Daily Technical Report
June 10, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19429) / NIFTY (5881)
On Friday, our benchmark indices opened slightly lower on
the back of negative developments across the globe but
recovered sharply from the lows and moved higher by more
than a percent, in the first half. However, post mid-session,
the bears took charge and pared down all their early gains
to eventually close well inside the negative territory. The
Auto, Realty & Banking counters led the sharp sell off during
the second half; whereas only IT sector ended in the positive
territory. The advance to decline ratio was marginally in
favor of declining counters. (A=1029 D=1328)(Source-
www.bseindia.com)
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19378/ 5875 and 19754/ 5991 levels, respectively.
The ’89-day EMA’ and the ‘200-day SMA’ are placed at
19443/ 5895 and 19095 / 5790, respectively.
The weekly ‘RSI’ and ‘Stochastic’ momentum oscillators
Source: Falcon:
are still negatively poised.
The weekly ‘Bearish Engulfing’ and the monthly
Actionable points:
‘Shooting Star’ Japanese candlestick patterns are still
intact.
View
Neutral
Support Levels
5853
The daily chart now depicts a bullish ‘Inverted Hammer’
Resistance levels
5982 - 6000
pattern (in Nifty).
Trading strategy:
Apart from the first and the last session, we witnessed a
In this scenario, indices may slide towards the
61.8%
Fibonacci retracement level of 19022 / 5764. On the
narrow range and lackluster movement during the week.
upside, 19743 - 19825 / 6000 - 5982 remains to be a
Indices have traded around the ’89-EMA’ support level of
19443 / 5895 throughout the week. At this juncture, indices
resistance zone for our benchmark indices. Considering, the
overall volatility on global front and the fear of weakening
have managed to close marginally below this technical
Rupee, we expect significant volatility in the market and
indicator. However, the formation of a bullish ‘Inverted
Hammer’ (in Nifty) on the daily chart is not too favorable for
advise traders to remain light on positions
the bears. The candlestick pattern however needs
confirmation in the form a closing above the high of 19712
/ 5973. The pattern will be completely negated on a closing
below 19395 / 5869. In addition, last week’s low almost
coincides with the weekly ’20-EMA’ and the 50% Fibonacci
retracement level (19294 / 5853) of the rise from 18144 to
20444 / 5477 to 6230. Thus, going forward we are of the
opinion that only a sustainable move below 19294 / 5853
would trigger immense pessimism in the market.
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Daily Technical Report
June 10, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12232)
On Friday, significant volatility was seen in the Bank Nifty.
The index sneaked marginally higher and posted a high of
12489 during the first half. Nonetheless, immense selling
pressure near day’s high eventually dragged the index
significantly lower to close marginally below the ’89 EMA’.
Last week’s low almost coincides with the daily ’89 EMA’
and the 50% Fibonacci retracement level of the rise from
10888 to
13414. These technical indicators can be
considered as a decent support for the index. Going
forward, only a sustainable move below 12151 would
lead to further down move. In this scenario, the index may
test the 61.8% Fibonacci retracement level of 11854. On
the flipside, 12488 - 12600 levels would act as immediate
resistance in coming week.
Actionable points:
View
Neutral
Support Levels
12151 - 11854
Resistance Levels
12488 - 12600
Source: Falcon:
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Daily Technical Report
June 10, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,199
19,314
19,513
19,628
19,827
NIFTY
5,807
5,844
5,908
5,945
6,010
BANKNIFTY
12,030
12,131
12,310
12,410
12,589
ACC
1,182
1,194
1,204
1,216
1,226
AMBUJACEM
168
170
173
175
178
ASIANPAINT
4,500
4,539
4,598
4,637
4,696
AXISBANK
1,337
1,358
1,390
1,410
1,443
BAJAJ-AUTO
1,723
1,734
1,742
1,753
1,761
BANKBARODA
640
649
665
674
691
BHARTIARTL
280
284
291
295
301
BHEL
185
187
191
193
197
BPCL
368
372
376
380
385
CAIRN
283
285
288
291
294
CIPLA
370
371
373
375
377
COALINDIA
315
317
320
323
326
DLF
193
196
200
203
208
DRREDDY
2,107
2,149
2,174
2,216
2,241
GAIL
302
305
309
311
316
GRASIM
2,732
2,757
2,781
2,806
2,830
HCLTECH
733
739
746
752
759
HDFC
820
830
843
853
866
HDFCBANK
661
668
681
689
701
HEROMOTOCO
1,622
1,634
1,653
1,666
1,685
HINDALCO
100
101
103
104
106
HINDUNILVR
590
590
591
592
593
ICICIBANK
1,127
1,134
1,146
1,153
1,165
IDFC
144
146
148
150
153
INDUSINDBK
500
504
508
512
516
INFY
2,394
2,420
2,447
2,473
2,499
ITC
327
331
335
338
342
JINDALSTEL
273
276
281
284
289
JPASSOCIAT
62
63
65
66
68
KOTAKBANK
754
758
767
771
780
LT
1,387
1,400
1,420
1,432
1,452
LUPIN
735
748
761
774
787
M&M
939
953
975
988
1,010
MARUTI
1,523
1,539
1,561
1,577
1,600
NMDC
113
114
116
117
118
NTPC
142
145
149
152
156
ONGC
313
316
322
325
330
PNB
746
754
769
778
792
POWERGRID
109
110
111
112
114
RANBAXY
367
373
378
383
388
RELIANCE
768
776
789
797
810
RELINFRA
366
372
381
386
395
SBIN
1,978
2,001
2,038
2,061
2,098
SESAGOA
152
153
156
157
160
SUNPHARMA
996
1,004
1,015
1,024
1,035
TATAMOTORS
291
297
303
309
315
TATAPOWER
88
88
89
89
90
TATASTEEL
287
289
294
297
301
TCS
1,438
1,478
1,509
1,549
1,580
ULTRACEMCO
1,824
1,842
1,872
1,890
1,921
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Daily Technical Report
June 10, 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
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