Daily Technical Report
August 06, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19164) / NIFTY (5678)
The week began on a subdued note considering quiet
trading mood across the globe. After the carnage last week,
the bulls tried to stage a pullback rally during the first half of
the session but selling pressure near the “5 day EMA”
dragged indices back to the opening level. The Capital
Goods, Power and Consumer Durables counters remained
under pressure throughout the day; whereas the Metal,
Banking and IT sectors defended our market. The Advance to
Decline ratio was marginally in favor of declining counters.
(A=1048 D=1157) (Source-www.bseindia.com )
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19465/ 5863 and 18620 / 5625 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19562 / 5840 and 19432 / 5846, respectively.
The weekly ‘Stochastic’ and Monthly ‘RSI-Smoothened’
oscillators are signaling a negative crossover; but the
daily ‘Stochastic’ oscillator is contradictory by showing
Source: Falcon:
positive crossover.
The daily chart depicts a ‘Triangular’ price pattern and
Actionable points:
also, we are observing an ‘Upward Sloping Trend Line’
on the weekly chart.
View
Neutral
Resistance Levels
5720 - 5808
Support Levels
5649 - 5570
Trading strategy:
In our previous report, we had mentioned that the Nifty is
hovering near the strong support zone of the
78.6%
Fibonacci retracement level of the recent up. Yesterday, it
was the fourth consecutive session where the Nifty traded
and closed around this support zone. At present, the daily
chart depicts a ‘long Legged Doji’ Japanese candlestick
pattern. An occurrence of such pattern near strong support
zone indicates probability of a halt in the current trend and
chances of a near term bounce. However, the said pattern
will be confirmed only above the high of 5721. In this case,
we may expect a bounce towards 5808 - 5865 in the near
term. On the flipside, 5649 remains to be a key support in
coming trading session. Any fall and close below this level
would negate the bullish candlestick patterns and will signal
further declines towards the 5570 - 5530 levels.
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Daily Technical Report
August 06, 2013
Bank Nifty Outlook - (10095)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened on a flat note in-line
with our benchmark indices. Subsequently, we witnessed
massive selling pressure immediately during the first hour,
which dragged the index lower by more than one and half
percent. However, a strong intraday bounce in some of the
Banking heavyweights pushed the index higher to close well
above the 10000 mark. On the daily chart, we are now
observing a ‘Bullish Hammer’ Japanese candlestick pattern.
This pattern also suggests exhaustion in the current down
trend and opens up the possibility of recovery in the near
term. However, this pattern will be confirmed only if Bank
Nifty stays above yesterday’s high of 10118 in this scenario,
we may expect a bounce towards 10220 - 10450. In
addition, the daily ‘RSI’ momentum oscillator is also on the
verge of giving a positive crossover. On the flipside,
yesterday’s low of 9818 would act as a key support for the
index. Traders should note that a close below yesterdays low
will negate all bullish prospects.
Actionable points:
View
Bullish above 10118
Expected Targets
10220 - 10450
Support Level
9818
Source: Falcon:
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Daily Technical Report
August 06, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,045
19,114
19,210
19,279
19,375
NIFTY
5,630
5,658
5,689
5,717
5,749
BANKNIFTY
9,711
9,903
10,010
10,202
10,310
ACC
1,153
1,170
1,188
1,205
1,223
AMBUJACEM
168
173
176
181
185
ASIANPAINT
449
461
481
493
512
AXISBANK
1,054
1,089
1,109
1,144
1,164
BAJAJ-AUTO
1,837
1,857
1,888
1,908
1,939
BANKBARODA
458
481
494
517
531
BHARTIARTL
328
332
339
344
351
BHEL
107
114
127
133
146
BPCL
269
275
286
292
303
CAIRN
282
286
292
297
302
CIPLA
386
391
396
401
406
COALINDIA
238
251
261
273
283
DLF
121
125
129
133
136
DRREDDY
2,163
2,186
2,225
2,249
2,288
GAIL
294
299
304
309
313
GRASIM
2,441
2,493
2,527
2,579
2,613
HCLTECH
924
937
949
962
974
HDFC
771
785
801
815
831
HDFCBANK
607
620
628
640
648
HEROMOTOCO
1,760
1,807
1,833
1,881
1,907
HINDALCO
84
85
86
88
89
HINDUNILVR
608
613
621
626
633
ICICIBANK
852
877
893
919
935
IDFC
100
103
105
108
111
INDUSINDBK
368
380
391
402
413
INFY
2,982
2,995
3,010
3,024
3,039
ITC
327
331
336
340
345
JINDALSTEL
178
190
197
209
216
JPASSOCIAT
27
29
31
33
35
KOTAKBANK
631
646
656
671
681
LT
793
803
821
831
848
LUPIN
873
884
894
905
914
M&M
843
854
867
878
891
MARUTI
1,316
1,330
1,346
1,360
1,376
NMDC
94
97
98
101
102
NTPC
128
131
134
138
140
ONGC
268
272
277
281
286
PNB
492
515
529
551
566
POWERGRID
85
89
92
96
99
RANBAXY
263
271
279
287
295
RELIANCE
846
854
863
871
881
RELINFRA
301
313
320
331
338
SBIN
1,639
1,661
1,677
1,699
1,716
SESAGOA
119
125
128
133
136
SUNPHARMA
534
542
553
561
572
TATAMOTORS
266
275
289
298
311
TATAPOWER
80
82
84
86
87
TATASTEEL
194
201
205
212
216
TCS
1,824
1,846
1,862
1,883
1,899
ULTRACEMCO
1,746
1,760
1,778
1,791
1,809
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Daily Technical Report
August 06, 2013
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E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
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Head - Technicals
Sameet Chavan
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Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
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