Daily Technical Report
September 28, 2012
Exhibit 1: Nifty Daily Chart
Sensex (18580) / NIFTY (5650)
Yesterday, our benchmark indices opened marginally higher
and made an attempt to cross 5700, but pared down all
gains during the last hour of the session. The volatility was
immense on account of September series derivative expiry.
Eventually, the September series ended with a mammoth
gain of nearly 6.5%. On sectoral front, the FMCG, Capital
Goods and Consumer Durables were among the major
gainers for the day; whereas Oil & Gas and IT counters
corrected sharply during the session. The advance to decline
ratio was very marginally in favor of advancing counters
(A=1516 D=1336) (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
Source: Falcon:
signals strength in the coming sessions. The ADX line
has moved up to 34.89 in Nifty. The ADX line moving
Actionable points:
above the 30 mark along with rising + DI is interpreted
as a strong trend.
View
Bullish Above 5694
Trading strategy:
Expected targets
5720 - 5741
Undoubtedly, the September series was single handedly
Support Levels
5630 - 5580
dominated by the bulls and has given so many reasons to
cheer after nearly 4 - 5 months. The October series too is
likely to open on an optimistic note, considering positive
global cues. Further, the bulls might be hoping for the fourth
consecutive Friday on which indices close with significant
gains. However, this is possible only if Nifty sustains above
yesterday’s high of 5694. This may result in strong intraday
momentum and the Nifty may head towards the next
resistance of 5720 - 5741. Looking at hourly chart, it is
observed that Nifty has a decent intraday support around
5640 - 5630 levels. A breach of this support zone may lead
to a minor intraday correction. In this case, the index may
slide lower to test 5610 / 5580 levels. We continue to remain
positive on the market and advice traders to stick to a stock
specific approach and trade with strict stop losses.
www.angelbroking.com
1
Daily Technical Report
September 28, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11419)
Yesterday, Bank Nifty opened on a flat note and traded in a
narrow range throughout the session. As expected the index
consolidated in a tight range. There are no major changes in
the price pattern on the daily and hourly chart structure. The
momentum oscillators on the daily chart continue to be in the
overbought zone. Going forward, the 11321 mark is likely to
act as important support level for the index. Only a
sustainable move below this level would drag the index lower
towards 11216 - 11141 levels. On the upside 11490 -
11534 levels are likely to act as resistance in coming trading
session.
Actionable points:
View
Neutral
Resistance Levels
11490 - 11534
Support Levels
11321 -11216
Source: Falcon:
www.angelbroking.com
2
Daily Technical Report
September 28, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
18,439
18,509
18,623
18,693
18,806
NIFTY
5,607
5,628
5,661
5,682
5,715
BANKNIFTY
11,333
11,377
11,437
11,481
11,541
ACC
1,419
1,434
1,445
1,459
1,470
AMBUJACEM
197
199
203
205
209
ASIANPAINT
3,809
3,840
3,883
3,914
3,958
AXISBANK
1,108
1,118
1,131
1,141
1,154
BAJAJ-AUTO
1,779
1,799
1,814
1,834
1,849
BANKBARODA
764
771
776
783
789
BHARTIARTL
254
258
264
267
274
BHEL
242
245
250
253
257
BPCL
340
343
349
352
358
CAIRN
316
321
328
333
340
CIPLA
366
369
372
375
379
COALINDIA
346
352
357
363
368
DLF
230
233
235
239
241
DRREDDY
1,603
1,613
1,626
1,636
1,649
GAIL
375
379
384
388
394
GRASIM
3,202
3,227
3,251
3,276
3,300
HCLTECH
555
569
579
593
603
HDFC
748
755
764
770
779
HDFCBANK
619
625
631
637
643
HEROMOTOCO
1,789
1,833
1,890
1,933
1,990
HINDALCO
115
116
117
118
119
HINDUNILVR
523
530
535
543
547
ICICIBANK
1,039
1,047
1,060
1,068
1,080
IDFC
151
154
156
158
161
INFY
2,501
2,525
2,559
2,583
2,617
ITC
260
263
266
269
272
JINDALSTEL
413
419
426
433
440
JPASSOCIAT
77
79
81
83
86
KOTAKBANK
636
641
644
648
652
LT
1,552
1,575
1,590
1,613
1,627
M&M
831
841
856
866
881
MARUTI
1,306
1,318
1,330
1,343
1,355
NTPC
161
163
164
166
167
ONGC
268
272
278
281
287
PNB
813
823
833
843
852
POWERGRID
115
116
117
118
119
RANBAXY
520
525
534
539
547
RELIANCE
810
820
834
844
858
RELINFRA
535
540
549
554
562
SAIL
83
84
87
88
90
SBIN
2,213
2,230
2,247
2,265
2,282
SESAGOA
163
167
172
175
181
SIEMENS
695
699
704
709
714
STER
94
96
99
100
103
SUNPHARMA
662
670
678
686
694
TATAMOTORS
253
257
262
265
270
TATAPOWER
96
100
105
110
115
TATASTEEL
391
393
398
401
405
TCS
1,239
1,255
1,277
1,294
1,316
WIPRO
362
369
375
381
387
www.angelbroking.com
3
Daily Technical Report
September 28, 2012
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,
nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,
compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have
investment positions in the stocks recommended in this report.
Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
Mehul Kothari
-
Technical Analyst
Ankur Lakhotia
-
Technical Analyst
For any Queries, Suggestions and Feedback kindly mail to [email protected]
Angel Broking Pvt. Ltd.
Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.
Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 3952 6600
Sebi Registration No: INB 010996539
www.angelbroking.com
4