Daily Technical Report
July 1 , 2013
Exhibit 1: Nifty Daily Chart
Sensex (19396) / NIFTY (5842)
On Friday, our benchmark indices opened substantially
higher on account of the natural gas price hike by the
Cabinet Committee for Economic Affairs’ (CCEA). Indices
maintained their early gains throughout the session and
eventually, ended on the highest point of the week. All
sectors ended in the positive territory with Metals, Power, Oil
& Gas, and Capital Goods counters leading the rally.
(A=1538 D=858) (Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-Week EMA’ are placed at
19318 / 5850 and 18477/ 5592 levels, respectively.
The ’20-Day EMA’ and the ‘20-Week EMA’ are placed
at 19127 / 5779 and 19312 / 5850, respectively.
The daily ‘RSI-Smoothened’ oscillator, the ‘ADX
(9)
indicator and ‘3 & 8 EMA’ are now signaling a positive
crossover.
Source: Falcon:
The 50% and 61.8% Fibonacci retracement levels of the
fall from 20444 / 6229 to 18467/ 5566 are placed at
Actionable points:
19455/ 5898 and 19689 / 5976, respectively.
The weekly chart now depicts a ‘Bullish Engulfing’ but
View
Neutral
the monthly chart shows a 'Bearish Engulfing" Japanese
Resistance Level
5864
candlestick pattern.
Support Levels
5749 - 5700
Trading strategy:
However, the Sensex has now nearly tested the above
It was a complete roller coaster ride for the market
mentioned 50 % Fibonacci Retracement level on Friday and
participants as indices bounced sharply from weekly lows
the weekly high for the Nifty coincides with the 89 day EMA
post positive domestic developments. It has been observed in
Thus going forward the market can be extremely volatile over
the past that the weekly ’89-EMA’ acts as a strong support
the next 3 to 5 weeks. Considering the mentioned technical
for our benchmark indices.(weekly bottom on September 08,
evidences, we are of the view that our benchmark indices
2012 and April 12, 2013) This week too indices failed to
may rally higher only if they sustain above 19455 / 5864
sustain below this weekly average and bounced back
mark. In this scenario, markets may move towards the 61.8%
significantly to surprise the bears. The weekly chart now
Fibonacci retracement level (19689 / 5976) of the fall from
depicts a ‘Bullish Engulfing’ Pattern. An occurrence of such a
20444 / 6229 to 18467/ 5566. On the flipside, 19093 -
pattern near important support level signifies that the existing
18926 / 5749 - 5700 levels would act as key support levels
downtrend may have halted. However, the monthly chart is
in the coming week.
significantly contradictory and warrants attention as it depicts
a "Bearish Engulfing" pattern. The momentum oscillators on
the daily chart are positively poised.
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Daily Technical Report
July 1, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11617)
On Friday, the Bank Nifty too opened higher on the back of
positive domestic events and a cheerful mood across the
globe. As the day progressed, the index gathered further
positive momentum and closed at the highest point of the
day. We are now observing that the daily 'RSI-Smoothened'
oscillator is signaling a positive crossover. However the Bank
Nifty faces significant resistance at the gap area in the range
of 11677 - 11738. Hence, going forward if the bulls manage
to push the index beyond the 11738 mark, then the Bank
Nifty may move towards its next resistance of 11867 / 11950.
Conversely, Friday’s low of 11367 would act as a strong
support for the index.
Actionable points:
View
Neutral
Resistance Levels
11677 - 11738
Support Level
11367
Source: Falcon:
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Daily Technical Report
July 1, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
18,968
19,182
19,307
19,521
19,647
NIFTY
5,711
5,777
5,815
5,880
5,918
BANKNIFTY
11,259
11,438
11,546
11,725
11,834
ACC
1,194
1,208
1,219
1,233
1,244
AMBUJACEM
181
184
186
189
191
ASIANPAINT
4,504
4,570
4,611
4,677
4,718
AXISBANK
1,270
1,298
1,315
1,342
1,359
BAJAJ-AUTO
1,805
1,864
1,902
1,962
2,000
BANKBARODA
565
569
574
578
583
BHARTIARTL
276
284
289
297
302
BHEL
161
167
171
178
182
BPCL
343
355
362
374
381
CAIRN
280
285
292
298
305
CIPLA
382
387
390
395
398
COALINDIA
280
291
301
312
321
DLF
174
178
180
184
186
DRREDDY
2,138
2,179
2,206
2,247
2,274
GAIL
274
294
306
325
337
GRASIM
2,731
2,746
2,764
2,779
2,797
HCLTECH
752
764
782
794
812
HDFC
821
850
868
897
916
HDFCBANK
640
655
664
679
688
HEROMOTOCO
1,611
1,637
1,661
1,687
1,711
HINDALCO
95
97
99
101
103
HINDUNILVR
581
583
586
588
592
ICICIBANK
1,031
1,051
1,064
1,083
1,096
IDFC
124
126
128
130
132
INDUSINDBK
448
458
464
473
479
INFY
2,393
2,446
2,477
2,530
2,561
ITC
316
320
325
329
334
JINDALSTEL
195
206
213
224
231
JPASSOCIAT
51
52
53
55
56
KOTAKBANK
699
711
719
730
738
LT
1,357
1,383
1,396
1,422
1,435
LUPIN
770
776
781
787
793
M&M
926
948
962
984
998
MARUTI
1,503
1,520
1,535
1,552
1,567
NMDC
99
102
104
108
110
NTPC
138
141
143
146
148
ONGC
306
319
336
348
366
PNB
636
643
649
657
663
POWERGRID
105
108
110
113
115
RANBAXY
295
302
314
322
334
RELIANCE
834
848
861
875
888
RELINFRA
327
338
345
356
363
SBIN
1,920
1,937
1,947
1,964
1,974
SESAGOA
136
140
142
146
148
SUNPHARMA
966
989
1,003
1,025
1,039
TATAMOTORS
273
277
280
284
286
TATAPOWER
79
83
85
88
90
TATASTEEL
265
269
272
276
279
TCS
1,434
1,476
1,500
1,542
1,566
ULTRACEMCO
1,847
1,862
1,881
1,896
1,915
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Daily Technical Report
July 1, 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
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