Daily Technical Report
December 10, 2012
Exhibit 1: Nifty Daily Chart
Sensex (19424) / NIFTY (5907)
On Friday, our benchmark indices opened flat and tested the
mentioned resistance level of
19523 / 5943. A minor
correction in the second half led the indices to pair gains but
close marginally above the 5900 mark. The Realty, IT and
Teck sectors corrected sharply in Friday’s session; whereas
the Consumer Durables and Auto counters ended with minor
gains. The advance to decline ratio was in favor of declining
counters (A=1436 D=1486) (Source -www.bseindia.com).
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
18980 / 5770 and 18390 / 5586 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 /
5815 (Oct 2012) at 19050 / 5800 level .
The 78.60% Fibonacci retracement level of the fall from
November 5, 2010 (the high was 21109 / 6339) to
December 23, 2011 (the low was 15135 / 4531) is at
Source: Falcon:
19812 / 5945.
On the daily chart, we are observing a ‘Hanging Man’
Actionable points:
candlestick pattern, occurred on December 6, 2012.
Trading strategy:
View for the day
Neutral
The previous week’s sharp rally was followed by
Resistance Level
5950 - 6000
consolidation in this week. However, Nifty precisely met with
Support Levels
5889 - 5800
our target, of the ‘Channel Pattern’, at the 19500 / 5950
level mentioned in our previous report. This level on Nifty
On the flipside, a gap up opening on Monday and a closing
coincides with the 78.60% Fibonacci retracement level of the
above Friday’s high of 19562 / 5950 would certainly negate
fall from November 5, 2010 (the high was 21109 / 6339) to
the bearish implication of the ‘Hanging Man’ pattern. In this
December 23, 2011 (the low was 15135 / 4531). However,
scenario, we may witness an extended rally towards 20050 -
the corresponding level of Sensex is at 19812. This level can
20218 / 6000 - 6070 levels. Considering the overall weekly
be considered as a strong resistance for our market in the
chart structure we continue to remain positive on the market
near term. Further, we have mentioned a ‘Hanging Man’
and any corrective move towards 19000 - 18900 / 5800 -
candlestick pattern in our Friday’s daily report. The bearish
5750 levels should be used by positional traders as buying
candlestick pattern is still valid but needs confirmation in the
opportunity.
form of a closing below 19205 / 5833. Going forward, we
reiterate our view that a close below the low of the pattern
i.e. 19186 / 5839 would trigger short term pessimism in the
market. As a result, indices then may then slide towards
19000 - 18900 / 5800 - 5750 levels.
www.angelbroking.com
1
Daily Technical Report
December 10, 2012
Exhibit 2: Bank Nifty Hourly Chart
Bank Nifty Outlook - (12364)
On Friday, in line with the benchmark indices, the Bank Nifty
too opened on a flat note but eventually corrected during the
day. At this juncture the index has taken support near the “20
EMA” on the hourly chart. However, an overbought condition
of momentum oscillators on the Daily chart suggests that a
fall below Friday’s low of 12306 may lead to a minor
correction in the index. In this scenario the index is likely to
drift lower towards 12191 - 12142 levels. On the upside
12439 - 12481 levels are likely to act as resistance for the
day.
Actionable points:
View for the day
Neutral
Resistance Levels
12439 - 12481
Support Levels
12306 - 12191
Source: Falcon:
www.angelbroking.com
2
Daily Technical Report
December 10, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,251
19,338
19,450
19,536
19,648
NIFTY
5,854
5,881
5,915
5,942
5,977
BANKNIFTY
12,210
12,287
12,382
12,459
12,555
ACC
1,393
1,404
1,421
1,432
1,449
AMBUJACEM
203
204
207
209
211
ASIANPAINT
4,261
4,287
4,327
4,353
4,393
AXISBANK
1,291
1,310
1,340
1,359
1,389
BAJAJ-AUTO
1,915
1,928
1,946
1,958
1,976
BANKBARODA
786
792
798
804
810
BHARTIARTL
314
318
324
328
334
BHEL
237
240
244
247
251
BPCL
353
355
361
363
369
CAIRN
329
331
333
335
337
CIPLA
402
406
411
415
419
COALINDIA
354
359
365
370
376
DLF
212
216
222
227
233
DRREDDY
1,820
1,830
1,840
1,849
1,860
GAIL
350
352
353
354
355
GRASIM
3,204
3,226
3,263
3,285
3,322
HCLTECH
601
607
618
624
635
HDFC
828
833
841
846
853
HDFCBANK
683
688
693
698
703
HEROMOTOCO
1,809
1,818
1,826
1,834
1,842
HINDALCO
121
123
124
125
126
HINDUNILVR
522
526
532
536
542
ICICIBANK
1,110
1,121
1,133
1,143
1,155
IDFC
171
173
176
179
182
INFY
2,290
2,305
2,327
2,343
2,364
ITC
297
299
301
303
305
JINDALSTEL
399
405
409
414
419
JPASSOCIAT
103
104
105
106
107
KOTAKBANK
656
660
666
669
675
LT
1,650
1,663
1,681
1,694
1,712
LUPIN
587
593
598
603
608
M&M
921
930
940
949
959
MARUTI
1,463
1,487
1,513
1,537
1,563
NTPC
157
158
160
162
164
ONGC
262
265
267
270
272
PNB
808
815
823
830
838
POWERGRID
117
118
119
120
121
RANBAXY
499
503
509
513
519
RELIANCE
819
827
838
846
858
RELINFRA
494
501
510
516
525
SBIN
2,279
2,298
2,319
2,337
2,358
SESAGOA
183
185
189
192
196
SIEMENS
671
677
683
689
695
SUNPHARMA
689
694
700
706
712
TATAMOTORS
274
278
283
287
291
TATAPOWER
108
109
110
111
112
TATASTEEL
385
390
397
401
409
TCS
1,244
1,254
1,267
1,278
1,291
ULTRACEMCO
1,930
1,946
1,969
1,985
2,008
WIPRO
376
378
380
382
385
www.angelbroking.com
3
Daily Technical Report
December 10, 2012
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,
nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,
compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have
investment positions in the stocks recommended in this report.
Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
Mehul Kothari
-
Technical Analyst
Ankur Lakhotia
-
Technical Analyst
For any Queries, Suggestions and Feedback kindly mail to [email protected]
Angel Broking Pvt. Ltd.
Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.
Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 3952 6600
Sebi Registration No: INB 010996539
www.angelbroking.com
4