Daily Technical Report
September 11, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17767) / NIFTY (5363)
The week opened on a very quiet note after a strong rally in
Friday’s session. The consolidation process continued
throughout the day and indices closed marginally in the
positive territory. On sectoral front, Consumer Goods, Health
Care and Metal counters were among the major gainers;
whereas Realty and Banking remained under pressure. The
advance to decline ratio was in favor of advancing counters
(A=1521 D=1308) (Source -www.bseindia.com).
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
17508 / 5298 and 17254 / 5226 levels, respectively.
Looking at the “Line Chart” it is clear that indices have
now confirmed the ‘Higher Top
- Higher Bottom’
formation on the weekly chart after August 28, 2009.
The daily ‘RSI’ momentum oscillator and ‘3 & 8 EMA’
have given a positive crossover.
The 50% Fibonacci Retracement level of the rise from
16598 to 17973 / 5032 to 5449 is at 17285 / 5240.
Source: Falcon:
Actionable points:
Trading strategy:
View
Bullish
Expected Target Levels
5375 - 5400 - 5449
Yesterday, we witnessed a lackluster session despite a strong
Support Levels
5343 - 5309 - 5275
closing on Friday. However it is historically observed that
prices have a tendency to move sideways or correct
marginally after witnessing a strong intraday rally. Since,
there is no major change in the chart structure, we continue
to mention that positional traders with a
5 to
8 day
perspective can create fresh long positions on every decline
up to 5275 (Nifty Spot) for a target of 5449 - 5550 (Nifty
Spot). The stop loss for this trade set up can be placed below
5190 (Nifty Spot) mark. A breach of 5190 level would trigger
complete loss of current optimism in the market.
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Daily Technical Report
September 11, 2012
Bank Nifty Outlook - (10070)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on a flat note and traded
lower as the day progressed to close with a loss of 0.76%. At
this juncture the index is facing resistance near it “20 Day
EMA”. Going forward we expect the index to take support
near the gap area formed during Friday’s session (10036 -
9947) and eventually move to higher levels. The momentum
oscillators on the daily chart continue to be positive. For the
coming trading session the index is likely to trade in the
range of 9947 - 10187 while the overall view for the next 6
to 8 days remains optimistic.
Actionable points:
View
Neutral
Resistance Levels
10126 - 10160
Support Levels
10036 - 9947
Source: Falcon:
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Daily Technical Report
September 11, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,686
17,726
17,769
17,809
17,851
NIFTY
5,336
5,350
5,363
5,376
5,389
BANKNIFTY
9,957
10,013
10,098
10,154
10,238
ACC
1,319
1,328
1,339
1,348
1,359
AMBUJACEM
186
188
190
192
194
ASIANPAINT
3,688
3,713
3,747
3,772
3,805
AXISBANK
929
941
962
975
996
BAJAJ-AUTO
1,661
1,685
1,700
1,724
1,739
BANKBARODA
626
630
633
636
639
BHARTIARTL
251
256
259
264
267
BHEL
193
195
200
202
207
BPCL
338
340
343
345
347
CAIRN
334
337
339
342
344
CIPLA
379
383
389
393
399
COALINDIA
356
361
366
371
375
DLF
198
200
203
205
207
DRREDDY
1,687
1,702
1,726
1,741
1,765
GAIL
357
362
365
370
373
GRASIM
2,927
2,952
2,966
2,991
3,005
HCLTECH
565
570
573
577
581
HDFC
724
733
739
747
753
HDFCBANK
585
588
593
596
600
HEROMOTOCO
1,783
1,802
1,815
1,834
1,848
HINDALCO
105
107
108
110
111
HINDUNILVR
528
532
537
541
546
ICICIBANK
915
925
935
945
956
IDFC
125
126
127
129
130
INFY
2,458
2,485
2,506
2,533
2,554
ITC
261
263
264
266
267
JINDALSTEL
324
334
342
353
361
JPASSOCIAT
65
66
67
68
69
KOTAKBANK
563
567
574
578
585
LT
1,349
1,364
1,376
1,391
1,403
M&M
752
759
767
774
782
MARUTI
1,185
1,196
1,208
1,219
1,231
NTPC
170
171
172
173
174
ONGC
275
277
278
280
281
PNB
676
681
688
693
700
POWERGRID
120
121
122
123
124
RANBAXY
548
554
559
565
571
RELIANCE
781
786
795
801
809
RELINFRA
448
453
458
462
467
SAIL
78
79
79
80
81
SBIN
1,826
1,843
1,874
1,892
1,923
SESAGOA
167
168
170
172
173
SIEMENS
657
666
675
683
692
STER
97
98
99
100
101
SUNPHARMA
657
670
678
691
699
TATAMOTORS
240
244
247
252
254
TATAPOWER
94
95
96
96
97
TATASTEEL
371
376
379
384
388
TCS
1,356
1,364
1,374
1,382
1,392
WIPRO
371
374
378
381
385
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Daily Technical Report
September 11, 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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