Daily Technical Report
February 22, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19325) / NIFTY (5852)
Yesterday, we witnessed a gap down opening on the back of
strong pessimism across the globe. Subsequently, indices
faced heavy selling pressure throughout the session and
closed at the lowest point of the day. Banking stocks bled
significantly and were followed by Realty and Capital Goods
counters during yesterday’s fall. Metal counters too were
beaten out of shape with Metal index falling more than 3%.
The advance to decline ratio was strongly in favor of
declining counters (A=904 D=1929) (Source
-
www.bseindia.com).
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19620 / 5941 and 19204 / 5823 levels, respectively.
The Nifty has broken down from the ‘Upward Sloping
Trend Line’ (as shown in the chart).
The weekly ‘RSI Smoothened’ and ‘3 & 8 EMA’ are
Source: Falcon:
signaling a negative crossover.
Actionable points:
Trading strategy:
View
Bearish below 5844
Considering weak global cues, our benchmark indices
Expected target
5823 - 5777
opened with more than half a percent downside gap and
Resistance levels
5900
continued to fall lower throughout the day. In the process,
indices sneaked marginally below recent swing low of 19381
/ 5853. As a result, we are now observing a breakdown
from the 'Upward Sloping Trend Line' drawn by joining two
significant recent swing lows of 19149 / 5823 (December
18, 2012) and 19381 / 5853 (February 15, 2013). In Nifty,
the prices have marginally traversed the trend line; whereas
in Sensex, the prices have convincingly closed below the
trend line level. Going forward, 19149 / 5823 may act as a
crucial support for our market. Any sustainable move below
this level would certainly trigger immense pessimism in the
market. In this scenario, indices may slide towards 18973 /
5777. On the flipside, 19457 - 19554 / 5883 - 5921 levels
would act as resistance in coming trading session.
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Daily Technical Report
February 22, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12056)
Yesterday, in line with our benchmark indices Bank Nifty too
opened with a downside gap and tested the strong support
level of 12245. However, as expected and mentioned, we
witnessed strong selling pressure below 12245 mark and
Bank Nifty suffered with a biggest intraday loss (-2.5%) after
October 30, 2012. Now, on the daily chart we are witnessing
a bearish ‘Head & Shoulder’ pattern breakdown and the
target of the said pattern could be near to 11600 level.
Hence going forward, every rise from the current level should
be considered as an opportunity to go short in Bank Nifty.
The pattern will be negated only if the index trades above the
12486 level. While the overall view remains negative, the
11978 - 11826 levels may act as intraday support. On the
upside, intraday resistance is at 12137 - 12258 levels.
Actionable points:
View
Sell on Every Rise
Expected target
11978 - 11826 - 11600
Resistance levels
12137 - 12258
Source: Falcon:
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Daily Technical Report
February 22, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,125
19,225
19,390
19,490
19,655
NIFTY
5,796
5,824
5,873
5,901
5,949
BANKNIFTY
11,866
11,961
12,131
12,226
12,396
ACC
1,285
1,293
1,303
1,311
1,321
AMBUJACEM
193
195
198
199
202
ASIANPAINT
4,440
4,477
4,519
4,555
4,597
AXISBANK
1,377
1,391
1,413
1,427
1,448
BAJAJ-AUTO
1,954
1,969
1,985
2,000
2,017
BANKBARODA
728
737
750
759
772
BHARTIARTL
282
289
299
306
315
BHEL
203
205
207
209
212
BPCL
381
385
392
397
404
CAIRN
301
304
306
309
310
CIPLA
375
378
382
385
388
COALINDIA
335
338
340
343
345
DLF
263
268
274
278
284
DRREDDY
1,786
1,804
1,818
1,835
1,850
GAIL
333
336
337
340
342
GRASIM
2,933
2,972
3,030
3,069
3,126
HCLTECH
708
714
723
729
739
HDFC
807
811
815
820
824
HDFCBANK
656
661
669
674
683
HEROMOTOCO
1,669
1,679
1,687
1,697
1,705
HINDALCO
105
107
109
110
112
HINDUNILVR
456
462
470
476
484
ICICIBANK
1,052
1,066
1,090
1,104
1,128
IDFC
152
153
156
158
160
INFY
2,780
2,794
2,807
2,821
2,834
ITC
292
294
297
300
303
JINDALSTEL
344
350
359
365
374
JPASSOCIAT
70
71
72
73
74
KOTAKBANK
651
656
662
667
673
LT
1,404
1,415
1,432
1,443
1,460
LUPIN
586
590
594
598
603
M&M
874
880
889
895
904
MARUTI
1,417
1,442
1,475
1,500
1,533
NTPC
151
151
152
153
153
ONGC
314
318
324
328
333
PNB
825
833
848
857
871
POWERGRID
105
106
107
108
110
RANBAXY
408
411
415
418
423
RELIANCE
840
850
863
873
886
RELINFRA
461
467
478
484
495
SBIN
2,175
2,193
2,218
2,236
2,261
SESAGOA
159
161
166
168
172
SIEMENS
547
552
559
564
571
SUNPHARMA
789
793
798
802
806
TATAMOTORS
292
295
298
301
305
TATAPOWER
96
97
97
98
99
TATASTEEL
355
360
368
372
380
TCS
1,433
1,442
1,450
1,458
1,466
ULTRACEMCO
1,913
1,926
1,939
1,952
1,965
WIPRO
396
401
409
414
421
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Daily Technical Report
February 22, 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
Mehul Kothari
-
Technical Analyst
Ankur Lakhotia
-
Technical Analyst
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