Daily Technical Report
June 11, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19441) / NIFTY (5878)
The first session of the week started off well on the back of
positive clues from global markets. However, we observed
that indices faced strong selling pressure as the Rupee
plunged to a new low. As a result, indices gradually slipped
as the day progressed and eventually posted a flat closing
for the day. During the session, the IT counters witnessed a
smart rally on the back of weakening Rupee; whereas the
Consumer Durables, Realty and Banking sectors kept indices
under pressure. The advance to decline ratio was strongly in
favor of declining counters. (A=879 D=1421)(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/ 5897 and 19095 / 5790, respectively.
The weekly ‘RSI’ and ‘Stochastic’ momentum oscillators
are still negatively poised.
Source: Falcon:
The weekly ‘Bearish Engulfing’ and the monthly
‘Shooting Star’ Japanese candlestick patterns are still
Actionable points:
intact.
View
Neutral
The daily chart now depicts a bullish ‘Inverted Hammer’
pattern (in Nifty).
Support Levels
5853
Resistance levels
5932 - 5982
Trading strategy:
Despite a strong overnight closing in the US markets, our
benchmark indices corrected lower right from the opening
tick. For most part of the session, indices remained under
pressure mainly on the back of significant depreciation in
Rupee. However, once again 50% Fibonacci retracement
level of 19294 / 5853 provided a decent support for our
market. Since, there is no major change in the price
structure; we would continue to give emphasis on closing
below 19294 / 5853. In this scenario, indices may slide
towards the 61.8% Fibonacci retracement level of 19022 /
5764. On the flipside, 19743 / 5982 remains to be a major
hurdle for the bulls, in coming session.
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Daily Technical Report
June 11, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12087)
Yesterday, the Bank Nifty too opened slightly higher but
then corrected significantly mainly due to enhanced selling
pressure in major constituents like ICICI Bank and Axis
Bank. Overall, the banking sector was the major dragger
among all the other individual sectors. In the process, the
Bank Nifty fell and closed convincingly below the daily ’89
EMA’ and the 50% Fibonacci retracement level of the rise
from
10888 to
13414. Considering current negative
momentum, we expect the Bank Nifty to test the 61.8%
Fibonacci retracement level of 11854, once it falls below
yesterday’s low of 12017. On the upside, 12267 - 12364
would act as immediate resistance levels in coming trading
session.
Actionable points:
View
Negative below 12017
Expected Target
11854
Source: Falcon:
Resistance Levels
12267 - 12364
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Daily Technical Report
June 11, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,246
19,343
19,465
19,562
19,683
NIFTY
5,815
5,846
5,889
5,921
5,963
BANKNIFTY
11,810
11,949
12,156
12,295
12,502
ACC
1,193
1,211
1,224
1,242
1,254
AMBUJACEM
170
171
173
174
175
ASIANPAINT
4,470
4,504
4,559
4,592
4,648
AXISBANK
1,323
1,339
1,364
1,380
1,405
BAJAJ-AUTO
1,743
1,755
1,765
1,777
1,787
BANKBARODA
635
644
655
664
675
BHARTIARTL
275
279
285
290
296
BHEL
177
181
186
190
195
BPCL
354
360
370
376
386
CAIRN
284
287
291
293
297
CIPLA
367
371
373
377
380
COALINDIA
316
318
321
323
325
DLF
189
192
197
201
206
DRREDDY
2,151
2,166
2,187
2,202
2,223
GAIL
298
301
305
308
312
GRASIM
2,742
2,762
2,785
2,806
2,829
HCLTECH
741
747
752
758
763
HDFC
823
838
851
866
879
HDFCBANK
663
670
678
685
694
HEROMOTOCO
1,605
1,624
1,653
1,672
1,701
HINDALCO
98
99
101
103
105
HINDUNILVR
590
591
593
594
596
ICICIBANK
1,080
1,099
1,128
1,147
1,177
IDFC
140
142
146
148
152
INDUSINDBK
480
488
500
508
520
INFY
2,440
2,463
2,481
2,504
2,521
ITC
332
335
336
339
340
JINDALSTEL
253
260
271
279
290
JPASSOCIAT
61
62
64
65
67
KOTAKBANK
730
742
755
767
780
LT
1,380
1,392
1,412
1,424
1,443
LUPIN
750
755
763
769
776
M&M
964
970
977
984
991
MARUTI
1,467
1,494
1,538
1,565
1,608
NMDC
114
115
116
117
118
NTPC
146
148
150
152
154
ONGC
315
318
321
324
328
PNB
739
748
761
770
783
POWERGRID
109
109
110
111
112
RANBAXY
363
370
376
383
389
RELIANCE
775
782
789
796
802
RELINFRA
357
364
375
382
393
SBIN
1,974
1,993
2,020
2,039
2,066
SESAGOA
146
149
152
155
158
SUNPHARMA
970
985
1,002
1,016
1,034
TATAMOTORS
286
291
297
302
309
TATAPOWER
86
87
88
89
90
TATASTEEL
284
288
292
295
299
TCS
1,504
1,515
1,530
1,540
1,555
ULTRACEMCO
1,848
1,871
1,888
1,911
1,928
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Daily Technical Report
June 11, 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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