Daily Technical Report
August 01, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19348) / NIFTY (5742)
Yesterday, our benchmark indices opened marginally lower
on the back of mixed global cues. Indices then resumed their
negative trend and drifted lower during the initial hour of the
session. However, post midsession, indices found decent
support near day’s low and recovered sharply to close with
very minor losses. During the session, once again the Realty,
FMCG and Banking counters remained under pressure;
whereas the Metal, Teck and Oil & Gas sectors defended the
market. The Advance to Decline ratio was strongly in favor of
declining
counters.
(A=797 D=1434)
(Source-
www.bseindia.com )
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19482/ 5875 and 18611 / 5625 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19683 / 5890 and 19476 / 5869 respectively.
The hourly ‘RSI-Smoothened’ oscillator’ is signaling a
positive crossover.
On the daily chart, we are observing a ‘Bullish Hammer’
Japanese candlestick pattern.
Source: Falcon:
Actionable points:
Trading strategy:
Yesterday, the Nifty sneaked below Tuesday’s low of 5747
View
Bullish above 5752
and met with our target of 5679, which is the
78.6%
Expected targets
5780 - 5822
Fibonacci retracement level of the rise from 5566 (low on
Support Level
5675
June 24, 2013) to 6094 (high on July 23, 2013). Decent
buying interest near this support level led to a sharp recovery
as indices closed almost at the highest point of the session.
In addition, the extreme oversold position of momentum
oscillators became one of the important reasons for this up
move. The daily chart now depicts a ‘Bullish Hammer’
Japanese candlestick pattern. An occurrence of such a
pattern near a strong support level indicates that the current
down fall is likely to get arrested, at least for a while.
However, this pattern needs confirmation in the form of
closing above yesterday’s high of
5752. Hence, any
sustainable move above 5752 may result in further buying
and as a result, we may witness a bounce towards 5780 -
5822 levels. On the flipside, yesterday’s low of 5675 holds a
key support for our market.
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Daily Technical Report
August 01, 2013
Bank Nifty Outlook - (10016)
Exhibit 2: Bank Nifty Weekly Chart
Yesterday, during the first half, the Bank Nifty tumbled and
eventually slipped below the psychological level of 10000 to
precisely meet with our target of 9924. This level is the 61.8%
Fibonacci retracement level of the rise from 7766 (low of the
December 16, 2011 weekly candle) and 13415 (high of the
May 24, 2013 weekly candle). A minor bounce in the second
half pulled the index higher to close marginally above the
10000 mark. Considering the extreme oversold position of
momentum oscillators on the daily chart, the possibility of
near term bounce cannot be ruled out. Any sustainable move
beyond 10055 may push the index higher to test 10175 -
10280 levels. On the lower side, yesterday’s low of 9863 may
act as crucial support for the index.
Actionable points:
View
Neutral
Support Level
9863
Resistance Levels
10055 - 10175 - 10280
Source: Falcon:
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Daily Technical Report
August 01, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,026
19,186
19,287
19,447
19,547
NIFTY
5,647
5,694
5,723
5,771
5,800
BANKNIFTY
9,713
9,864
10,014
10,166
10,316
ACC
1,118
1,146
1,168
1,196
1,218
AMBUJACEM
162
165
167
170
172
ASIANPAINT
487
497
505
516
524
AXISBANK
973
1,004
1,046
1,077
1,120
BAJAJ-AUTO
1,897
1,916
1,935
1,954
1,974
BANKBARODA
516
539
552
575
589
BHARTIARTL
301
323
335
357
370
BHEL
144
151
155
162
166
BPCL
276
300
313
336
349
CAIRN
283
289
293
299
302
CIPLA
392
396
402
406
412
COALINDIA
269
275
280
286
291
DLF
140
145
150
155
160
DRREDDY
2,079
2,180
2,237
2,338
2,396
GAIL
287
294
299
306
311
GRASIM
2,586
2,617
2,650
2,680
2,714
HCLTECH
849
893
921
966
994
HDFC
782
791
804
813
825
HDFCBANK
598
604
613
619
628
HEROMOTOCO
1,783
1,801
1,826
1,844
1,868
HINDALCO
82
86
88
92
95
HINDUNILVR
594
604
614
623
634
ICICIBANK
876
892
909
925
942
IDFC
106
108
110
112
115
INDUSINDBK
356
372
383
399
411
INFY
2,900
2,935
2,963
2,998
3,027
ITC
325
334
344
352
363
JINDALSTEL
187
193
198
204
209
JPASSOCIAT
34
35
36
37
38
KOTAKBANK
608
630
645
667
682
LT
826
837
846
856
865
LUPIN
826
849
863
885
899
M&M
877
894
905
922
933
MARUTI
1,274
1,300
1,318
1,344
1,362
NMDC
93
95
98
100
102
NTPC
123
127
132
136
141
ONGC
256
273
283
301
310
PNB
520
545
560
586
601
POWERGRID
95
98
101
105
108
RANBAXY
264
275
282
293
299
RELIANCE
828
850
865
887
902
RELINFRA
320
331
338
348
355
SBIN
1,676
1,692
1,706
1,722
1,736
SESAGOA
115
122
126
132
136
SUNPHARMA
548
557
569
578
590
TATAMOTORS
273
282
287
296
302
TATAPOWER
84
86
87
89
91
TATASTEEL
197
206
212
221
227
TCS
1,770
1,793
1,812
1,835
1,854
ULTRACEMCO
1,784
1,810
1,850
1,877
1,916
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Daily Technical Report
August 01, 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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