Daily Technical Report
October 15, 2012
Exhibit 1: Nifty Daily Chart
Sensex (18675) / NIFTY (5676)
On Friday, Infosys declared numbers prior to market
opening and Indices opened with a downward gap. All
attempts by the bulls to construct a pullback eventually failed
and selling pressure dragged the indices to close below the
5700 mark. The fall was mainly led by IT, Teck and Realty
counters whereas; the defensive sectors like, Consumer
Durables, Health Care and FMCG ended with very marginal
gains. The advance to decline ratio was strongly in favor of
declining counters (A=1369 D=1517) (Source
-
www.bseindia.com).
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
18582/ 5635 and 17840/ 5400 levels, respectively.
The monthly ‘RSI’ oscillator is moving higher from the 50
mark and the positive in ADX (9) indicator is intact.
The weekly ‘Stochastic’ oscillator is now signaling a
negative crossover.
The weekly chart depicts a ‘Bearish Engulfing’
candlestick pattern.
Source: Falcon:
The 38.2% and 50% Fibonacci Retracement levels of the
Actionable points:
rise from 17250 to 19138 / 5216 to 5815 are placed at
18416 / 5586 and 18194 / 5515, respectively.
View for the day
Neutral
Trading strategy:
Resistance Levels
5697 - 5729
As mentioned in our earlier reports, our benchmark indices,
Support Levels
5635 - 5586
the Sensex and the Nifty, are now undergoing a ‘Time-Wise
correction’ or in simple words, going through a consolidation
Aggressive bears can encash the small down move with a strict
or corrective phase. In the longer run, a correction
/
stop loss above 18886 / 5729 level and the bulls are advised
consolidation phase is a healthy sign and lays the
to stay away until they get any reversal signs. The said pattern
foundations for the next impulsive up move. The weekly chart
will be negated once the indices manage to cross the high of
now depicts a ‘Bearish Engulfing’ candlestick pattern. This
the candle i.e. 19138 / 5816. In this case, we expect the
pattern needs a confirmation in the form of a closing below
indices to move towards 19542 - 19812 / 5850 - 5945 levels.
the low of the candle. While the intermediate trend continues
to be bullish, this candlestick pattern signifies a near term
pause to the rally. Also the negative crossover in the weekly
‘Stochastic’ oscillator does not bode well in the short term.
Hence, we are of the opinion that if indices sustain below last
week’s low of 18581 / 5636, then further price erosion can
be expected. In this process, the market may slide towards
18416 / 5586 and 18194 / 5515, which are 38.2% and
50% Fibonacci Retracement levels of the rise from 17250 to
19138 / 5216 to 5815, respectively.
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Daily Technical Report
October 15, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11388)
On Friday, Bank Nifty opened on a positive note but
selling pressure in the index heavy weights dragged the
index lower to close near day’s low. On the weekly chart
we are now witnessing a “Bearish Engulfing” candlestick
pattern. The mentioned pattern is a bearish reversal
pattern but requires confirmation in the form of a close
below the
11244 mark. In addition the momentum
oscillator “RSI” on the daily chart continue to be negatively
poised along with overbought condition of momentum
oscillator “Stochastic” on the weekly chart. The effect of the
above mentioned indicators would be seen if the index
sustains below 11244 level. In this scenario the index is
likely to drift towards 11168 - 11060 level. On the upside
11554 - 11638 levels are likely to act as resistance in
coming trading session.
Actionable points:
View for the day
Neutral
Resistance Levels
11554 - 11638
Source: Falcon:
Support Levels
11245 - 11168
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Daily Technical Report
October 15, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
18,513
18,594
18,719
18,800
18,925
NIFTY
5,621
5,649
5,687
5,714
5,752
BANKNIFTY
11,274
11,331
11,429
11,486
11,584
ACC
1,386
1,442
1,476
1,532
1,566
AMBUJACEM
205
210
214
219
222
ASIANPAINT
3,846
3,872
3,899
3,925
3,951
AXISBANK
1,098
1,109
1,126
1,137
1,155
BAJAJ-AUTO
1,720
1,732
1,749
1,762
1,779
BANKBARODA
762
770
783
791
804
BHARTIARTL
252
256
263
267
273
BHEL
238
242
248
252
258
BPCL
345
348
353
356
361
CAIRN
323
325
328
331
334
CIPLA
359
362
364
366
369
COALINDIA
352
356
359
363
366
DLF
213
216
220
223
226
DRREDDY
1,651
1,667
1,693
1,709
1,735
GAIL
329
354
368
393
407
GRASIM
3,304
3,346
3,383
3,425
3,462
HCLTECH
559
570
578
590
598
HDFC
730
735
743
748
756
HDFCBANK
622
626
631
635
640
HEROMOTOCO
1,745
1,762
1,792
1,809
1,839
HINDALCO
116
117
118
120
121
HINDUNILVR
568
571
574
577
580
ICICIBANK
1,030
1,038
1,050
1,057
1,070
IDFC
147
149
152
154
157
INFY
2,248
2,322
2,385
2,458
2,522
ITC
280
282
283
285
287
JINDALSTEL
409
413
421
425
433
JPASSOCIAT
87
90
92
95
97
KOTAKBANK
617
622
630
635
643
LT
1,615
1,633
1,649
1,666
1,682
LUPIN
549
557
563
571
577
M&M
843
849
855
861
867
MARUTI
1,340
1,356
1,372
1,388
1,404
NTPC
156
163
166
173
177
ONGC
273
275
278
281
284
PNB
805
813
825
833
846
POWERGRID
113
117
118
122
124
RANBAXY
529
535
539
544
549
RELIANCE
810
815
820
825
831
RELINFRA
505
510
517
522
529
SBIN
2,214
2,233
2,264
2,282
2,313
SESAGOA
170
172
174
176
178
SIEMENS
671
679
688
695
704
SUNPHARMA
700
707
716
723
733
TATAMOTORS
267
269
272
274
276
TATAPOWER
96
99
101
105
107
TATASTEEL
415
418
422
425
429
TCS
1,255
1,277
1,295
1,317
1,336
ULTRACEMCO
2,000
2,022
2,049
2,071
2,098
WIPRO
345
349
352
356
359
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Daily Technical Report
October 15, 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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