Daily Technical Report
September 16, 2013
Sensex (19733) / NIFTY (5851)
Exhibit 1: Nifty Daily Chart
On Friday, our benchmark indices opened slightly lower as
indicated by the SGX Nifty and oscillated within a narrow
range throughout the session. On the sectorial front, the Realty,
Power, Capital goods, and PSU counters ended on the gaining
side; whereas the Consumer durables, IT and Teck sectors
remained under pressure throughout the session. The advance
to decline ratio was in the favor of advancing counters.
(A=1356 D=1045) (Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19189 / 5729 and 18648/ 5620 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19094 / 5638 and 19243 / 5748 levels, respectively.
The negative crossover in monthly ‘RSI-Smoothened’
oscillator is still intact; whereas the weekly momentum
oscillators are contradictory and poised positively. The
‘Stochastic’ momentum oscillator on the weekly chart is
now extremely oversold.
The 78.6% Fibonacci retracement level of the fall from
6094 (high on July 23, 2013) to 5118 (low on August 28,
2013) is placed at 5890.
Source: Falcon:
The ‘Lower Top - Lower Bottom’ formation in weekly chart
is still intact.
Actionable points:
Trading strategy:
View
Bullish above 5932
The bulls made a grand come back last week and continued
Expected Targets
5970- 6000
their stand during this week also. As expected, the up move in
Nifty got extended towards the
78.6%
(5890) Fibonacci
Support levels
5815 - 5750
retracement level of the fall from 6094 (high on July 23, 2013)
to
5118 (low on August
28,
2013). The current price
development and market sentiments precisely replicate the
In the coming week, the volatility is likely to increase on
scenario in April
2011. Hence, relating to the historical
account of two key events in the market. The US Fed will
evidence, we would like to give more weightage to the weekly
declare its stance with regards to the bond buying program
‘Lower Top Lower Bottom’ formation. However, considering the
and the RBI will declare its monetary policy. Hence, traders
strong momentum, we would not rule out the possibility of an
are advised to remain cautious and avoid taking undue
extended rally (if any) towards 5970 - 6000, if the Nifty
risks.
sustains above 5932. We reiterate that traders should start
booking profits as the market move higher and remain light on
positions. On the downside, if the Nifty sustains below 5832
(low of the Hanging Man pattern formed on September 11,
2013), then we are likely to witness some consolidation or
correction towards the immediate support levels of 5750 -
5730. The bulls are likely to lose control once the Nifty slips
below this week’s low of 5738. In this scenario, the negative
direction may get resumed and then we may expect lower
levels of 5650 - 5600.
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Daily Technical Report
September 16, 2013
Bank Nifty Outlook - (10180)
Exhibit 2: Bank Nifty Daily Chart
On Friday, the Bank Nifty too opened on a flat note in-line
with our benchmark indices and traded with lackluster
movement throughout the session. As, there is no major
change in the chart structure; we reiterate our view that
10300 - 10500 remains to be a strong resistance zone
for Bank Nifty. The daily ‘Stochastic’ momentum oscillator
is now signaling a negative crossover in overbought
territory, indicating probable sign of exhaustion. However
price-wise, weakness would be seen any if the index
sustains below last week’s low of 9980. In this case, the
Bank Nifty may slide back to test 9773 - 9568 levels.
Actionable points:
View
Neutral
Resistance Levels
10300 - 10500
Support Levels
9980 - 9773
Source: Falcon:
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Daily Technical Report
September 16, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,546
19,639
19,769
19,863
19,993
NIFTY
5,791
5,821
5,853
5,882
5,914
BANKNIFTY
9,928
10,054
10,163
10,289
10,398
ACC
1,015
1,029
1,041
1,055
1,066
AMBUJACEM
176
178
181
183
186
ASIANPAINT
432
437
441
447
451
AXISBANK
972
1,016
1,044
1,088
1,117
BAJAJ-AUTO
1,941
1,972
1,993
2,024
2,045
BANKBARODA
498
514
527
543
556
BHARTIARTL
309
317
325
333
341
BHEL
131
137
140
146
150
BPCL
291
298
303
310
314
CAIRN
315
318
321
324
327
CIPLA
434
438
441
445
448
COALINDIA
279
286
290
297
302
DLF
142
149
153
161
165
DRREDDY
2,211
2,230
2,251
2,271
2,292
GAIL
305
309
312
316
319
GRASIM
2,412
2,470
2,510
2,568
2,608
HCLTECH
1,013
1,029
1,055
1,071
1,096
HDFC
790
799
806
815
823
HDFCBANK
615
622
628
635
642
HEROMOTOCO
1,979
2,015
2,046
2,082
2,113
HINDALCO
108
110
112
114
116
HINDUNILVR
611
616
626
631
641
ICICIBANK
917
930
945
957
972
IDFC
92
94
95
97
98
INDUSINDBK
381
390
398
407
415
INFY
2,983
3,006
3,036
3,058
3,088
ITC
324
328
333
337
342
JINDALSTEL
232
237
240
244
247
JPASSOCIAT
36
38
39
41
42
KOTAKBANK
678
697
710
729
742
LT
801
819
829
847
857
LUPIN
842
852
866
876
890
M&M
802
816
826
840
849
MARUTI
1,283
1,300
1,317
1,334
1,351
NMDC
121
123
124
126
128
NTPC
137
139
140
142
144
ONGC
271
277
281
287
291
PNB
474
494
507
528
541
POWERGRID
98
99
99
100
101
RANBAXY
437
447
458
468
478
RELIANCE
858
865
875
882
891
RELINFRA
364
376
383
395
403
SBIN
1,604
1,633
1,659
1,688
1,714
SESAGOA
179
182
184
187
189
SUNPHARMA
546
555
562
571
579
TATAMOTORS
326
330
334
338
342
TATAPOWER
76
77
78
79
80
TATASTEEL
291
295
300
304
310
TCS
1,920
1,937
1,963
1,980
2,007
ULTRACEMCO
1,669
1,695
1,727
1,753
1,786
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Daily Technical Report
September 16, 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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