Daily Technical Report
September 18, 2012
Exhibit 1: Nifty Daily Chart
Sensex (18542) / NIFTY (5610)
Yesterday, our benchmark indices opened on an optimistic
note as the Government unleashed a slew of economic
reforms on Friday evening. Further, we witnessed some
volatility during the announcement of RBI Monetary policy
and eventually the Nifty managed to close well above the
psychological level of 5600. During yesterday’s session, we
witnessed a mammoth intraday rally in Realty, Capital
Goods and Banking counters; whereas sectors like, FMCG,
IT and Health Care were on the losing side. The advance to
decline ratio was strongly in favor of advancing counters
(A=1631 D=1258) (Source -www.bseindia.com).
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
17763 / 5361 and 17380 / 5261 levels, respectively.
Indices have now confirmed a weekly ‘Higher Top -
Higher Bottom’ formation.
The daily ‘RSI’ momentum oscillator on weekly chart is
still showing strength.
The weekly chart depicts an “Upward Sloping Trend
Line” breakout above 17973 / 5449 level.
The ADX (14) indicator on the Daily chart shows
Source: Falcon:
possibility of further strength in the coming sessions. The
+ DI (positive directional index) is moving upwards
Actionable points:
supported by the ADX line, which has now moved up to
23.60 level. The ADX rise from 15 to 25 indicates that
View
Neutral
the uptrend is strengthening and positive momentum is
likely to accelerate further in the coming trading
Resistance Levels
5653 - 5702
sessions.
Support Levels
5585 - 5550
Trading strategy:
Yesterday’s gap up opening in our markets was mainly on
account of positive developments including FDI in retail &
aviation. Indices crossed 18524 /5630 level but have failed
to close above it. Looking at the strong higher top higher
bottom structure on the daily as well as weekly chart and the
rising value in the ADX (14) indicator (moved up from 21 to
23.60), we eventually expect higher targets of 18945 -
19132 / 5702 - 5741 levels in the coming few sessions. For
the day, yesterday’s high of 18716 / 5653, may act as an
intermediate resistance. Conversely, 18480 - 18380 / 5585
- 5550 levels should ideally provide decent support for our
markets.
We advise traders to adopt stock specific approach and
follow strict stop losses.
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Daily Technical Report
September 18, 2012
Bank Nifty Outlook - (10982)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, for the second consecutive session Bank Nifty
opened with an upside gap and closed with significant gains
of
3.18%. However, we are now witnessing “Negative
Divergence” in “RSI” momentum oscillator on the hourly
chart. In addition the “Stochastic” momentum oscillator on
the daily chart is placed in extreme overbought condition.
Thus looking at the above technical indicators we believe
that a minor pull back or sideways consolidation in the index
cannot be ruled out. On the downside 10816 - 10711 are
likely to act as support levels and 11046 - 11141 may act as
resistance in coming trading session.
Actionable points:
View
Neutral
Resistance Levels
11046 - 11141
Support Levels
10816 - 10711
Source: Falcon:
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Daily Technical Report
September 18, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
18,345
18,444
18,579
18,678
18,814
NIFTY
5,549
5,579
5,616
5,646
5,683
BANKNIFTY
10,693
10,837
10,941
11,086
11,190
ACC
1,342
1,357
1,378
1,392
1,413
AMBUJACEM
187
190
194
198
202
ASIANPAINT
3,824
3,854
3,890
3,920
3,956
AXISBANK
1,008
1,033
1,047
1,072
1,086
BAJAJ-AUTO
1,691
1,715
1,742
1,766
1,793
BANKBARODA
665
696
716
746
767
BHARTIARTL
252
258
263
270
274
BHEL
204
209
212
217
221
BPCL
325
332
345
351
364
CAIRN
353
358
363
368
372
CIPLA
352
361
366
375
380
COALINDIA
364
369
378
383
391
DLF
213
222
228
237
243
DRREDDY
1,600
1,635
1,697
1,732
1,794
GAIL
371
374
378
381
386
GRASIM
3,041
3,069
3,110
3,138
3,179
HCLTECH
550
559
573
582
595
HDFC
763
771
778
787
794
HDFCBANK
597
603
611
617
626
HEROMOTOCO
1,835
1,877
1,901
1,943
1,967
HINDALCO
112
115
118
120
124
HINDUNILVR
513
523
538
548
563
ICICIBANK
1,014
1,037
1,053
1,077
1,093
IDFC
137
142
146
151
155
INFY
2,485
2,525
2,587
2,627
2,689
ITC
240
247
258
265
276
JINDALSTEL
368
381
391
405
414
JPASSOCIAT
74
76
78
80
82
KOTAKBANK
590
598
610
618
630
LT
1,456
1,506
1,551
1,601
1,647
M&M
770
781
788
799
806
MARUTI
1,244
1,261
1,293
1,311
1,342
NTPC
167
168
169
170
171
ONGC
275
278
282
285
289
PNB
699
723
742
766
784
POWERGRID
114
116
119
120
123
RANBAXY
504
515
531
542
558
RELIANCE
834
854
868
888
901
RELINFRA
466
487
499
520
533
SAIL
84
86
87
88
90
SBIN
1,975
2,027
2,058
2,110
2,141
SESAGOA
169
172
175
179
182
SIEMENS
662
672
680
690
698
STER
99
101
102
104
105
SUNPHARMA
650
662
673
684
695
TATAMOTORS
266
272
281
287
295
TATAPOWER
97
98
100
100
102
TATASTEEL
399
404
410
415
421
TCS
1,280
1,311
1,366
1,397
1,452
WIPRO
372
379
387
393
401
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Daily Technical Report
September 18, 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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