Daily Technical Report
August 08, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18665) / NIFTY (5519)
Yesterday, we witnessed a flat opening in our market
considering mixed global cues. During the first half the Nifty
slipped below the 5500 mark but eventually bounced back
post the midsession. However, once again indices
experienced strong selling pressure towards the fag end to
close in the negative territory. Realty and Metal counters were
outperformers in yesterday’s session whereas the IT, Auto
and FMCG sectors remained under pressure. After quite a
few days of pain, the Advance to Decline ratio was
marginally in favor of advancing counters. (A=1248
D=1044) (Source-www.bseindia.com )
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19432/ 5848 and 18608 / 5621 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19405 / 5784 and 19383 / 5830, respectively.
The weekly ‘Stochastic’ and Monthly ‘RSI-Smoothened’
oscillators are signaling a negative crossover; but the
Source: Falcon:
daily ‘Stochastic’ oscillator is extremely oversold.
Actionable points:
The daily chart depicts a ‘Triangular’ price pattern and
also, we are observing an ‘Upward Sloping Trend Line’
on the weekly chart.
View
Bullish above 5562
Expected Targets
5607 - 5664
Support Levels
5477
Trading strategy:
Tuesday’s massive intraday correction was followed by a
subdued opening. However, the bears made an early
attempt to resume its downtrend during the initial hour. As a
result, the Nifty slipped below the psychological level of
5500 and tested the mentioned support level of 5477. A
modest bounce in some of the heavyweights pushed the Nifty
above the 5500 mark. Since, there is no major change in the
chart structure; we continue to mention the support level of
5477. Only a sustainable move below this level may result in
an extended down move towards 5400 - 5380 levels. On
the flipside, the momentum oscillators in the daily chart are
extremely oversold and the charts of index heavyweights such
as Reliance and State bank of India are showing the
possibility of a decent up move in the coming trading
sessions. As a result a bounce in the benchmark indices
cannot be ruled out if the Nifty stays above yesterdays high
of 5562. In this case, we expect a relief rally towards 5607 -
5664 levels.
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Daily Technical Report
August 08, 2013
Bank Nifty Outlook - (9757)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened on a flat note in-line
with our benchmark indices and then oscillated within a
narrow trading range throughout the session. We are now
observing a “Bullish Harami” candlestick formation on the
daily chart. An occurrence of such candlestick pattern after
a steep fall indicates the possibility of a halt of the current
downtrend. However the pattern needs confirmation in the
form of a close above the high of the candle (9848). The
daily momentum oscillators are also placed well inside the
extreme oversold zone. Hence, if Bank Nifty stays above
9848 levels, we may witness a bounce towards 10120. On
the flipside, 9660 remains to be a key support level for the
index.
Actionable points:
View
Bullish Above
9848
Expected Targets
10014 -10120
Source: Falcon:
Support Level
9660
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Daily Technical Report
August 08, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
18,416
18,540
18,676
18,800
18,936
NIFTY
5,448
5,483
5,522
5,558
5,597
BANKNIFTY
9,577
9,667
9,758
9,848
9,939
ACC
1,135
1,147
1,164
1,176
1,192
AMBUJACEM
172
175
178
181
185
ASIANPAINT
397
410
425
438
452
AXISBANK
1,036
1,052
1,072
1,089
1,109
BAJAJ-AUTO
1,705
1,738
1,782
1,815
1,858
BANKBARODA
472
487
499
514
525
BHARTIARTL
314
320
326
332
338
BHEL
111
113
115
117
119
BPCL
251
262
271
282
291
CAIRN
284
288
292
296
300
CIPLA
379
385
390
395
401
COALINDIA
245
254
261
269
276
DLF
116
124
129
136
141
DRREDDY
2,144
2,199
2,231
2,286
2,317
GAIL
295
300
303
308
312
GRASIM
2,297
2,347
2,402
2,453
2,508
HCLTECH
863
885
920
942
978
HDFC
701
715
737
752
774
HDFCBANK
591
596
605
610
620
HEROMOTOCO
1,788
1,811
1,840
1,863
1,891
HINDALCO
81
84
86
89
91
HINDUNILVR
588
595
604
611
620
ICICIBANK
850
859
869
878
889
IDFC
100
103
105
109
111
INDUSINDBK
345
359
369
382
392
INFY
2,921
2,942
2,972
2,994
3,024
ITC
310
316
324
330
339
JINDALSTEL
182
193
200
211
219
JPASSOCIAT
28
29
31
32
34
KOTAKBANK
626
633
640
647
653
LT
759
769
781
792
804
LUPIN
773
801
848
875
922
M&M
825
834
846
855
867
MARUTI
1,280
1,305
1,328
1,353
1,375
NMDC
88
94
99
105
109
NTPC
129
133
136
140
143
ONGC
266
269
272
275
277
PNB
508
521
532
544
556
POWERGRID
91
92
94
95
96
RANBAXY
249
265
278
294
306
RELIANCE
811
842
862
893
913
RELINFRA
314
325
332
342
349
SBIN
1,601
1,658
1,694
1,751
1,787
SESAGOA
120
125
129
134
138
SUNPHARMA
500
511
526
537
552
TATAMOTORS
264
272
279
287
294
TATAPOWER
65
71
75
80
84
TATASTEEL
190
199
204
213
218
TCS
1,765
1,794
1,842
1,871
1,920
ULTRACEMCO
1,596
1,619
1,648
1,672
1,701
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Daily Technical Report
August 08, 2013
Research Team Tel: 022 - 30940000
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
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Technical Analyst
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