Daily Technical Report
September 10, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19270) / NIFTY (5680)
On Friday, our benchmark indices opened on a flat note as
indicated by SGX nifty. Post a small correction during the initial
hours, market regained its positive momentum and rallied
almost 1.5 %. As a result index managed to close at highest
point of the day. On the sector front Banking, Capital goods,
OIL & GAS were the leading gainers, whereas Consumer
durable, Realty sector ended in negative territory. The advance
to decline ratio was strongly in favor of advancing counters.
(A=1347 D=942) (Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19124 / 5715 and 18624/ 5615 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
18715 / 5522 and 19192/ 5737 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is negatively
poised; whereas the weekly momentum oscillators are
contradictory and signaling a positive crossover.
Source: Falcon:
The 61.8% and 78.6% Fibonacci retracement levels of the
fall from 6094 (high on July 23, 2013) and 5317 (low on
August
28,
2013) are placed at
5730 and
5890,
respectively.
Actionable points:
The ‘Lower Top - Lower Bottom’ formation in weekly chart
View
Bullish above 5688
is still intact.
Expected targets
5750 - 5808
Trading strategy:
Support levels
5625 - 5566
Finally, the bulls had something to cheer as the index
experienced a sustainable bounce on four out five trading
sessions. Despite sharp correction on Tuesday, the bulls
How long will this pullback extend is something that cannot
managed to hold their winning streak. The move beyond 5529
be predicted precisely. Hence, we advise traders to start
has resulted in the confirmation of the ‘Bullish Hammer’
booking profits as the market move higher and remain light
formation in the weekly chart. Also, the momentum oscillators
on positions. Banking, Oil and gas and Capital goods
on the daily and weekly chart are positively poised. Thus, going
counters are likely to perform in the coming week. Traders
forward, we are of the opinion that if the index sustains above
are advised to stay away from IT and Pharmaceutical
5689 level, then the market is likely to move towards 5720 -
counters as they may witness profit booking in the days to
5750 levels. This resistance zone coincides with the
61.8%
come.
Fibonacci retracement level of the fall from 6094 (high on July
23, 2013) and 5317 (low on August 28, 2013). Most market
participants expect that the Syria conflict may have a negative
effect on Equity markets. In case that event risk is averted then
we may see an extended move beyond 5750. In such case, a
rally towards the 78.6% Fibonacci retracement level of 5890
may be seen. However, the overall weekly trend remains
bearish as the ‘Lower Top Lower Bottom’ formation is still intact
and hence, the current rally can be construed as a pull back.
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Daily Technical Report
September 10, 2013
Bank Nifty Outlook - (9961)
Exhibit 2: Bank Nifty Weekly Chart
On Friday, the Bank Nifty opened on a flat note but traded
with a strong positive bias throughout the session to close
with a gain of more than a 2.5 %. As mentioned in our
previous report after crossing 9705 the index has almost
achieved with our first target of 10000. Considering the
current momentum, wave structure and the placement of
momentum oscillators we are of the view that if bank nifty
sustains above the 10000 mark, we may expect move
towards 10130-10219 levels. On the flipside 9836- 9710
would act as a key support in coming trading session.
From a weekly chart perspective, traders should bear in mind
that this is a sharp pullback rally and may extend towards
10600 / 11050 levels over the next 3 to 5 weeks.
Actionable points:
View
Bullish above 10000
Expected targets
10130 - 10219
Source: Falcon:
Support Levels
9836 - 9710
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Daily Technical Report
September 10, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
18,800
19,035
19,164
19,400
19,529
NIFTY
5,523
5,602
5,645
5,724
5,768
BANKNIFTY
9,419
9,690
9,840
10,111
10,261
ACC
912
937
956
981
1,000
AMBUJACEM
163
168
171
176
180
ASIANPAINT
399
412
419
432
440
AXISBANK
890
921
942
973
994
BAJAJ-AUTO
1,853
1,882
1,903
1,933
1,954
BANKBARODA
453
470
492
509
531
BHARTIARTL
291
302
310
322
329
BHEL
132
137
140
146
149
BPCL
265
282
293
310
321
CAIRN
323
328
331
336
339
CIPLA
411
424
432
446
454
COALINDIA
266
272
277
282
288
DLF
131
135
138
141
145
DRREDDY
2,226
2,255
2,300
2,329
2,374
GAIL
287
294
299
306
311
GRASIM
2,161
2,262
2,379
2,479
2,597
HCLTECH
982
1,000
1,020
1,038
1,059
HDFC
715
738
753
776
791
HDFCBANK
574
595
608
629
641
HEROMOTOCO
1,868
1,899
1,933
1,964
1,998
HINDALCO
104
106
108
110
111
HINDUNILVR
596
607
621
632
646
ICICIBANK
879
919
941
981
1,003
IDFC
81
84
86
89
91
INDUSINDBK
377
395
406
424
434
INFY
2,970
2,999
3,036
3,065
3,102
ITC
307
312
315
320
324
JINDALSTEL
222
228
233
238
243
JPASSOCIAT
36
37
38
39
40
KOTAKBANK
642
659
671
688
699
LT
716
735
748
767
781
LUPIN
817
828
847
859
878
M&M
729
749
767
787
805
MARUTI
1,258
1,273
1,292
1,308
1,327
NMDC
118
120
121
123
124
NTPC
126
130
133
137
139
ONGC
261
274
283
297
306
PNB
426
437
444
455
462
POWERGRID
93
96
98
101
103
RANBAXY
425
435
445
454
464
RELIANCE
829
849
861
881
893
RELINFRA
337
352
360
374
382
SBIN
1,575
1,605
1,626
1,656
1,678
SESAGOA
161
168
175
183
190
SUNPHARMA
511
520
525
534
539
TATAMOTORS
309
313
317
321
324
TATAPOWER
67
69
71
73
76
TATASTEEL
279
285
290
297
302
TCS
1,946
1,968
1,996
2,018
2,046
ULTRACEMCO
1,415
1,508
1,566
1,660
1,718
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Daily Technical Report
September 10, 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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