Daily Technical Report
January 28, 2013
Sensex (20104) / NIFTY (6075)
Exhibit 1: Nifty Daily Chart
On Friday, our benchmark indices witnessed a remarkable
recovery from the support level of 19884 / 6008 on the back
of short covering. As a result, indices closed near day’s high
with a gain of almost a percent. All the sectors participated
in Friday’s rally. However, the rally was led by Realty
counters with a massive gain of 4.42% followed by Auto and
Consumer durables sectors. The advance to decline ratio
was strongly in favor of advancing counters (A=1663
D=1214) (Source -www.bseindia.com).
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19824 / 6006 and 19059 / 5784 levels, respectively.
On the daily chart, the benchmark indices are facing
resistance near the ‘Upward Sloping Trend Line’ drawn
by joining the highs of October 5, 2012 and December
11, 2012.
We are also observing a ‘Negative Divergence’ in the
daily ‘RSI’ momentum oscillator.
Source: Falcon:
We are observing a ‘Hanging Man’ Japanese
Candlestick pattern on the weekly chart.
Actionable points:
The advance decline ratio was in the favor of declining
counters for 4 out of the 5 sessions of the week.
View
Neutral
Resistance Levels
6102 - 6125
Support Levels
6061 - 6036 - 6008
Trading strategy:
The said pattern has a negative implication and requires a
For the second consecutive week our bellwether indices, the
confirmation in the form of closing below the low i.e. 19884
Sensex and the Nifty posted weekly closings well above the
/ 6007. Also the negative divergence on the RSI momentum
psychological levels of
20000 and
6000, respectively.
oscillator on the daily chart is still intact and has bearish
Despite negative movements for most part of the week,
implications. Further, on Tuesday, the RBI is going to
indices eventually ended the week on a positive note. This
announce the ‘Monetary Policy’ and any disappointment
was mainly on the back of robust Q3 numbers from some of
may trigger pessimism in the market. A close below 19884 /
the index heavyweights like, Reliance Industries and L & T.
6007 would indicate a further fall and indices may slide
Indices also found support from major global indices and the
towards the 19596 - 19406 / 5940 - 5897 levels. On the
appreciation in Rupee against the dollar. However the mid
other hand, the 20164 / 6102 level continues to be a still
and small cap counters corrected significantly, with many
resistance for the market. We continue to remain cautious
individual stocks falling more than 10% during the week. The
and advise traders to reduce their long positions and book
market breadth is still significantly weak and we continue to
partial profits in individual stocks near to the 19950 - 20100
mention key resistance levels as 20164 / 6102 for the week
/ 6070 - 6125 mark.
ahead. The weekly chart now depicts a candlestick pattern
which resembles a ‘Hanging Man’.
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Daily Technical Report
January 28, 2013
Bank Nifty Outlook - (12693)
Exhibit 2: Bank Nifty Daily Chart
On Friday, we witnessed short covering in Bank nifty and as
a result the index has closed near 12700 mark. On the
hourly chart, we are now witnessing a falling wedge pattern
breakout at
12635 level. In addition the momentum
oscillators on the hourly chart are positively poised. Traders
having long position in the index should maintain a strict
stop loss of 12509. On the upside 12778 - 12838 level are
likely to act as resistance and 12572- 12534 are likely to act
as support for the day.
Note- On account of RBI monetary policy on Tuesday we
expect volatility to increase in coming trading sessions.
Actionable points:
View
Neutral
Resistance Levels
12778 - 12838
Support Levels
12572 - 12534
Source: Falcon:
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Daily Technical Report
January 28, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,853
19,978
20,054
20,179
20,254
NIFTY
5,990
6,033
6,057
6,099
6,123
BANKNIFTY
12,467
12,580
12,649
12,762
12,831
ACC
1,283
1,305
1,327
1,349
1,371
AMBUJACEM
191
195
198
202
205
ASIANPAINT
4,319
4,362
4,416
4,459
4,513
AXISBANK
1,367
1,377
1,389
1,399
1,411
BAJAJ-AUTO
1,956
2,018
2,058
2,120
2,160
BANKBARODA
808
845
867
904
925
BHARTIARTL
349
355
363
368
376
BHEL
226
228
229
231
233
BPCL
405
412
420
427
434
CAIRN
318
320
324
326
330
CIPLA
381
389
395
403
408
COALINDIA
335
338
341
345
348
DLF
239
250
256
266
272
DRREDDY
1,916
1,930
1,950
1,965
1,985
GAIL
344
349
353
358
362
GRASIM
2,921
2,969
2,999
3,047
3,076
HCLTECH
656
669
677
689
697
HDFC
788
797
804
813
821
HDFCBANK
651
658
663
670
674
HEROMOTOCO
1,734
1,749
1,766
1,782
1,799
HINDALCO
111
113
116
119
121
HINDUNILVR
462
469
474
481
485
ICICIBANK
1,156
1,164
1,172
1,181
1,189
IDFC
160
165
168
172
175
INFY
2,774
2,795
2,811
2,831
2,848
ITC
296
298
299
301
302
JINDALSTEL
403
418
429
444
454
JPASSOCIAT
80
83
85
89
91
KOTAKBANK
641
653
661
672
680
LT
1,563
1,587
1,602
1,626
1,641
LUPIN
581
590
596
605
611
M&M
854
878
891
915
928
MARUTI
1,519
1,559
1,583
1,623
1,646
NTPC
157
158
160
161
163
ONGC
328
335
340
346
351
PNB
833
853
865
885
897
POWERGRID
110
110
111
112
112
RANBAXY
434
445
451
462
469
RELIANCE
899
906
912
918
924
RELINFRA
502
521
531
551
561
SBIN
2,419
2,466
2,496
2,543
2,572
SESAGOA
170
176
180
187
191
SIEMENS
627
634
639
647
652
SUNPHARMA
688
708
721
741
753
TATAMOTORS
284
292
299
307
313
TATAPOWER
105
105
106
107
108
TATASTEEL
395
401
405
410
414
TCS
1,315
1,328
1,336
1,349
1,358
ULTRACEMCO
1,869
1,893
1,924
1,948
1,979
WIPRO
398
403
406
411
413
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Daily Technical Report
January 28, 2013
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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