Daily Technical Report
September 13, 2013
Sensex (19782) / NIFTY (5851)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark indices opened on a flat note as
indicated by the SGX Nifty. However, immediately after a few
positive ticks, the index faced tremendous selling pressure and
as a result, we witnessed more than a percent cut during the
session. Apart from the Realty and FMCG, all other sectors
ended in the negative territory. The Metal, Banking, Consumer
Durables and Auto counters influenced the major part of
selling pressure in the market. The advance to decline ratio
was marginally in favor of declining counters. (A=1161
D=1199) (Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19176 / 5726 and 18649/ 5620 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19027 / 5616 and 19248/ 5748 levels, respectively.
Source: Falcon:
The monthly ‘RSI-Smoothened’ oscillator is negatively
poised; whereas the weekly momentum oscillators are
contradictory and signaling a positive crossover.
Actionable points:
The 61.8% and 78.6% Fibonacci retracement levels of the
fall from 6094 (high on July 23, 2013) and 5118 (low on
View
Bearish Below 5815
August
28,
2013) are placed at
5730 and
5890,
Expected Targets
5780 - 5750
respectively.
Resistance levels
5867 - 5932
The ‘Lower Top - Lower Bottom’ formation in weekly chart
is still intact.
Trading strategy:
Finally, the five day winning streak of the bulls came to an
Conversely, the better-than-expected July IIP data may
end as the market showed some signs of exhaustion. We
influence the positive opening in today's opening. Traders
had mentioned about the 'Hanging Man' Japanese
should take note that only a move beyond the 5925 level
candlestick pattern in our previous report. As expected, the
would warrant the possibility of a further up move in the
bulls could not hold above 5925 and immediately slipped
markets.
lower to close at the 5850 mark. Theoretically the pattern
has not been activated as the Nifty broke 5832 (low of the
pattern) on intraday basis but closed marginally above it.
However, considering the practical scenario, we have a view
that if Nifty sustains below yesterday's low of 5815, then the
selling pressure may get reinforced and as a result, the Nifty
may go back to test 5780 - 5750 levels.
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Daily Technical Report
September 13, 2013
Bank Nifty Outlook - (10159)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened on a flat note in line
with our benchmark index and immediately slipped in to
the negative territory. In-line with our expectations, the
price band of 10300 - 10500 is proving out to be a strong
resistance zone for the Bank Nifty. However the hourly
chart of the bank Nifty shows decent support near to the
hourly “20 EMA”. Going forward, considering the overall
placement of the momentum oscillators, and the wave
count on the hourly charts, we are of the view that only
sustainable move below the low of 9980 would lead to a
further correction towards 9773 - 9568 levels. On the
upside, a move beyond the 10241 level may result in a
short term up move towards 10400 / 10450 levels.
Actionable points:
View
Neutral
Resistance Levels
10450 - 10500
Support Levels
9980
Source: Falcon:
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Daily Technical Report
September 13, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,461
19,622
19,837
19,997
20,212
NIFTY
5,750
5,800
5,866
5,917
5,982
BANKNIFTY
9,909
10,034
10,196
10,321
10,483
ACC
990
1,009
1,039
1,058
1,088
AMBUJACEM
174
177
183
186
191
ASIANPAINT
426
432
442
448
458
AXISBANK
985
1,003
1,022
1,039
1,058
BAJAJ-AUTO
1,947
1,963
1,986
2,002
2,026
BANKBARODA
493
507
519
533
544
BHARTIARTL
316
322
331
337
346
BHEL
128
131
137
141
147
BPCL
293
298
308
313
322
CAIRN
313
316
320
323
327
CIPLA
429
433
439
444
449
COALINDIA
273
279
289
295
306
DLF
142
146
151
155
160
DRREDDY
2,170
2,208
2,248
2,287
2,327
GAIL
299
304
309
314
318
GRASIM
2,424
2,464
2,520
2,561
2,617
HCLTECH
1,044
1,059
1,070
1,086
1,097
HDFC
779
797
811
828
842
HDFCBANK
617
626
636
644
654
HEROMOTOCO
1,943
1,976
2,038
2,071
2,133
HINDALCO
107
109
112
114
116
HINDUNILVR
610
618
632
640
653
ICICIBANK
931
941
950
960
969
IDFC
90
93
96
98
102
INDUSINDBK
372
384
404
417
437
INFY
3,007
3,036
3,078
3,107
3,149
ITC
325
331
335
341
345
JINDALSTEL
230
235
240
244
250
JPASSOCIAT
34
36
40
43
47
KOTAKBANK
675
688
704
717
733
LT
795
805
817
827
839
LUPIN
850
858
867
875
884
M&M
777
795
816
833
854
MARUTI
1,277
1,299
1,337
1,359
1,398
NMDC
121
122
124
126
128
NTPC
135
137
139
141
143
ONGC
268
273
283
289
299
PNB
473
483
497
508
521
POWERGRID
97
98
99
100
102
RANBAXY
437
447
459
469
481
RELIANCE
853
864
883
894
912
RELINFRA
358
366
377
384
395
SBIN
1,609
1,634
1,671
1,695
1,732
SESAGOA
175
179
185
189
195
SUNPHARMA
538
548
559
569
580
TATAMOTORS
322
328
335
340
347
TATAPOWER
73
75
77
79
81
TATASTEEL
291
297
307
313
323
TCS
1,918
1,943
1,971
1,996
2,024
ULTRACEMCO
1,668
1,713
1,771
1,816
1,873
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Daily Technical Report
September 13, 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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