Daily Technical Report
May 20, 2013
Exhibit 1: Nifty Daily Chart
Sensex (20286) / NIFTY (6187)
On Friday, our benchmark indices opened on a flat note in-
line with subdued global cues. Thereafter indices oscillated in
a narrow range during major part of the session. A surge in
the final hour of trade led the Nifty to test 6200 levels. For
the day Power, Capital Goods and Realty counters were
among the major gainers, whereas Consumer Durables,
Health Care and Metal stocks ended with marginal loses.
The advance to decline ratio was in favor of declining
counters. (A=1112 D = 1245) (Source-www.bseindia.com)
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19291/ 5850 and 19724/ 5993 levels, respectively.
The ’89-day EMA’ and the ‘200-day SMA’ are placed at
19300/ 5851 and 18912 / 5735, respectively.
The weekly ‘RSI-Smoothened’ oscillator remains
positively poised.
Source: Falcon:
Actionable points:
Trading strategy:
Our benchmark indices have maintained their winning streak
View
Bullish above 6201
for the past five weeks. As a result, indices have registered a
Expected targets
6230 - 6283
new ’52-week high’ on a closing basis. In line with these
Support Levels
6145 - 6128
developments, the Nifty closed above 6100 mark for the first
time after December 2010. During Wednesday’s session,
This level is at 20750 / 6280 and also coincides with the
indices broke out from the ‘V’ continuation pattern. The said
upper range of the ‘Upward Sloping Channel’. In case the
pattern has a bullish implication and at present, projects a
present FII buying spree continues, we may even test the all
theoretical target of 22200 / 6700. The target is computed
time high of 21207 / 6357. This is also supported by the
existing positive placement of weekly ‘RSI-Smoothened’
by adding difference between the low and the high of the
oscillator. On the flipside, indices may find decent support
pattern, to point of breakout. However, considering the
around 20147 - 19950 / 6114 - 6085 levels. Traders
present developments on the ground and the evidence of few
should make a note that the current positive trend and
other technical parameters, it would be too optimistic to
bullish implication of the ‘V’ continuation pattern will get
suggest such high targets at this juncture. For the coming
violated if the markets trade below the 19652 / 5970 level.
week, we are of the opinion that indices may move towards
For the coming week, we advise traders to adopt a stock
the 127% Fibonacci retracement level of the fall from 20204
specific approach and trade with strict stop losses.
/ 6112 and 18144 / 5477.
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Daily Technical Report
May 20, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (13317)
On Friday, Bank Nifty opened on a subdued note in line
with our benchmark indices and traded in a narrow range
during major part of the session. However, during the last
hour of trade we witnessed a sudden surge in the index
resulting in a close at a new life time high. This
momentum in the index is likely to continue as long as it
holds the 13100 level. While fresh longs in the Bank Nifty
can be created on declines, long positions in individual
stocks in the banking space can be considered at current
levels with appropriate stop losses. On the upside 13360 -
13467 levels are likely to act as resistance, whereas
13196 - 13100 levels are likely to act as support for the
day.
Actionable points:
View
Neutral
Resistance Levels
13360 - 13467
Support Levels
13196 - 13100
Source: Falcon:
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Daily Technical Report
May 20, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,083
20,185
20,256
20,358
20,430
NIFTY
6,124
6,156
6,178
6,209
6,232
BANKNIFTY
13,025
13,171
13,263
13,409
13,501
ACC
1,239
1,254
1,267
1,282
1,295
AMBUJACEM
183
187
190
193
196
ASIANPAINT
4,720
4,766
4,833
4,879
4,946
AXISBANK
1,504
1,520
1,530
1,546
1,556
BAJAJ-AUTO
1,766
1,799
1,817
1,850
1,868
BANKBARODA
712
726
735
749
758
BHARTIARTL
306
311
317
322
328
BHEL
187
194
199
207
212
BPCL
409
414
420
424
431
CAIRN
295
298
301
303
306
CIPLA
411
418
423
431
435
COALINDIA
294
296
298
300
302
DLF
238
244
247
253
257
DRREDDY
2,038
2,058
2,092
2,113
2,147
GAIL
330
333
337
340
344
GRASIM
3,058
3,093
3,122
3,157
3,186
HCLTECH
696
708
729
741
761
HDFC
894
898
903
908
913
HDFCBANK
704
711
717
725
730
HEROMOTOCO
1,662
1,673
1,688
1,699
1,714
HINDALCO
108
109
111
112
113
HINDUNILVR
581
583
585
588
589
ICICIBANK
1,190
1,210
1,223
1,244
1,257
IDFC
160
162
164
166
168
INDUSINDBK
495
503
514
522
532
INFY
2,318
2,335
2,352
2,369
2,386
ITC
328
332
336
340
345
JINDALSTEL
304
308
311
315
318
JPASSOCIAT
78
80
82
84
85
KOTAKBANK
757
776
787
806
818
LT
1,562
1,592
1,612
1,643
1,662
LUPIN
784
794
801
811
817
M&M
973
980
987
995
1,002
MARUTI
1,676
1,693
1,717
1,733
1,757
NMDC
118
120
123
125
128
NTPC
154
157
159
162
164
ONGC
335
338
340
343
345
PNB
798
816
828
846
858
POWERGRID
112
114
116
117
119
RANBAXY
459
465
471
477
483
RELIANCE
813
824
835
846
856
RELINFRA
405
416
423
434
441
SBIN
2,369
2,397
2,416
2,444
2,463
SESAGOA
162
164
167
169
171
SUNPHARMA
948
957
967
976
986
TATAMOTORS
297
300
304
308
312
TATAPOWER
93
93
94
94
95
TATASTEEL
306
309
311
314
316
TCS
1,444
1,459
1,469
1,484
1,493
ULTRACEMCO
1,995
2,006
2,020
2,031
2,046
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3
Daily Technical Report
May 20, 2013
Research Team Tel: 022 - 30940000
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
Ankur Lakhotia
-
Technical Analyst
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