Daily Technical Report
March 22, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18793) / NIFTY (5659)
Yesterday, once again markets opened on a flat note in-line
with mixed global cues. However, indices traded with
extreme high volatility and in a wide range throughout the
session to eventually close in the negative territory. For the
day most of the sectors ended on a losing side except for
Consumer Durables, Teck and IT which ended with marginal
gains. The advance to decline ratio was strongly in favor of
declining
counters
(A=942 D=1926) (Source-
www.bseindia.com)
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19266 / 5821 and 19200 / 5813 levels, respectively.
Source: Falcon:
Actionable points:
Trading strategy:
Yesterday's session can easily be described as a see-saw
View
Neutral
between the bulls and the bears. During the initial hour,
Support levels
5658 - 5623
indices slipped from the opening levels but a sharp bounce
Resistance levels
5733 - 5760
from the lows led to a significant recovery. In the process,
indices precisely tested hourly '20 EMA' placed at 19025 /
5755. This level acted a stiff resistance for the market.
Hence, massive selling during the second half dragged
indices lower to eventually break and close below recent
swing low of 5663 (only Nifty has managed to close;
whereas the Sensex closed above the swing low of 18760).
Indices are now approaching strong support zone of '200-
day SMA' and the 'Downward Sloping' trend line drawn by
joining 19149 / 5823 (low on December 18, 2012) and
18760 / 5663 (low on March 04, 2012). Considering
oversold condition of momentum oscillators, and positive
divergence on the RSI on the daily chart, intraday traders are
advised not to create fresh short positions in today’s session.
On the flipside, yesterday's high of 19028 / 5758 would act
as a resistance in coming trading session.
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Daily Technical Report
March 22, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11238)
Yesterday, in line with the benchmark indices, the Bank
Nifty too opened on a flat note and traded with extreme
volatility throughout the session The daily chart depicts a
bearish ‘Head and Shoulder’ pattern breakdown during
Wednesday’s session. However the positive divergence in
‘RSI’ momentum oscillator on daily chart mentioned in our
previous report is still intact hence fresh selling at current
levels is not advisable. Hence some consolidation or
pullback in the index cannot be ruled out. On the
downside 11200 - 11125 levels are likely to act as
support whereas 11510 - 11626 levels are likely to act as
resistance for the day.
Actionable points:
View
Neutral
Resistance Levels
11510 - 11626
Support Levels
11200 - 11125
Source: Falcon:
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Daily Technical Report
March 22, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
18,588
18,690
18,859
18,962
19,131
NIFTY
5,578
5,619
5,688
5,728
5,798
BANKNIFTY
11,018
11,128
11,320
11,430
11,623
ACC
1,089
1,107
1,136
1,153
1,182
AMBUJACEM
161
165
171
175
182
ASIANPAINT
4,784
4,848
4,949
5,013
5,114
AXISBANK
1,254
1,283
1,311
1,340
1,368
BAJAJ-AUTO
1,672
1,714
1,783
1,825
1,894
BANKBARODA
618
635
665
682
712
BHARTIARTL
277
287
296
306
314
BHEL
176
178
181
183
187
BPCL
356
363
373
379
390
CAIRN
268
273
281
285
293
CIPLA
373
378
386
391
399
COALINDIA
294
296
298
300
303
DLF
227
233
243
249
259
DRREDDY
1,720
1,746
1,776
1,803
1,833
GAIL
312
316
320
323
328
GRASIM
2,850
2,873
2,897
2,920
2,945
HCLTECH
763
768
776
781
789
HDFC
762
780
796
814
831
HDFCBANK
588
598
613
623
638
HEROMOTOCO
1,584
1,604
1,635
1,655
1,686
HINDALCO
85
87
89
91
94
HINDUNILVR
449
455
463
469
478
ICICIBANK
987
1,011
1,035
1,059
1,083
IDFC
130
133
139
142
148
INFY
2,844
2,858
2,876
2,891
2,909
ITC
302
304
306
307
309
JINDALSTEL
330
336
345
351
360
JPASSOCIAT
59
62
66
68
72
KOTAKBANK
610
621
636
646
661
LT
1,344
1,369
1,412
1,437
1,480
LUPIN
614
619
626
631
638
M&M
839
860
878
899
917
MARUTI
1,248
1,277
1,318
1,347
1,387
NTPC
134
136
138
141
143
ONGC
288
293
299
304
309
PNB
682
700
727
745
772
POWERGRID
98
100
103
104
107
RANBAXY
436
439
442
444
447
RELIANCE
789
801
817
829
845
RELINFRA
315
326
346
357
377
SBIN
2,041
2,080
2,120
2,159
2,198
SESAGOA
147
150
154
156
161
SIEMENS
519
532
553
566
587
SUNPHARMA
821
826
835
840
849
TATAMOTORS
261
267
276
282
290
TATAPOWER
90
92
96
99
103
TATASTEEL
315
322
331
338
347
TCS
1,542
1,551
1,563
1,572
1,583
ULTRACEMCO
1,803
1,832
1,863
1,892
1,923
WIPRO
423
429
433
439
443
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Daily Technical Report
March 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
Ankur Lakhotia
-
Technical Analyst
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