Daily Technical Report
September 24, 2012
Exhibit 1: Nifty Daily Chart
Sensex (18753) / NIFTY (5691)
On Friday, our benchmark indices traded with a positive bias
and finally closed at a 52 week’s high on the back of stability
on the political front. Indices surged more than 2.5% and
closed marginally below 5700 mark. In case of specific
sectors, once again Power, Consumer Goods and Metal
counters contributed heavily to the rally; whereas IT and Teck
sector remained under pressure. The advance to decline
ratio was strongly in favor of advancing counters (A=1815
D=1102) (Source -www.bseindia.com).
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
18000 / 5450 and 17500 / 5300 levels, respectively.
The weekly chart depicts an “Upward Sloping Trend
Line” breakout above 17973 / 5449 levels.
The daily ‘RSI’ momentum oscillator on weekly chart is
still showing strength.
The continuous rise in the daily ADX (14) indicator
signals strength in the coming sessions. The ADX line
has moved up from the 21 level (previous week’s Friday)
Source: Falcon:
to 30 (this Friday). The ADX line moving above the 30
mark along with rising + DI is interpreted as a strong
Actionable points:
trend.
Trading strategy:
View
Neutral
Resistance Levels
5720 - 5741
Yesterday was the third consecutive Friday on which the Nifty
posted a closing in excess of 100 points (i.e. nearly a 2%
Support Levels
5665 - 5630
gain). Our benchmark indices have now rallied nearly 10%
from the recent bottoms of
17250 / 5215 and show
However, it would be very difficult to judge whether these
significant potential for a further up move. At this juncture, it
targets would be achieved in the current leg of the rally or
would be a bit early to comment, but the monthly RSI
post a correction / consolidation before moving higher. The
oscillator is now moving upwards from the 50 mark. This
traders who have missed this rally should now ideally wait
indicator has been near 50 in the past 5 months. (RSI
for a pull back (if any) towards the support levels of 18291 -
moving away from the 50 level towards 70 is a sign of
18000 / 5534 - 5450 and then initiate fresh long positions
upside momentum). Also, the monthly ADX (9) indicator is
in the market.
signaling a positive crossover. In addition, the daily ADX (14)
We are of the opinion that traders should now adopt stock
indicator is at the 30 mark. The ADX line moving above 30
specific approach and trade with strict stop losses.
levels signifies strength in the current trend. Considering all
the above technical evidences, we can infer that if indices
sustain above 19132 / 5741, then our benchmark indices
are likely to rally towards the next possible target of 19542 -
19812 / 5850 - 5945 and even the possibility of testing
6000 (Nifty) cannot be ruled out.
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Daily Technical Report
September 24, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11359)
On Friday, Bank Nifty opened on a flat note and
strengthened as the day progressed to close with a hefty gain
of 4.01%. On the weekly chart, the Index has confirmed
“Higher Top Higher Bottom” formation after nearly a year. At
this juncture the 66% retracement of the rise fall from
November 5, 2010 - December 23, 2011 has been tested
and this level coincides with the prior swing high of 11433.
The momentum oscillators on the weekly charts suggest the
ongoing bullish run in the index to continue. However the
momentum oscillators on the daily chart are placed in
extreme overbought zone. This coupled with negative
divergence in “RSI” momentum oscillator on the hourly chart
indicates the possibility of a minor pullback or consolidation.
On the upside 11451 - 11491 levels are likely to act as
resistance and on the downside 11166 - 11103 levels are
likely to act as support in coming trading session.
Actionable points:
View
Neutral
Resistance Levels
11451 - 11491
Support Levels
11166 - 11103
Source: Falcon:
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Daily Technical Report
September 24, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
18,221
18,487
18,677
18,943
19,133
NIFTY
5,518
5,604
5,662
5,749
5,807
BANKNIFTY
10,795
11,077
11,255
11,537
11,715
ACC
1,339
1,359
1,374
1,395
1,410
AMBUJACEM
187
191
193
197
200
ASIANPAINT
3,858
3,902
3,935
3,980
4,013
AXISBANK
1,020
1,073
1,101
1,153
1,182
BAJAJ-AUTO
1,782
1,791
1,801
1,810
1,819
BANKBARODA
742
761
773
792
804
BHARTIARTL
267
273
277
283
287
BHEL
213
223
228
238
243
BPCL
336
342
346
352
357
CAIRN
338
344
349
355
361
CIPLA
354
357
362
366
371
COALINDIA
356
364
370
378
384
DLF
227
231
235
239
244
DRREDDY
1,597
1,620
1,662
1,686
1,728
GAIL
365
375
382
392
399
GRASIM
3,036
3,136
3,200
3,300
3,364
HCLTECH
560
565
570
575
580
HDFC
757
769
776
788
795
HDFCBANK
596
611
620
634
644
HEROMOTOCO
1,885
1,904
1,919
1,938
1,954
HINDALCO
113
116
117
120
122
HINDUNILVR
523
526
532
535
540
ICICIBANK
1,004
1,035
1,060
1,091
1,117
IDFC
143
148
152
158
162
INFY
2,543
2,568
2,609
2,634
2,675
ITC
253
257
261
265
269
JINDALSTEL
381
404
418
441
455
JPASSOCIAT
76
80
82
86
88
KOTAKBANK
593
608
617
632
641
LT
1,503
1,544
1,570
1,612
1,638
M&M
774
792
808
825
841
MARUTI
1,275
1,294
1,305
1,324
1,336
NTPC
162
165
167
171
173
ONGC
278
286
292
300
305
PNB
785
811
826
853
868
POWERGRID
116
118
120
122
123
RANBAXY
522
527
534
538
546
RELIANCE
823
837
846
859
868
RELINFRA
481
512
532
564
583
SAIL
83
88
91
96
99
SBIN
2,090
2,151
2,197
2,259
2,304
SESAGOA
168
175
178
185
188
SIEMENS
675
683
690
699
706
STER
97
101
103
106
109
SUNPHARMA
652
661
673
681
693
TATAMOTORS
268
272
275
278
281
TATAPOWER
95
99
102
106
108
TATASTEEL
389
399
407
417
424
TCS
1,278
1,291
1,312
1,325
1,346
WIPRO
367
372
378
383
388
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Daily Technical Report
September 24, 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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