Daily Technical Report
December 07, 2012
Exhibit 1: Nifty Daily Chart
Sensex (19487) / NIFTY (5931)
Yesterday, once again our benchmark indices opened
marginally higher as suggested by the SGX Nifty. However,
indices failed to sustain at higher level and shed nearly
1.50% from the day’s high during the initial hour of trade.
Post mid-session, we witnessed tremendous recovery from
the day’s low and indices eventually closed in the positive
territory. The Realty, Banking and Power sectors contributed
heavily in yesterday’s rally; whereas for the second
consecutive session, the IT and Teck counters
underperformed the market. The advance to decline ratio
was strongly in favor of advancing counters (A=1601
D=1297) (Source -www.bseindia.com).
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
18702 / 5687 and 18281/ 5552 levels, respectively.
On the weekly chart, we are witnessing a breakout from
‘Downward Sloping Trend Line’ joining two significant
swing high of 19811 / 5944 (April 2011) and 19137 /
Source: Falcon:
5815 (Oct 2012) at 19050 / 5800 level.
The target of the daily ‘Channel’ pattern breakout comes
around 19500 / 5950 level.
Actionable points:
The weekly ‘Stochastic’ and the ‘RSI’ oscillators are now
View for the day
Neutral
signaling a positive crossover.
Resistance Level
5945 - 6000
Trading strategy:
Support Levels
5854 - 5800
After correcting sharply during the initial hour, we witnessed
unexpected buying in our market post mid-session. BSP
President Mayawati's statement that she would back the
government on the FDI-in-retail vote in the Rajya Sabha
triggered a blitzkrieg by the bulls. Yesterday's price action
can be best described as the 'Tug of War' between the bulls
and bears. Although, yesterday’s session ruled in favor of
bulls, the daily chart now depicts a price pattern, which
resembles a 'Hanging Man'. The said pattern has an
extremely negative implication but needs a confirmation like
any other Japanese Candlestick pattern. Thus, a closing
below yesterday’s low of 19205 / 5833 would trigger short
term pessimism in the market and as a result, indices may
slide towards 19000 - 18900 / 5800 - 5750 levels. On the
other hand, a sustainable move and close above the high of
the ‘Hanging Man’ would negate the pattern. In this
scenario, we may witness continuation of current bullish
momentum. The markets are then likely to move further
higher up to 20050 - 20218 / 6000 - 6070 levels.
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Daily Technical Report
December 07, 2012
Exhibit 2: Bank Nifty Hourly Chart
Bank Nifty Outlook - (12428)
Yesterday, In line with the benchmark indices, the Bank Nifty
opened on a positive note but corrected lower in the initial
part of the session. However, buying near the support level of
12106 led the index to close in the positive territory during
the second half. The negative divergence in “RSI” momentum
oscillator on the hourly chart coupled with overbought
condition on momentum oscillator “Stochastic” on daily chart
mentioned in our previous reports is still intact. Hence,
although the underlying bias remains positive, positional
traders are advised not to create any fresh long positions in
the index at this juncture as the risk reward ratio is
unfavorable. Any further up move in the index would be seen
only if it sustains above yesterday’s high of 12481. In this
scenario the index may rally towards 12535 - 12568 levels.
On the downside 12359 - 12236 levels are likely to act as
support for the day.
Actionable points:
View for the day
Neutral
Resistance Levels
12481 - 12535
Support Levels
12359 - 12236
Source: Falcon:
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Daily Technical Report
December 07, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,062
19,274
19,399
19,611
19,736
NIFTY
5,800
5,866
5,904
5,969
6,008
BANKNIFTY
12,012
12,220
12,350
12,558
12,688
ACC
1,383
1,401
1,419
1,437
1,455
AMBUJACEM
201
204
206
209
211
ASIANPAINT
4,309
4,333
4,359
4,383
4,409
AXISBANK
1,310
1,337
1,358
1,385
1,406
BAJAJ-AUTO
1,910
1,930
1,945
1,965
1,981
BANKBARODA
765
778
787
800
808
BHARTIARTL
314
319
327
332
340
BHEL
231
236
240
246
249
BPCL
350
355
359
364
368
CAIRN
328
331
333
336
338
CIPLA
402
407
412
417
422
COALINDIA
353
358
363
368
373
DLF
217
222
225
229
232
DRREDDY
1,801
1,824
1,837
1,860
1,873
GAIL
346
350
352
356
359
GRASIM
3,199
3,245
3,272
3,318
3,345
HCLTECH
602
614
628
640
654
HDFC
826
835
841
850
856
HDFCBANK
674
684
691
702
709
HEROMOTOCO
1,785
1,805
1,822
1,842
1,860
HINDALCO
116
120
122
125
127
HINDUNILVR
517
526
532
541
546
ICICIBANK
1,086
1,111
1,127
1,152
1,168
IDFC
167
171
174
178
181
INFY
2,269
2,304
2,349
2,384
2,429
ITC
292
297
300
304
307
JINDALSTEL
395
402
406
412
416
JPASSOCIAT
99
102
103
106
108
KOTAKBANK
645
655
662
673
680
LT
1,625
1,650
1,666
1,691
1,708
LUPIN
580
588
593
600
606
M&M
903
916
927
940
951
MARUTI
1,449
1,466
1,476
1,493
1,504
NTPC
154
158
160
163
166
ONGC
261
265
267
271
273
PNB
793
808
817
832
841
POWERGRID
118
119
120
121
122
RANBAXY
496
503
510
518
524
RELIANCE
813
829
837
853
861
RELINFRA
484
498
507
521
529
SBIN
2,210
2,259
2,288
2,337
2,366
SESAGOA
184
188
190
194
196
SIEMENS
665
674
680
689
695
SUNPHARMA
686
694
702
710
718
TATAMOTORS
271
276
279
284
287
TATAPOWER
104
107
108
110
112
TATASTEEL
387
393
399
405
410
TCS
1,256
1,268
1,282
1,294
1,308
ULTRACEMCO
1,895
1,937
1,964
2,007
2,033
WIPRO
372
376
379
384
387
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Daily Technical Report
December 07, 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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