Daily Technical Report
September 17, 2013
Sensex (19742) / NIFTY (5841)
Exhibit 1: Nifty Daily Chart
On Monday, our benchmark indices opened with an upside
gap but eventually pared all gains in the second half of the
session. The markets were disappointed at the inflation
numbers released post noon but some recovery towards the
end led to the index closing on a flat note. Banking, FMCG
and Auto counters ended on the gaining side; whereas the
Healthcare, Realty, IT and Teck sectors remained closed in
negative territory. The advance to decline ratio was in the favor
of declining counters. (A=1099 D=1260) (Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19201 / 5732 and 18673/ 5625 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19156/ 5638 and 19291 / 5757 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 daily chart is now
Source: Falcon:
extremely oversold.
The 78.6% Fibonacci retracement level of the fall from
Actionable points:
6094 (high on July 23, 2013) to 5118 (low on August 28,
2013) is placed at 5890.
View
Neutral
The ‘Lower Top - Lower Bottom’ formation in weekly chart
Resistance levels
5932- 5958
is still intact.
Support levels
5815 - 5730
Trading strategy:
The market opened with a gap but failed to sustain at higher
levels. The overall chart structure has not changed to a great
extent and we continue to witness range bound activity between
5930 and 5800 levels. Going forward we are of the view that
only a breakout from the range will lead to a strong move on
either side. The index may reach the 6000 / 6020 levels only if
it sustains above yesterday’s opening at
5931. On the
downside, a fall below the 5800 level may lead to a correction
towards the gap area at 5730 levels.
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Daily Technical Report
September 17, 2013
Bank Nifty Outlook - (10368)
Exhibit 2: Bank Nifty Daily Chart
On Monday, the Bank Nifty too opened with two percent
upside gap in-line with our benchmark index. However,
post the announcement of August month inflation
numbers, the index trimmed all its early gains. A modest
recovery towards the latter part of the session led the index
to close well inside the positive territory. As expected the
10500 levels once again acted as a stiff resistance during
the session. On the daily chart we are observing that the
Bank nifty is continuously hovering around the
61.8%
Fibonacci retracement level of the recent fall. Moreover,
the current daily candle resembles a ‘Hanging Man’
Japanese Candlestick pattern. An occurrence of such
pattern near the resistance zone indicates first sign of
caution for the bulls. However, the said pattern will be
confirmed only if Bank nifty sustains below yesterday’s low
of 10175. In such a scenario, the index may resume its
higher degree trend which is bearish. As a result we then
expect a near term correction towards 9980 - 9800. This
Source: Falcon:
is also supported by the negative placement of daily
‘Stochastic’ momentum oscillator. On the flipside, 10537
would act as a key resistance level in the coming trading
session.
Actionable points:
View
Neutral
Resistance Levels
10537
Support Levels
9980 - 9773
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Daily Technical Report
September 17, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,318
19,530
19,808
20,021
20,299
NIFTY
5,706
5,773
5,865
5,932
6,024
BANKNIFTY
9,998
10,183
10,360
10,545
10,722
ACC
1,009
1,027
1,048
1,066
1,088
AMBUJACEM
172
175
180
183
188
ASIANPAINT
423
432
446
455
468
AXISBANK
1,027
1,057
1,082
1,113
1,138
BAJAJ-AUTO
1,947
1,973
2,010
2,036
2,073
BANKBARODA
510
524
536
549
562
BHARTIARTL
321
329
334
341
347
BHEL
128
132
139
143
150
BPCL
300
309
315
324
331
CAIRN
310
314
320
324
331
CIPLA
414
422
436
445
459
COALINDIA
277
283
291
297
304
DLF
142
148
155
161
168
DRREDDY
2,155
2,190
2,243
2,277
2,331
GAIL
302
307
313
318
325
GRASIM
2,350
2,410
2,510
2,570
2,670
HCLTECH
942
969
1,012
1,039
1,081
HDFC
781
798
813
829
845
HDFCBANK
620
632
640
651
660
HEROMOTOCO
2,018
2,058
2,093
2,133
2,168
HINDALCO
110
111
113
115
117
HINDUNILVR
599
610
624
634
649
ICICIBANK
932
951
970
989
1,008
IDFC
89
92
96
98
103
INDUSINDBK
394
404
413
423
432
INFY
2,933
2,963
3,010
3,041
3,088
ITC
326
330
334
339
343
JINDALSTEL
233
237
243
248
254
JPASSOCIAT
35
37
39
41
43
KOTAKBANK
683
697
718
732
753
LT
801
815
839
852
876
LUPIN
806
821
850
865
893
M&M
809
823
843
857
877
MARUTI
1,313
1,336
1,358
1,381
1,403
NMDC
120
122
124
126
128
NTPC
139
141
143
145
147
ONGC
273
280
287
294
301
PNB
484
496
514
526
544
POWERGRID
97
100
102
105
107
RANBAXY
243
281
346
384
449
RELIANCE
834
848
868
882
902
RELINFRA
363
372
384
393
405
SBIN
1,593
1,619
1,662
1,689
1,732
SESAGOA
162
169
179
186
195
SUNPHARMA
537
550
567
581
598
TATAMOTORS
316
324
332
340
348
TATAPOWER
73
75
77
79
82
TATASTEEL
279
285
296
302
313
TCS
1,836
1,869
1,927
1,960
2,018
ULTRACEMCO
1,560
1,604
1,685
1,729
1,810
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Daily Technical Report
September 17, 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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