Daily Technical Report
October 16, 2012
Exhibit 1: Nifty Daily Chart
Sensex (18714) / NIFTY (5687)
Yesterday, the markets opened on a quite note in-line with
mixed global cues. The choppiness increased during the
second half mainly due to uncertainty before the Q2
numbers of Reliance Industries. Eventually, indices managed
to close marginally in the positive territory. The weak sectors
like IT and Teck continued to correct lower whereas FMCG,
Oil & Gas and Realty sectors showed some stability during
yesterday’s session. The advance to decline ratio was in favor
of advancing counters (A=1494 D=1353) (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
rise from 17250 to 19138 / 5216 to 5815 are placed at
Actionable points:
18416 / 5586 and 18194 / 5515, respectively.
Trading strategy:
View for the day
Neutral
Resistance Levels
5729 - 5757
Once again, the daily ’20 EMA’ acted as a strong support
Support Levels
5651 - 5636
and the benchmark Indices bounced from the day’s lows. At
this juncture, there is no major change in the price structure
and we continue to mention that only a sustainable move
below last week’s low of 18581 / 5636 would lead to short
term pessimism in the market. In this scenario, 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.
Conversely, 18886 / 5729 level would act as the immediate
hurdle for the bulls. A move above this may push indices
higher to test next resistance level of 18973 / 5757.
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Daily Technical Report
October 16, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11442)
Yesterday, Bank Nifty opened on a flat note and initially
traded with a negative bias in the first half of the day.
However, during the second half, buying emerged in Index
heavy weights which led the index to close near day’s high.
On the hourly chart we are witnessing an “Inverted Head
and Shoulder” pattern in formation which will be
confirmed above 11537 level. The mentioned pattern has
a bullish implication. We are also witnessing a positive
crossover in momentum oscillator “Stochastic” coupled
with positive positioning of “RSI” on the hourly chart. Thus
going forward if the index sustains above 11466 level then
it is likely to rally towards 11537 - 11647 level. On the
downside 11288 - 11245 levels are likely to act as
support in coming trading session.
Actionable points:
View for the day
Bullish Above 11466
Expected Targets
11537 - 11647
Support Levels
11288 - 11245
Source: Falcon:
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Daily Technical Report
October 16, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
18,549
18,631
18,679
18,761
18,809
NIFTY
5,635
5,661
5,677
5,704
5,720
BANKNIFTY
11,229
11,335
11,395
11,502
11,561
ACC
1,467
1,478
1,496
1,507
1,526
AMBUJACEM
210
212
215
218
221
ASIANPAINT
3,780
3,827
3,872
3,919
3,965
AXISBANK
1,101
1,110
1,118
1,127
1,135
BAJAJ-AUTO
1,715
1,734
1,748
1,767
1,781
BANKBARODA
764
772
780
788
796
BHARTIARTL
254
259
262
267
270
BHEL
238
243
247
253
256
BPCL
345
348
350
353
355
CAIRN
326
328
330
332
333
CIPLA
358
364
367
373
376
COALINDIA
351
354
356
359
361
DLF
213
215
217
219
221
DRREDDY
1,678
1,689
1,697
1,709
1,717
GAIL
370
375
378
383
386
GRASIM
3,353
3,388
3,411
3,446
3,469
HCLTECH
575
579
584
589
594
HDFC
729
735
738
744
748
HDFCBANK
618
626
631
639
643
HEROMOTOCO
1,750
1,759
1,770
1,779
1,790
HINDALCO
116
118
119
121
123
HINDUNILVR
565
572
576
583
587
ICICIBANK
1,023
1,038
1,047
1,062
1,071
IDFC
147
149
151
152
154
INFY
2,318
2,342
2,377
2,401
2,436
ITC
277
282
285
290
292
JINDALSTEL
414
418
421
425
428
JPASSOCIAT
90
91
93
94
95
KOTAKBANK
617
623
626
632
636
LT
1,616
1,626
1,641
1,651
1,666
LUPIN
550
556
564
569
577
M&M
846
852
858
863
869
MARUTI
1,302
1,320
1,352
1,370
1,402
NTPC
166
167
168
169
170
ONGC
274
277
279
281
283
PNB
802
811
819
828
836
POWERGRID
117
118
119
120
122
RANBAXY
529
538
543
552
558
RELIANCE
813
818
824
829
835
RELINFRA
504
510
515
521
526
SBIN
2,216
2,240
2,255
2,279
2,294
SESAGOA
170
171
172
173
175
SIEMENS
676
687
694
705
712
SUNPHARMA
705
710
715
720
725
TATAMOTORS
264
267
269
272
274
TATAPOWER
101
102
103
105
105
TATASTEEL
413
416
419
422
426
TCS
1,280
1,287
1,295
1,302
1,310
ULTRACEMCO
2,022
2,031
2,045
2,054
2,068
WIPRO
349
351
352
353
355
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Daily Technical Report
October 16, 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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