Daily Technical Report
September 12, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17853) / NIFTY (5390)
Yesterday, our benchmark indices opened on a pessimistic
note on the back of negative cues from other Asian bourses
and registered a low 17677 / 5333 in the fist half. However,
strong buying near day’s low pushed indices higher to close
almost at the highest point of the day. On sectoral front,
Realty, IT and Power counters contributed significantly in
yesterday’s up move; whereas Metal sector closed in the
negative territory. The advance to decline ratio was strongly
in favor of advancing counters (A=1574 D=1264) (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
5400 - 5449 - 5550
Our benchmark indices showed tremendous resilience
during yesterday’s session, as we witnessed a decent
Support Levels
5333 - 5309 - 5275
intraday rally despite a gap down opening in-line with other
Asian markets. We observed that indices corrected towards
the “Hourly 20-EMA” placed at 17670 / 5333 level but
bounced sharply from the low to rally towards the 5400
mark. Our positive stance on the market remains as
mentioned in our earlier reports and we expect the indices to
move higher to test 5449 - 5550 (Nifty Spot) in coming 5 to
8 trading sessions. Yesterday’s low of 16677 / 5333 would
provide a decent intraday support for our markets.
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Daily Technical Report
September 12, 2012
Bank Nifty Outlook - (10136)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened with a downside gap and
traded in a narrow range during the first half of the session.
However, during the second half buying emerged which lead
the index to close near day’s high. As expected the gap area
of 10036 - 9947 has proved to be a decent support for the
index. The momentum oscillators on the daily chart continue
to remain positive. Thus going forward we expect the positive
momentum in the index to continue. Fresh new long
positions in the index can be created above 10187 level. In
this scenario the index is likely to rally towards 10275 -
10373. On the downside 10057 - 10006 levels are likely to
act as support in coming trading session.
Actionable points:
View
Bullish Above 10187
Expected Targets
10275 - 10373
Support Levels
10057 - 10006
Source: Falcon:
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Daily Technical Report
September 12, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,609
17,731
17,799
17,921
17,990
NIFTY
5,311
5,350
5,372
5,412
5,433
BANKNIFTY
9,951
10,044
10,099
10,191
10,247
ACC
1,315
1,333
1,348
1,366
1,382
AMBUJACEM
185
188
190
193
195
ASIANPAINT
3,699
3,737
3,759
3,797
3,819
AXISBANK
932
942
952
962
971
BAJAJ-AUTO
1,669
1,692
1,706
1,729
1,743
BANKBARODA
620
633
641
654
662
BHARTIARTL
253
257
260
264
266
BHEL
194
197
199
203
205
BPCL
338
344
348
354
359
CAIRN
337
339
340
342
344
CIPLA
385
387
390
392
394
COALINDIA
361
364
366
369
370
DLF
196
199
200
202
204
DRREDDY
1,703
1,714
1,724
1,736
1,745
GAIL
359
366
371
378
383
GRASIM
2,923
2,971
3,000
3,049
3,078
HCLTECH
568
572
575
580
582
HDFC
727
743
752
768
777
HDFCBANK
578
586
592
600
605
HEROMOTOCO
1,744
1,771
1,796
1,823
1,847
HINDALCO
105
107
109
111
112
HINDUNILVR
525
528
534
537
543
ICICIBANK
919
933
941
954
963
IDFC
124
128
130
134
136
INFY
2,452
2,491
2,513
2,552
2,575
ITC
261
264
266
269
271
JINDALSTEL
324
329
335
340
347
JPASSOCIAT
65
67
68
69
70
KOTAKBANK
559
571
579
591
599
LT
1,348
1,358
1,367
1,377
1,386
M&M
753
758
762
767
771
MARUTI
1,180
1,197
1,209
1,226
1,238
NTPC
169
172
173
176
177
ONGC
273
275
278
281
284
PNB
675
680
685
690
695
POWERGRID
119
120
121
122
123
RANBAXY
551
555
560
564
569
RELIANCE
777
784
790
797
803
RELINFRA
442
450
454
461
466
SAIL
77
78
79
79
80
SBIN
1,831
1,845
1,858
1,871
1,885
SESAGOA
155
157
160
163
166
SIEMENS
663
680
691
708
718
STER
92
93
94
96
97
SUNPHARMA
673
679
686
692
699
TATAMOTORS
244
247
249
252
254
TATAPOWER
94
94
95
96
96
TATASTEEL
372
374
377
379
382
TCS
1,353
1,373
1,384
1,404
1,416
WIPRO
370
372
375
377
380
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Daily Technical Report
September 12, 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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