Daily Technical Report
September 20, 2013
Sensex (20647) / NIFTY (6116)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark indices opened with a huge upside
gap on the back of strong optimism swaying across the globe.
The Nifty managed to maintain its upward momentum and
advanced further to close with mammoth three and half a
percent gains. The rally was mainly influenced by the interest
sensitive sectors like, the Banking, Realty, Capital Goods and
Metals; whereas only the IT sector ended with very minor
losses. The advance to decline ratio was marginally in favor of
advancing counters.
(A=1427 D=1003) (Source-
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Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19263 / 5746 and 18693 / 5631 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19418 / 5737 and 19377 / 5783 levels, respectively.
The negative crossover in monthly ‘RSI-Smoothened’
Source: Falcon:
oscillator is still intact; whereas the weekly momentum
oscillators are contradictory and poised positively. The
‘Stochastic’ momentum oscillator on the daily chart is now
Actionable points:
extremely oversold.
View
Neutral
The 78.6% Fibonacci retracement level of the fall from
6094 (high on July 23, 2013) to 5118 (low on August 28,
Resistance Levels
6180 - 6230
2013) is placed at 5890.
Support levels
6040 - 5957
The ‘Lower Top - Lower Bottom’ formation in weekly chart
is still intact.
Trading strategy:
It was purely a "No Taper" effect seen on Dalal Street as the
On the flipside, in case of any close below 6090 would keep
bulls took a giant leap and closed decisively in the green. In
the wave structure intact and hence, does not rule out the
our previous report, we had mentioned a probable 'Bullish
possibility of near term weakness in the market. At present,
Flag' pattern. The pattern got activated and attained the
yesterday's upside gap area of 6040 - 5957 would act as a
mentioned target of 6095 at the opening itself. Unfortunately,
strong support zone in coming trading session. There are
traders were unable to initiate the positions above the
high expectations from the RBI Governor and even a slight
mentioned breakout point of 5957. The coming trading session
disappointment would be seen as an opportunity to book
is expected to trade with enhanced volatility on account of the
profits and move out of the markets
RBI monetary policy. Any favorable outcome from the event
would push the Nifty higher towards 6230 - 6250 levels. In this
case, a weekly close above the 6100 mark would result in
negation of the lower top lower bottom cycle on the weekly
chart.
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Daily Technical Report
September 20, 2013
Bank Nifty Outlook - (11149)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, we witnessed a stellar move in Bank Nifty as the
market participants welcomed Fed Chairman Ben
Bernanke's decision with open arms. A mammoth single
day gain of more than six percent, left most participants
surprised. The Bank Nifty cruised past its breakout point of
10536 and the 'Daily 89 day EMA' resistance level of
10633 with significant ease as the index opened
substantially higher and soared during rest of the session.
In the coming trading session, the traders should keep an
eye on the weekly closing, which would dictate the near
term trend. A closing above weekly' 89 EMA' level of
11015 is crucial for the continuation of ongoing upward
momentum. On the upside, a move beyond 11219 would
push the index towards 11500 - 11600. On the other
hand, yesterday's low of 10984 would act as immediate
support in coming trading session. A fall and close below
this level would signal that the overall upward move is
showing signs of exhaustion. Traders are advised to
remain light on positions and trade with strict stop losses in
the wake of the RBI monetary policy.
Source: Falcon:
Actionable points:
View
Neutral
Resistance Levels
11285 - 11459
Support Levels
10984
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Daily Technical Report
September 20, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,185
20,416
20,578
20,808
20,970
NIFTY
5,997
6,056
6,099
6,159
6,202
BANKNIFTY
10,883
11,016
11,118
11,251
11,352
ACC
1,047
1,073
1,102
1,127
1,156
AMBUJACEM
177
182
187
192
198
ASIANPAINT
435
457
472
494
508
AXISBANK
1,109
1,125
1,149
1,164
1,188
BAJAJ-AUTO
2,006
2,030
2,046
2,069
2,085
BANKBARODA
533
555
569
591
605
BHARTIARTL
336
345
352
361
368
BHEL
129
131
134
136
139
BPCL
308
322
332
347
357
CAIRN
315
317
320
322
325
CIPLA
423
431
438
446
453
COALINDIA
290
294
299
303
309
DLF
164
168
171
175
178
DRREDDY
2,309
2,343
2,372
2,406
2,435
GAIL
313
320
326
334
340
GRASIM
2,565
2,670
2,730
2,835
2,895
HCLTECH
978
1,001
1,019
1,043
1,061
HDFC
812
824
834
845
855
HDFCBANK
670
676
683
690
697
HEROMOTOCO
2,002
2,021
2,053
2,071
2,103
HINDALCO
114
116
118
120
122
HINDUNILVR
637
657
671
691
705
ICICIBANK
1,004
1,020
1,042
1,058
1,081
IDFC
97
100
102
104
106
INDUSINDBK
402
418
446
462
490
INFY
2,973
2,996
3,015
3,039
3,058
ITC
345
350
353
359
362
JINDALSTEL
242
251
258
267
274
JPASSOCIAT
39
41
42
43
44
KOTAKBANK
727
749
764
786
801
LT
840
864
881
906
923
LUPIN
832
841
847
857
863
M&M
841
854
873
886
905
MARUTI
1,412
1,446
1,475
1,509
1,537
NMDC
117
120
122
124
126
NTPC
142
145
148
151
154
ONGC
281
290
296
306
312
PNB
523
540
551
568
580
POWERGRID
96
98
101
103
106
RANBAXY
325
338
348
360
370
RELIANCE
874
882
889
898
904
RELINFRA
382
389
395
403
409
SBIN
1,715
1,761
1,790
1,836
1,864
SESAGOA
174
180
186
191
197
SUNPHARMA
544
551
558
565
572
TATAMOTORS
337
343
347
353
358
TATAPOWER
77
80
82
85
87
TATASTEEL
292
301
307
317
323
TCS
1,897
1,932
1,961
1,995
2,024
ULTRACEMCO
1,708
1,737
1,762
1,791
1,816
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Daily Technical Report
September 20, 2013
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
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Head - Technicals
Sameet Chavan
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Technical Analyst
Sacchitanand Uttekar
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Technical Analyst
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