958
977
992
MARUTI
1,638
1,652
1,676
1,689
1,713
NMDC
124
125
127
128
130
NTPC
156
158
160
162
164
ONGC
317
321
326
329
334
PNB
725
734
751
760
777
POWERGRID
109
111
113
114
117
RANBAXY
442
446
451
455
459
RELIANCE
783
792
804
813
825
RELINFRA
364
377
391
404
418
SBIN
2,150
2,182
2,238
2,269
2,325
SESAGOA
154
158
161
164
167
SUNPHARMA
951
968
979
995
1,006
TATAMOTORS
278
282
288
292
298
TATAPOWER
93
93
94
95
96
TATASTEEL
296
303
309
317
322
TCS
1,385
1,402
1,425
1,441
1,464
ULTRACEMCO
1,846
1,866
1,885
1,905
1,923
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Daily Technical Report
May 06, 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
Ankur Lakhotia
-
Technical Analyst
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