Daily Technical Report
August 12, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18789) / NIFTY (5566)
The concluding session of the week opened a tad lower in-
line with other Asian bourses. However, right from the
opening trade our markets picked up an upward
momentum. As a result, we witnessed nearly a percent up
move during the session. Metal, Realty, Power and Auto
counters dominated Thursday’s rally; whereas the Healthcare
and Oil & Gas sectors ended with nominal losses. The
Advance to Decline ratio was strongly in favor of advancing
counters. (A=1367 D=879) (Source-www.bseindia.com )
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19417/ 5842 and 18611 / 5622 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19346 / 5763 and 19396 / 5834, respectively.
The monthly ‘RSI-Smoothened’ oscillator is negatively
poised; whereas the daily momentum oscillators are
placed well inside the oversold territory.
Source: Falcon:
We are observing a ‘Triangular’ price pattern on the
daily chart. (Nifty has broken down from the pattern
whereas Sensex is still within the boundaries of the
Actionable points:
pattern).
View
Bullish above 5562
The Nifty’s weekly chart now depicts a ‘Lower Top -
Lower Bottom’ formation on a closing basis.
Expected Targets
5607 - 5664
Support Levels
5477
Trading strategy:
We have witnessed massive erosion of more than ten percent
However, on the lower degree charts the momentum
from the recent swing high of 6094 in merely three weeks. In
oscillators are extremely oversold and the possibility of near
our previous report, we had mentioned that indices are
term bounce does exist. Hence, any sustainable move
oscillating within the ‘Triangular’ pattern. During the mid-
beyond 5578 would push the Nifty towards 5700 - 5762 -
week, we witnessed a breakdown from the lower range of
5790 levels. From a positional trader’s perspective, it would
5625. As a result, the Nifty corrected by more than two
be ideal if the Nifty gives this bounce as fresh short positions
percent in trading sessions that followed and met precisely
can be created in the process. The overall structure remains
with our mentioned target of 5477. This price action has
negative and we advise positional traders with a 5 to 7 week
confirmed a ‘Lower Top - Lower Bottom’ formation on the
perspective to adopt a “Sell on Rise” strategy.
weekly chart. It would be important to note that the very
same pattern on the charts of the Sensex has not been
confirmed and the “Triangular pattern” still holds on to the
Sensex chart. The monthly ‘RSI-Smoothened’ is also
negatively poised, indicating strength in the ongoing
downtrend. Going forward, any daily closing below 18551 /
5477 may reinforce immense pessimism in the market. In
this scenario, we may witness a severe correction towards
the 50% and 61.8% Fibonacci retracement level of the rise
from 4531 (low of December 2011 candle) and 6230 (high
of May 2013 candle). These levels are placed at 5380 and
5180 respectively.
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Daily Technical Report
August 12, 2013
Bank Nifty Outlook - (9816)
Exhibit 2: Bank Nifty Weekly Chart
On Thursday, the Bank Nifty opened marginally higher
and convincingly traded above its Wednesday’s support
level of 9660. The trading range during the session was
very narrow. As a result, we are now observing yet another
‘Narrow Range’ body formation on the daily chart. This
indicates that the severe fall seen over the past few weeks
may have been arrested. Also, the extreme oversold
condition of the momentum oscillators too suggest
possibility of a near term bounce. Hence, going forward,
any sustainable move beyond 9910 may push the index
towards 10118 - 10220. On the flipside, 9660 remains to
be a key support level for the index.
Actionable points:
View
Bullish Above
9910
Expected Targets
10118 - 10220
Support Level
9660
Source: Falcon:
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Daily Technical Report
August 12, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
18,539
18,664
18,747
18,872
18,954
NIFTY
5,484
5,525
5,551
5,592
5,619
BANKNIFTY
9,632
9,724
9,817
9,909
10,002
ACC
1,141
1,151
1,165
1,175
1,189
AMBUJACEM
175
177
180
182
185
ASIANPAINT
418
424
430
436
441
AXISBANK
1,045
1,065
1,078
1,098
1,110
BAJAJ-AUTO
1,732
1,757
1,776
1,801
1,820
BANKBARODA
479
496
507
525
536
BHARTIARTL
318
328
334
344
350
BHEL
111
114
117
120
122
BPCL
258
267
275
284
292
CAIRN
287
291
294
298
301
CIPLA
369
389
402
422
434
COALINDIA
253
261
266
274
279
DLF
128
133
136
142
145
DRREDDY
2,178
2,201
2,225
2,248
2,272
GAIL
296
300
303
306
309
GRASIM
2,352
2,393
2,439
2,480
2,526
HCLTECH
873
889
900
916
927
HDFC
721
734
743
756
765
HDFCBANK
592
601
609
619
627
HEROMOTOCO
1,797
1,822
1,841
1,866
1,884
HINDALCO
84
88
90
94
96
HINDUNILVR
590
595
601
606
612
ICICIBANK
852
863
874
885
896
IDFC
105
106
108
109
110
INDUSINDBK
355
365
371
381
388
INFY
2,923
2,944
2,961
2,982
2,999
ITC
318
321
324
328
331
JINDALSTEL
197
202
206
211
215
JPASSOCIAT
30
30
31
32
33
KOTAKBANK
631
642
649
660
667
LT
771
776
782
786
792
LUPIN
759
780
803
824
846
M&M
836
850
860
874
885
MARUTI
1,308
1,347
1,370
1,408
1,431
NMDC
97
99
101
104
106
NTPC
132
135
137
139
141
ONGC
262
268
272
277
281
PNB
511
526
535
550
558
POWERGRID
92
94
96
98
99
RANBAXY
241
300
340
399
439
RELIANCE
850
858
865
873
880
RELINFRA
324
335
343
353
361
SBIN
1,609
1,637
1,677
1,705
1,745
SESAGOA
125
128
131
135
138
SUNPHARMA
483
494
507
518
530
TATAMOTORS
264
272
282
290
300
TATAPOWER
74
76
77
79
80
TATASTEEL
201
210
216
224
230
TCS
1,756
1,801
1,828
1,873
1,901
ULTRACEMCO
1,610
1,641
1,663
1,694
1,715
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Daily Technical Report
August 12, 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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