Daily Technical Report
September 12, 2013
Sensex (19997) / NIFTY (5913)
Exhibit 1: Nifty Daily Chart
Yesterday, the Nifty opened half a percent lower as indicated
by the SGX Nifty and remained under pressure for a major part
of the session. However, a sharp recovery towards the end
resulted in closing well above the 5900 mark. The Metal, PSU
Banking and Realty counters soared during yesterday’s session;
whereas the FMCG and Consumer Durables sectors ended in
the negative territory. The advance to decline ratio was strongly
in favor of advancing counters. (A=1407 D=948) (Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19163 / 5724 and 18654/ 5621 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
18947 / 5591 and 19268/ 5754 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is negatively
Source: Falcon:
poised; whereas the weekly momentum oscillators are
contradictory and signaling a positive crossover.
The 61.8% and 78.6% Fibonacci retracement levels of the
Actionable points:
fall from 6094 (high on July 23, 2013) and 5118 (low on
August
28,
2013) are placed at
5730 and
5890,
View
Neutral
respectively.
Resistance Levels
5950 - 6040
The ‘Lower Top - Lower Bottom’ formation in weekly chart
Support levels
5832 - 5780
is still intact.
Trading strategy:
Tuesday's strong closing was followed by a slightly negative
opening in our market. The bears made couple of valiant
attempts to re-enter the market but the bulls managed to
hold the fort during yesterday's session. The current daily
candle resembles a 'Hanging Man' Japanese candlestick
pattern. The said pattern has a bearish implication when
occurs at the resistance and needs a confirmation in the
form of a close below the low of the candle (5832). At
present, the Nifty is hovering around the 78.6% Fibonacci
retracement level of the recent fall. Hence, going forward,
only if Nifty sustains below yesterday's low of 5832 then the
index may slide towards 5780 - 5750 levels. On the
flipside, a sustainable move beyond 5925 would negate the
candlestick pattern and the current rally may get extended
further towards 5950 - 6000 levels.
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Daily Technical Report
September 12, 2013
Bank Nifty Outlook - (10369)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened lower and slipped
into a consolidation mode during the first half. The hourly
'20 EMA' proved to be a key support for the index and a
strong up move in some of the heavyweight constituents
propelled the Bank Nifty significantly higher from the lows
to close with nearly two percent gains. The Bank Nifty is
now approaching the 61.8% Fibonacci retracement level
of the fall from 11811.90 (high on 15th July) to 8366.75
(low on 28th August). This level is placed at 10500 and
considered as a strong resistance level. We continue to
mention that the 10300 to 10500 band is a resistance
zone for the Bank Nifty and traders should consider
booking at least partial profits in individual banking
counters. Considering the overall placement of the
momentum oscillators and the wave structure, it can be
inferred that any sustainable move below yesterday's low
of 9980 may lead to a correction towards 9773 - 9568
levels.
Actionable points:
Source: Falcon:
View
Neutral
Resistance Levels
10500 - 10670
Support Levels
9980
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Daily Technical Report
September 12, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,666
19,832
19,944
20,109
20,221
NIFTY
5,798
5,856
5,890
5,947
5,982
BANKNIFTY
9,824
10,097
10,253
10,525
10,682
ACC
1,003
1,028
1,044
1,069
1,084
AMBUJACEM
178
182
185
189
192
ASIANPAINT
429
437
443
451
456
AXISBANK
942
986
1,014
1,058
1,087
BAJAJ-AUTO
1,934
1,965
1,988
2,019
2,042
BANKBARODA
454
487
506
539
558
BHARTIARTL
321
328
336
344
352
BHEL
135
138
140
143
145
BPCL
290
301
308
319
326
CAIRN
311
315
323
327
335
CIPLA
421
427
435
442
449
COALINDIA
280
286
291
297
301
DLF
137
144
148
155
159
DRREDDY
2,221
2,235
2,260
2,274
2,298
GAIL
294
299
303
308
313
GRASIM
2,348
2,456
2,516
2,625
2,685
HCLTECH
1,037
1,052
1,066
1,081
1,096
HDFC
776
794
805
823
834
HDFCBANK
616
632
641
656
665
HEROMOTOCO
2,007
2,049
2,089
2,131
2,171
HINDALCO
107
111
113
117
119
HINDUNILVR
626
635
644
652
661
ICICIBANK
936
953
965
982
995
IDFC
86
89
91
94
96
INDUSINDBK
393
406
414
428
436
INFY
3,068
3,094
3,133
3,159
3,198
ITC
321
326
331
336
341
JINDALSTEL
226
234
239
246
251
JPASSOCIAT
38
41
42
45
47
KOTAKBANK
678
697
708
726
737
LT
778
798
815
835
852
LUPIN
828
844
853
868
877
M&M
793
810
822
840
852
MARUTI
1,323
1,342
1,365
1,384
1,408
NMDC
114
120
123
128
131
NTPC
132
135
138
141
144
ONGC
279
284
289
294
299
PNB
435
466
483
514
531
POWERGRID
95
97
100
102
105
RANBAXY
432
441
450
459
469
RELIANCE
866
877
885
896
904
RELINFRA
360
370
376
385
391
SBIN
1,568
1,629
1,663
1,724
1,759
SESAGOA
182
185
189
192
195
SUNPHARMA
532
547
558
573
585
TATAMOTORS
328
334
342
349
357
TATAPOWER
71
72
74
75
77
TATASTEEL
291
303
311
324
331
TCS
1,964
1,979
1,998
2,013
2,033
ULTRACEMCO
1,668
1,701
1,721
1,754
1,773
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Daily Technical Report
September 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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