Daily Technical Report
October 08, 2012
Exhibit 1: Nifty Daily Chart
Sensex (18938) / NIFTY (5747)
On Friday, our indices ended the four day winning streak
after the Nifty suffered an intraday loss of 900 points due to
a series of erroneous trades in the first half of the session.
However, in the later half our indices pared losses on the
back of positive European markets and closed marginally
below 19000 / 5750 mark. The fall was mainly led by profit
booking in sectors like Teck, IT, Healthcare and Banking
counters; whereas the Consumer Durables, FMCG and Auto
counters ended on positive note. The advance to decline
ratio was strongly in favor of declining counters (A=1076
D=1786) (Source -www.bseindia.com).
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
18485 / 5600 and 17750 / 5380 levels, respectively.
The monthly ‘RSI’ oscillator is moving higher from the 50
mark and the ADX (9) indicator is now signaling a
positive crossover.
The daily ‘RSI’ and ‘Stochastic’ oscillators are signaling a
Source: Falcon:
negative crossover.
Actionable points:
Trading strategy:
View
Neutral
Over the past four weeks, the market has moved
Resistance Levels
5816 - 5850
substantially and conquered a majority of the key resistance
Support Levels
5730 - 5694
levels. The Nifty has missed our mentioned target of 5850 by
a whisker and corrected after posting a 52-week high of
5816. Further, in-line with our expectations, our benchmark
Going forward, only a sustainable move above 19138 / 5816
indices have also witnessed a ‘Time wise correction’ during
can push indices higher towards their next possible targets of
the initial part of the week. On the daily chart, we are now
19542 - 19812 / 5850 - 5945 and even the possibility of
observing a negative crossover in momentum oscillators viz,
testing 6000 (Nifty) cannot be ruled out.
the ‘RSI’ and the ‘Stochastic’. This indicates a possibility of
losing the current positive momentum and indices may
correct / consolidate in the short term, if the 18740 / 5694
levels are breached. As a result, our market may drift
towards its next support level of 18552 - 18291 / 5638 -
5534. However, keeping in mind the positive placement of
monthly 'RSI' indicator and the ADX
(9) indicator, the
intermediate trend remains intact i.e. bullish.
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1
Daily Technical Report
October 08, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11511)
On Friday, Bank Nifty opened on a positive note and
traded with extreme volatility throughout the session to
close with a loss of 1%. We are now witnessing a “Dark
Cloud Cover” candlestick pattern on the daily chart which
is a bearish reversal pattern. In addition the momentum
oscillator “RSI” on the daily chart is signaling a negative
crossover. However, the “Bullish Flag” pattern mentioned
in our previous report is still intact and traders holding
long positions should follow a strict stop loss of 11320 on
the Bank Nifty. A move below 11320 will further drag the
index lower to 11226 - 11124 levels. On the upside
11745 levels is likely to act as resistance in coming trading
session.
Actionable points:
View
Neutral
Resistance Levels
11745
Support Levels
11320 - 11226
Source: Falcon:
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Daily Technical Report
October 08, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
18,564
18,751
18,944
19,131
19,324
NIFTY
4,556
5,152
5,484
6,079
6,411
BANKNIFTY
9,398
10,455
11,100
12,157
12,802
ACC
1,345
1,401
1,445
1,502
1,545
AMBUJACEM
158
187
204
233
250
ASIANPAINT
3,248
3,529
3,714
3,996
4,181
AXISBANK
951
1,047
1,104
1,200
1,258
BAJAJ-AUTO
1,510
1,630
1,718
1,839
1,927
BANKBARODA
693
744
774
825
856
BHARTIARTL
195
230
251
286
307
BHEL
206
235
254
283
301
BPCL
326
341
352
367
378
CAIRN
297
311
321
336
345
CIPLA
301
333
352
383
402
COALINDIA
260
312
341
393
422
DLF
219
230
238
249
257
DRREDDY
1,447
1,572
1,653
1,778
1,858
GAIL
294
344
370
420
447
GRASIM
2,622
2,992
3,214
3,584
3,806
HCLTECH
509
541
567
599
624
HDFC
574
662
719
807
864
HDFCBANK
455
539
589
672
722
HEROMOTOCO
1,586
1,698
1,774
1,886
1,962
HINDALCO
91
108
117
134
144
HINDUNILVR
402
484
526
608
650
ICICIBANK
778
922
1,011
1,156
1,244
IDFC
122
140
153
171
183
INFY
1,866
2,197
2,391
2,721
2,915
ITC
199
237
259
297
318
JINDALSTEL
301
359
391
449
481
JPASSOCIAT
81
85
89
93
97
KOTAKBANK
508
574
612
677
716
LT
1,188
1,419
1,538
1,769
1,888
M&M
638
753
817
932
996
MARUTI
1,205
1,296
1,353
1,444
1,500
NTPC
125
148
160
183
195
ONGC
207
247
268
308
329
PNB
751
785
813
847
875
POWERGRID
87
103
111
126
135
RANBAXY
482
506
522
546
562
RELIANCE
621
739
801
919
980
RELINFRA
491
517
541
566
590
SAIL
83
85
86
88
89
SBIN
1,885
2,112
2,237
2,465
2,590
SESAGOA
133
152
165
185
197
SIEMENS
689
717
732
760
775
STER
98
100
101
103
105
SUNPHARMA
534
608
654
729
775
TATAMOTORS
198
239
261
302
324
TATAPOWER
76
90
98
112
121
TATASTEEL
313
362
388
437
463
TCS
962
1,133
1,226
1,397
1,490
WIPRO
295
334
359
398
424
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Daily Technical Report
October 08, 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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