Daily Technical Report
December 11, 2012
Exhibit 1: Nifty Daily Chart
Sensex (19410) / NIFTY (5909)
The week began on a subdued note in-line with global
indices. Similar to previous trading session, yesterday also
we witnessed range bound activity with significantly lower
volumes. Once again Realty counters outperformed the index
along with Healthcare sector; whereas the Consumer
Durables and IT sectors remained under pressure throughout
the session. The advance to decline ratio was in favor of
advancing counters (A=1536 D=1406) (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
Source: Falcon:
November 5, 2010 (the high was 21109 / 6339) to
December 23, 2011 (the low was 15135 / 4531) is at
19812 / 5945.
Actionable points:
On the daily chart, we are observing a ‘Hanging Man’
candlestick pattern, occurred on December 6, 2012.
View for the day
Neutral
Trading strategy:
Resistance Level
5950 - 6000
Support Levels
5889 - 5800
The opening session of the week ended on a flat note,
showing lack of participation
/ interest by market
participants. As a result, one more narrow range body
formation is seen on the daily chart. Since, there is no major
change in the chart structure; we reiterate our view that a
close below the low of the ‘Hanging Man’ i.e. 19186 / 5839
would trigger short term pessimism in the market. As a
result, indices then may slide towards 19000 - 18900 /
5800 - 5750 levels. On the flipside, closing above Friday’s
high of 19562 / 5950 would certainly negate the bearish
implication of the ‘Hanging Man’ pattern. In this scenario,
we may witness an extended rally towards 20050 - 20218 /
6000 - 6070 levels. Considering the overall weekly chart
structure we continue to remain positive on the market and
any corrective move towards 19000 - 18900 / 5800 - 5750
levels should be used by positional traders as buying
opportunity.
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Daily Technical Report
December 11, 2012
Exhibit 2: Bank Nifty Hourly Chart
Bank Nifty Outlook - (12382)
Yesterday, Bank Nifty opened on a flat note in line with our
benchmark indices and traded in a narrow range throughout
the session. We witnessed immense buying interest in the
PSU and the mid / small cap banking counters but the Bank
Nifty does not reflect the same degree of optimism. We
reiterate our view as long as the index holds the range of
12306 -
12481; the ongoing consolidation is likely to
continue. Only a sustainable move outside this range will give
a clear direction. On the upside 12439 - 12481 are likely to
act as resistance and 12230 - 12180 levels for the day.
Actionable points:
View for the day
Neutral
Resistance Levels
12439 - 12481
Support Levels
12230 - 12180
Source: Falcon:
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Daily Technical Report
December 11, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,301
19,355
19,417
19,471
19,532
NIFTY
5,874
5,891
5,906
5,923
5,938
BANKNIFTY
12,309
12,345
12,378
12,414
12,446
ACC
1,387
1,400
1,416
1,429
1,444
AMBUJACEM
205
206
207
208
209
ASIANPAINT
4,275
4,296
4,321
4,341
4,366
AXISBANK
1,304
1,313
1,325
1,334
1,345
BAJAJ-AUTO
1,907
1,934
1,953
1,980
1,998
BANKBARODA
780
804
818
842
855
BHARTIARTL
309
314
320
324
330
BHEL
240
242
244
246
248
BPCL
346
351
356
361
366
CAIRN
320
323
329
332
337
CIPLA
405
411
415
421
425
COALINDIA
358
361
364
366
370
DLF
217
219
222
225
228
DRREDDY
1,802
1,843
1,874
1,915
1,946
GAIL
349
351
355
358
361
GRASIM
3,135
3,168
3,214
3,248
3,294
HCLTECH
605
613
619
627
633
HDFC
820
843
857
879
893
HDFCBANK
686
690
693
696
700
HEROMOTOCO
1,816
1,829
1,838
1,851
1,860
HINDALCO
120
122
123
124
126
HINDUNILVR
529
532
534
537
540
ICICIBANK
1,105
1,113
1,127
1,135
1,149
IDFC
167
170
173
176
179
INFY
2,274
2,294
2,319
2,339
2,364
ITC
296
299
301
304
306
JINDALSTEL
400
405
409
414
418
JPASSOCIAT
102
103
104
106
107
KOTAKBANK
656
665
671
679
685
LT
1,647
1,656
1,669
1,678
1,692
LUPIN
591
598
604
610
616
M&M
913
921
932
940
950
MARUTI
1,469
1,481
1,502
1,515
1,536
NTPC
154
155
158
159
162
ONGC
262
264
268
270
273
PNB
805
822
833
850
860
POWERGRID
117
118
119
119
120
RANBAXY
501
504
508
511
514
RELIANCE
812
820
829
837
846
RELINFRA
506
512
516
522
526
SBIN
2,290
2,305
2,316
2,331
2,342
SESAGOA
178
183
187
192
195
SIEMENS
668
672
680
684
692
SUNPHARMA
688
696
703
712
719
TATAMOTORS
273
277
281
285
290
TATAPOWER
106
107
109
111
112
TATASTEEL
392
396
399
403
405
TCS
1,209
1,223
1,245
1,259
1,281
ULTRACEMCO
1,927
1,937
1,951
1,961
1,975
WIPRO
375
379
384
388
393
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Daily Technical Report
December 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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