Daily Technical Report
September 19, 2013
Sensex (19962) / NIFTY (5899)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark indices opened marginally higher
considering mixed global cues. Subsequently, the index slipped
into a consolidation mode for most part of the session.
However, a sudden spurt towards the fag end led to a strong
closing in our market. There was no sector in the negative
territory and the up move was mainly dominated by the Realty,
Banking and FMCG counters. The advance to decline ratio was
marginally in favor of advancing counters. (A=1210 D=1132)
(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19231 / 5738 and 18677 / 5626 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19289 / 5697 and 19312 / 5762 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
Bullish above 5957
The ‘Lower Top - Lower Bottom’ formation in weekly chart
Expected targets
6050 / 6095
is still intact.
Support levels
5840 - 5804
Trading strategy:
Keeping aside the last hour, we witnessed a lack luster
movement just ahead of two key events lined up this week. We
have been mentioning a broad trading range of 5957 - 5800
in our last few reports. Considering the positive developments
overnight we are of the view that the market is likely to give an
upward breakout from this trading range. This will result in the
conformation of a “Flag” pattern breakout with potential
targets at 6050 / 6095 levels. This would also result in the
breakout from a ‘Downward Sloping Trend Line’ (please refer
the exhibit). Going forward, any weekly closing above the
6100 mark would result in negating the lower top lower
bottom cycle on the weekly chart. On the downside, 5840 /
5804 are likely to act as important support levels for the next
few sessions.
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Daily Technical Report
September 19, 2013
Bank Nifty Outlook - (10448)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened higher but the
overall intraday movement was slightly different to our
benchmark index. The Bank Nifty kept moving higher
gradually during the session and became one of the major
gainers. Similar to our benchmark indices here too, we are
seeing the possibility of a “Flag” pattern breakout if this
index manages to close above the high of 10536. Such a
closing would also negate the ‘Hanging man’ Japanese
candlestick pattern. However, although a pattern breakout
may take place, the Bank Nifty would face immediate
resistance of the “89 day EMA” placed at 10633. If the
index sustains above the 10633, then it may move to the
multiple resistance zone at 10800 - 10900. Considering
the historical performance of the Bank Nifty as compared
to the Benchmark and the overall wave structure we expect
this index to underperform the Benchmark Nifty, over the
coming few sessions. This view would be revisited and
restructured if the Bank Nifty were to close above the
10900 mark over the next few days. On the downside,
10241 levels may act as a key support level over coming
trading sessions.
Source: Falcon:
Actionable points:
View
Neutral
Resistance Levels
10537 - 10633
Support Levels
10241
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Daily Technical Report
September 19, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,679
19,821
19,917
20,059
20,155
NIFTY
5,837
5,889
5,917
5,970
5,998
BANKNIFTY
10,151
10,299
10,390
10,539
10,630
ACC
1,045
1,055
1,064
1,074
1,083
AMBUJACEM
174
176
178
181
183
ASIANPAINT
434
440
444
450
454
AXISBANK
1,033
1,056
1,071
1,094
1,109
BAJAJ-AUTO
1,981
1,999
2,021
2,039
2,061
BANKBARODA
510
520
527
537
544
BHARTIARTL
330
334
337
341
344
BHEL
120
125
131
136
143
BPCL
311
313
316
319
322
CAIRN
309
314
320
324
331
CIPLA
430
433
437
441
444
COALINDIA
288
293
296
301
305
DLF
152
156
159
163
166
DRREDDY
2,300
2,327
2,347
2,374
2,394
GAIL
309
313
316
320
323
GRASIM
2,470
2,539
2,582
2,652
2,694
HCLTECH
1,001
1,015
1,032
1,046
1,064
HDFC
767
783
796
812
825
HDFCBANK
622
636
646
660
669
HEROMOTOCO
1,950
1,982
2,037
2,069
2,125
HINDALCO
112
113
115
116
117
HINDUNILVR
617
630
637
650
657
ICICIBANK
957
965
970
978
984
IDFC
91
93
94
96
98
INDUSINDBK
388
400
408
420
427
INFY
2,993
3,005
3,017
3,029
3,041
ITC
337
340
343
346
348
JINDALSTEL
242
245
249
253
257
JPASSOCIAT
38
38
39
40
40
KOTAKBANK
690
702
710
722
730
LT
808
822
834
848
860
LUPIN
824
830
839
845
853
M&M
818
830
840
852
862
MARUTI
1,367
1,384
1,395
1,412
1,423
NMDC
116
119
122
125
129
NTPC
137
141
143
147
150
ONGC
274
279
282
286
289
PNB
489
499
506
516
524
POWERGRID
98
99
100
102
103
RANBAXY
323
329
334
340
346
RELIANCE
850
861
868
879
886
RELINFRA
366
372
377
383
388
SBIN
1,622
1,648
1,663
1,689
1,704
SESAGOA
171
174
179
182
186
SUNPHARMA
528
539
546
557
564
TATAMOTORS
329
333
337
341
345
TATAPOWER
74
76
77
79
81
TATASTEEL
283
287
289
293
295
TCS
1,926
1,940
1,952
1,967
1,979
ULTRACEMCO
1,665
1,691
1,711
1,737
1,757
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Daily Technical Report
September 19, 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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