Daily Technical Report
September 03, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18886) / NIFTY (5551)
The opening session of the week started off on a flat note but
momentum picked up as the day progressed. Strong global
clues and buying by FII’s led to a closing near the highest point
of the session. Yesterday, all the sectors ended in the positive
territory with Metal, Realty, FMCG and Oil & Gas counters
leading the rally. The advance to decline ratio was strongly in
favor of advancing counters. (A=1388 D=872) (Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19157 / 5734 and 18615 / 5612 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
18669/ 5518 and 19155 / 5725 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is still negatively
poised; whereas the weekly ‘Stochastic’ momentum
oscillator has given a positive crossover.
Source: Falcon:
The weekly chart depicts yet another ‘Bullish Hammer’
Japanese candlestick pattern.
The ‘Lower Top - Lower Bottom’ formation in weekly chart
Actionable points:
is still intact.
View
Bullish above 5565
Expected targets
5600 - 5640
Trading strategy:
Support levels
5500 - 5455
Yesterday, we had mentioned of a breakout from the hourly
‘Downward Sloping Channel’ and the positive crossover in
weekly ‘Stochastic’ momentum oscillator. In-line with our
expectations, Nifty traded with a positive bias throughout the
session and almost precisely met with our mentioned target of
5578. At this juncture, we are observing a breakout from the
‘Downward Sloping Trend Line’ (please refer the exhibit) on
daily chart. Moreover, it has also managed to close above the
daily ’20-EMA’, which is a sign of strength. Hence, going
forward, if Nifty continues to stay above 5565 then we may
expect this rally to continue towards 5600 - 5640. On the
flipside, 5500 - 5455 would act as immediate support levels in
coming trading session.
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Daily Technical Report
September 03, 2013
Bank Nifty Outlook - (9140)
Exhibit 2: Bank Nifty Hourly Chart
Yesterday unlike benchmark indices, the Bank Nifty opened
higher but traded in very narrow trading range throughout
the session. We have observed that the index has been
oscillating within the “Downward Sloping Channel' formed in
an hourly chart and has now approached the upper range of
the channel. Moreover, yesterday's high precisely coincides
with the hourly' 89 EMA' level. Hence, it can be concluded
that the Bank Nifty is now hovering around the strong
resistance zone. Going forward, if the index sustains above
9234 level then that would be the first sign of a breakout
from the resistance zone and we expect higher levels of 9369
-9450 to be tested. On the flipside, yesterday’s low of 9086
would act as immediate support in coming trading session.
Actionable points:
View
Bullish above 9234
Expected targets
9369 - 9450
Source: Falcon:
Support levels
9140 - 9086
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Daily Technical Report
September 03, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
18,573
18,729
18,836
18,992
19,099
NIFTY
5,445
5,498
5,532
5,584
5,618
BANKNIFTY
9,006
9,073
9,153
9,220
9,300
ACC
926
939
954
968
983
AMBUJACEM
165
167
171
173
177
ASIANPAINT
413
418
423
427
432
AXISBANK
819
841
857
880
896
BAJAJ-AUTO
1,819
1,837
1,854
1,872
1,889
BANKBARODA
454
464
471
480
488
BHARTIARTL
291
296
300
304
308
BHEL
117
119
120
122
124
BPCL
266
271
276
281
285
CAIRN
312
316
320
324
329
CIPLA
409
413
419
423
429
COALINDIA
250
254
257
261
263
DLF
127
132
135
140
143
DRREDDY
2,241
2,262
2,287
2,308
2,332
GAIL
287
295
299
307
311
GRASIM
2,196
2,238
2,271
2,313
2,347
HCLTECH
1,019
1,029
1,039
1,049
1,059
HDFC
714
726
736
748
757
HDFCBANK
570
580
592
602
614
HEROMOTOCO
1,955
1,989
2,042
2,076
2,129
HINDALCO
103
106
108
111
113
HINDUNILVR
625
633
640
648
656
ICICIBANK
799
813
823
837
846
IDFC
80
82
83
85
86
INDUSINDBK
349
365
374
390
400
INFY
3,030
3,058
3,093
3,121
3,156
ITC
303
312
318
327
333
JINDALSTEL
218
223
227
232
236
JPASSOCIAT
32
34
35
38
39
KOTAKBANK
589
608
641
660
694
LT
719
723
729
733
739
LUPIN
786
803
815
832
845
M&M
741
753
768
781
796
MARUTI
1,206
1,253
1,280
1,327
1,355
NMDC
117
120
122
124
126
NTPC
127
129
130
132
133
ONGC
244
248
251
255
259
PNB
418
428
437
448
457
POWERGRID
96
98
99
100
101
RANBAXY
394
413
426
444
457
RELIANCE
840
863
877
900
913
RELINFRA
339
345
350
356
361
SBIN
1,493
1,504
1,522
1,534
1,552
SESAGOA
181
185
190
193
198
SUNPHARMA
517
523
528
533
538
TATAMOTORS
288
294
298
304
308
TATAPOWER
72
73
75
76
78
TATASTEEL
268
279
285
295
301
TCS
1,996
2,027
2,048
2,078
2,099
ULTRACEMCO
1,435
1,467
1,500
1,532
1,566
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Daily Technical Report
September 03, 2013
Research Team Tel: 022 - 30940000
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Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
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Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
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