Daily Technical Report
November 26, 2012
Exhibit 1: Nifty Daily Chart
Sensex (18507) / NIFTY (5627)
On Friday, our benchmark indices traded with negative bias
and drifted below the support level of 18456 / 5608 during
the first half. However, indices closed flat above 5600 mark
after recovery in the final hour of trading session. The PSU,
Realty and Health Care counters were among the major
draggers; whereas the Auto, Oil & Gas and Consumer
Durables sectors provided decent support to the indices. The
advance to decline ratio was in favor of declining counters
(A=1315 D=1498) (Source -www.bseindia.com).
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
18556 / 5643 and 18172/ 5517 levels, respectively.
The negative crossover in weekly ‘RSI - Smoothened’ is
still intact.
We are observing two ‘Narrow Range Body’ formations
on daily chart.
Trading strategy:
Source: Falcon:
In-line with our expectations, our benchmark indices found
decent support near the convergence point of two channel
patterns (as shown in exhibit 1). Further, we had mentioned
Actionable points:
a ‘Homing Pigeon’ candlestick pattern in Sensex, which was
confirmed on Wednesday. The impact of this pattern was
View for the day
Bullish above 5650
seen during the second half of the week and as a result
indices moved higher towards the mentioned resistance level
Expected Targets
5698 - 5720
of 18564 / 5650. At this juncture, markets are hovering
Support Levels
5593 - 5548
around the ’20-day EMA’, which can be considered as an
intermediate resistance. In addition, the daily chart now
Unfortunately if indices sustain below Friday’s low of 18402 /
depicts two ‘Narrow Range’ body formations and indicates
5593, then a fall towards 18255 / 5548 level can be expected.
uncertainty among the market participants. Going forward, a
The probability of an extended corrective move towards 18194
move beyond the 18564 / 5650 level may push the markets
/ 5515 (50% Fibonacci Retracement level of the rise from
further higher to test the next resistance level of 18812 /
17250 to 19138 / 5216 to 5815) cannot be ruled out.
5720. On the flip side, the negative crossover in weekly ‘RSI-
Smoothened’ oscillator cannot be ignored.
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Daily Technical Report
November 26, 2012
Exhibit 2: Bank Nifty Hourly Chart
Bank Nifty Outlook - (11476)
On Friday, Bank Nifty opened on a flat note and drifted
lower in the first half of the session. However, during the
second half buying was witnessed near the support level of
11370 which led the index to close with a minor loss of
0.28%. As mentioned in our previous report we are
witnessing an “Inverted Head & Shoulder” pattern forming
on the hourly chart. The bullish nature of the mentioned
pattern will be confirmed if the index sustains above
11570 level. In this scenario the index is likely to rally
towards 11626 - 11707 levels. On the downside 11370
remains to be a crucial support for the index.
Actionable points:
View for the day
Bullish Above 11570
Expected Targets
11626 - 11707
Support Levels
11370 - 11306
Source: Falcon:
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Daily Technical Report
November 26, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
18,334
18,420
18,488
18,575
18,643
NIFTY
5,575
5,601
5,619
5,645
5,664
BANKNIFTY
11,315
11,396
11,472
11,553
11,629
ACC
1,358
1,369
1,384
1,396
1,410
AMBUJACEM
200
202
203
205
206
ASIANPAINT
3,930
3,992
4,030
4,092
4,130
AXISBANK
1,237
1,247
1,255
1,265
1,273
BAJAJ-AUTO
1,798
1,808
1,819
1,829
1,840
BANKBARODA
719
724
731
735
742
BHARTIARTL
298
302
307
311
316
BHEL
221
223
224
226
228
BPCL
315
318
323
326
331
CAIRN
325
326
327
329
330
CIPLA
374
378
383
387
391
COALINDIA
353
355
357
360
362
DLF
195
198
200
203
205
DRREDDY
1,702
1,723
1,736
1,757
1,770
GAIL
333
336
343
346
352
GRASIM
3,125
3,153
3,200
3,228
3,275
HCLTECH
624
630
635
641
646
HDFC
769
774
778
783
787
HDFCBANK
654
662
667
675
681
HEROMOTOCO
1,787
1,806
1,820
1,839
1,852
HINDALCO
106
107
108
109
109
HINDUNILVR
521
525
529
534
537
ICICIBANK
1,009
1,017
1,028
1,036
1,047
IDFC
153
155
157
159
161
INFY
2,336
2,357
2,378
2,399
2,420
ITC
280
283
286
289
292
JINDALSTEL
368
372
375
378
382
JPASSOCIAT
86
88
89
91
92
KOTAKBANK
615
620
626
630
636
LT
1,558
1,573
1,586
1,600
1,613
LUPIN
553
557
562
565
570
M&M
943
948
953
959
963
MARUTI
1,476
1,485
1,494
1,503
1,512
NTPC
153
156
162
165
170
ONGC
247
249
251
253
254
PNB
724
729
734
739
744
POWERGRID
118
119
120
121
122
RANBAXY
477
487
500
510
524
RELIANCE
762
768
772
778
782
RELINFRA
445
451
456
462
467
SBIN
2,056
2,073
2,092
2,109
2,128
SESAGOA
162
164
166
168
170
SIEMENS
639
649
659
669
679
SUNPHARMA
685
695
702
712
718
TATAMOTORS
254
257
259
263
265
TATAPOWER
99
101
102
103
104
TATASTEEL
358
361
365
368
372
TCS
1,264
1,276
1,284
1,296
1,304
ULTRACEMCO
1,866
1,881
1,898
1,913
1,929
WIPRO
359
363
369
373
380
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Daily Technical Report
November 26, 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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