Daily Technical Report
April 22, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19016) / NIFTY (5783)
On Friday, indices opened on a flat note as suggested by the
SGX Nifty early in the morning. However, the bias was
positive from the initial hour of the session. During the
second half, indices broke Wednesday’s high of 18870 /
5732 and gradually moved higher to end the session almost
at the highest point of the day. During the day, once again
Banking led the rally along with Consumer Durables and
Capital Goods counters; whereas IT sector remained under
pressure. The advance to decline ratio was strongly in favor
of advancing counters (A=1319 D=1047)
(Source-
www.bseindia.com)
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19012 / 5756 and 18723 / 5662 levels, respectively.
The ’89-week EMA’ and the ‘200-day SMA’ are placed
at 18203 / 5506 and 18657 / 5656, respectively.
The ’89-day EMA’ and the ‘200-day SMA’ are placed at
Source: Falcon:
19044 / 5764 and 18674 / 5661, respectively.
The ‘Lower Top - Lower Bottom’ formation on the weekly
chart is still intact.
The weekly momentum oscillators and daily ‘5 & 20
Actionable points:
EMA’ have signaled a positive crossover.
View
Bullish Above 5794
The 61.8% Fibonacci retracement level of the fall from
Expected Targets
5815 - 5865
20204 / 6112 to 18144 / 5477 is placed at 19416 /
Support levels
5732
5870.
Trading strategy:
Hence, the possibility of maintaining this positive momentum
The week saw our benchmark indices rally independently,
is quite high. Any sustainable move beyond 19061 / 5794
neglecting all negative developments across the globe.
would push the indices towards the
61.80% Fibonacci
During the early part of the week, indices managed to cross
retracement level (19416 / 5870) of the fall from 20204 /
the high of the ‘Spinning Top’ pattern and as expected,
6112 to 18144 / 5477. This (19416 / 5870) is a strong
opened up the possibilities of further higher levels. As
resistance level for the market. Hence, we advise traders to
mentioned in our last weekly report, the Nifty moved towards
book partial profits around this level and trade with strict
the resistance level of 5755 (19061 for the Sensex) and
stop losses for the remaining positions. However, in case of
closed marginally above it. The bellwether indices have
euphoric optimism, if the indices manage to stay above
closed the week around the ’89-day EMA’ and the weekly
19416 / 5870 levels, then they may even test 19755 / 5971.
’20 EMA’ levels of 19045 / 5764 and 19012 / 5756,
On the flipside, 18144 / 5477 remains a strong and crucial
respectively. However, the weekly momentum oscillators and
support level for our benchmark indices.
the daily
‘5 & 20 EMA’ are now signaling a positive
crossover.
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Daily Technical Report
April 22, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12288)
On Friday, Bank Nifty opened on a flat note in-line with the
benchmark indices. Subsequently immense buying interest
was seen among the market participants as the Bank nifty
met our mentioned target of 12241 to close at almost the
highest point of the day. The next resistance for the index is
at the 78.6% Fibonacci retracement level of the fall from
12960 (high of January 29, 2013) to 10888 (low of April
10, 2013), which is at12517. Going forward, we expect the
positive momentum to continue if the Bank Nifty can sustain
above Friday's high of 12313. In this case, we may witness
another sporadic move towards 12517. On the flipside,
12112 - 11900 are likely to act as support levels in the
coming trading session.
Actionable points:
View
Bullish Above 12313
Expected Target
12515
Support Levels
12112 - 11900
Source: Falcon:
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Daily Technical Report
April 22, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
18,555
18,786
18,922
19,153
19,289
NIFTY
5,641
5,712
5,753
5,824
5,866
BANKNIFTY
11,743
12,016
12,164
12,437
12,585
ACC
1,154
1,183
1,201
1,230
1,248
AMBUJACEM
183
186
188
191
193
ASIANPAINT
4,550
4,600
4,645
4,694
4,739
AXISBANK
1,325
1,377
1,407
1,459
1,489
BAJAJ-AUTO
1,747
1,770
1,793
1,816
1,840
BANKBARODA
664
676
684
696
704
BHARTIARTL
278
289
295
306
313
BHEL
181
183
185
187
189
BPCL
397
401
406
410
415
CAIRN
283
288
291
297
300
CIPLA
393
397
400
404
408
COALINDIA
293
296
298
302
303
DLF
240
244
247
251
254
DRREDDY
1,884
1,895
1,907
1,918
1,930
GAIL
317
325
331
338
344
GRASIM
2,772
2,795
2,826
2,849
2,880
HCLTECH
708
722
745
759
782
HDFC
785
802
811
828
837
HDFCBANK
646
660
668
681
689
HEROMOTOCO
1,422
1,464
1,492
1,533
1,561
HINDALCO
91
92
93
95
96
HINDUNILVR
478
480
484
487
490
ICICIBANK
1,065
1,094
1,111
1,139
1,156
IDFC
149
155
159
165
169
INDUSINDBK
402
426
441
465
480
INFY
2,258
2,277
2,300
2,319
2,342
ITC
308
312
314
318
320
JINDALSTEL
326
332
336
342
347
JPASSOCIAT
71
74
75
78
79
KOTAKBANK
647
658
665
676
683
LT
1,396
1,436
1,460
1,500
1,525
LUPIN
658
665
675
682
693
M&M
853
878
896
921
939
MARUTI
1,466
1,495
1,514
1,544
1,563
NMDC
119
122
125
127
130
NTPC
143
145
146
147
148
ONGC
321
328
332
339
343
PNB
732
749
760
777
788
POWERGRID
104
106
107
108
109
RANBAXY
440
448
453
461
467
RELIANCE
767
774
780
787
792
RELINFRA
347
356
361
370
376
SBIN
2,205
2,252
2,282
2,330
2,360
SESAGOA
142
147
150
155
159
SUNPHARMA
900
908
916
925
933
TATAMOTORS
261
272
278
289
295
TATAPOWER
94
94
95
95
96
TATASTEEL
290
295
299
304
307
TCS
1,391
1,422
1,458
1,489
1,526
ULTRACEMCO
1,853
1,890
1,913
1,950
1,973
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Daily Technical Report
April 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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