Daily Technical Report
September 23, 2013
Sensex (20264) / NIFTY (6012)
Exhibit 1: Nifty Daily Chart
On Friday, our benchmark indices opened on a flat note in-
line with quiet trading mood across the globe. After a narrow
movement in initial hours, indices slumped immediately post
the announcement of RBI monetary policy. However, a modest
recovery towards the fag end led to a closing above the 6000
mark. The Interest rate sensitive’s counters like, Banking and
Realty led the down move; whereas the Consumer Durables,
Healthcare and Power sectors managed to close in the green.
The advance to decline ratio was strongly in the favor of
declining
counters.
(A=1093 D=1249) (Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19285 / 5752 and 18684 / 5629 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19498 / 5763 and 19340 / 5773 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is still negatively
poised; whereas weekly momentum oscillators are
contradictory and signaling a positive crossover.
The current weekly candle resembles a ‘Spinning Top’
Source: Falcon:
Japanese candlestick pattern.
On a closing basis, the ‘Lower Top - Lower Bottom’
Actionable points:
formation on the weekly chart is still intact (Nifty).
View
Bearish below 5932
Trading strategy:
Expected Targets
5880 - 5840
Finally, the action-packed week came to an end as the global
event turned in the favor of bulls but some of the domestic
Resistance Levels
5981 - 6033
measures kept the market under pressure. We have been
mentioning a weekly ‘Lower Top Lower Bottom’ formation in
At this juncture, we reiterate that we would like to give more
our earlier reports. This pattern formation is still intact on a
weightage to the weekly ‘Lower Top Lower Bottom’
closing basis as the previous lower top of 6029.20 (close of
formation. The negative momentum will get aggravated only
July 19, 2013) candle is higher than the current weekly closing.
below last week’s low of 5798. In this scenario, the bulls may
Also, the current weekly candle resembles a ‘Spinning Top’
lose their grip on the market and the index may slide
Japanese candlestick pattern, indicating uncertainty among
towards 5738 - 5650 levels. This bearish view will be
market participants. However, on the daily chart, we witnessed
negated if the Nifty sustains above last week’s high of 6143.
a breakout from the ‘Downward Sloping Trend Line’ on
In this scenario, we may witness a euphoric upward rally
Thursday and Friday’s downfall can be construed as a pull
towards 6230 or may even get extended to the 6300 mark.
back towards the trend line support zone. On the oscillators’
Considering, the overall uncertainty we would advise traders
front, the monthly ‘RSI-Smoothened’ has maintained its
to stay light on positions as long as a breakout (above 6143)
negative crossover; whereas the weekly momentum oscillators
or a breakdown (below 5798) is not confirmed.
were contradictory, showing positive placement. The above
mentioned technical evidences lead to a considerable
contradiction and ideally traders should wait for clarity over the
next few days.
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Daily Technical Report
September 23, 2013
Bank Nifty Outlook - (10687)
Exhibit 2: Bank Nifty Weekly Chart
On Friday, in-line with our benchmark index, the Bank
Nifty too opened on a flat note and oscillated within a
narrow trading range just ahead of RBI Monetary policy.
However post the event; we witnessed immense selling
pressure in all banking counters. As a result, the index
plunged more than seven percent in the next couple of
minutes. Some recovery towards the end, led to a closing
approximately four percent lower vis-à-vis the previous
day. The index has now filled the upside gap formed on
Thursday’s session. In our previous report, we had
mentioned a crucial resistance of weekly ‘89 EMA’ placed
around 11015. The Bank Nifty has now closed below this
level, and indicates weakness. Going forward, considering
the placement of momentum oscillators and chart
structure, we expect the Bank Nifty to stay under pressure if
it sustains below 10409. In this case, the index may slide
towards the lower levels of 10241 - 10037. On the
flipside,
10804
-
10984 levels would act as a key
resistance levels.
Actionable points:
View
Neutral
Source: Falcon:
Resistance Levels
10804 - 10984
Support Levels
10241 - 10037
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Daily Technical Report
September 23, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,704
19,984
20,331
20,611
20,958
NIFTY
5,827
5,920
6,025
6,118
6,223
BANKNIFTY
9,983
10,335
10,762
11,113
11,540
ACC
1,036
1,080
1,104
1,148
1,173
AMBUJACEM
179
186
190
197
201
ASIANPAINT
461
475
483
497
505
AXISBANK
994
1,048
1,106
1,160
1,218
BAJAJ-AUTO
1,930
1,961
2,012
2,043
2,094
BANKBARODA
497
524
551
577
605
BHARTIARTL
333
339
347
352
360
BHEL
126
131
135
139
143
BPCL
312
325
336
349
360
CAIRN
315
318
321
323
326
CIPLA
409
419
432
443
456
COALINDIA
287
294
299
307
311
DLF
137
144
158
165
179
DRREDDY
2,312
2,339
2,372
2,399
2,432
GAIL
313
326
335
349
358
GRASIM
2,675
2,748
2,796
2,869
2,918
HCLTECH
1,015
1,038
1,053
1,076
1,091
HDFC
754
782
813
841
872
HDFCBANK
609
634
660
685
711
HEROMOTOCO
1,901
1,941
1,993
2,033
2,084
HINDALCO
109
112
115
117
121
HINDUNILVR
618
635
656
673
694
ICICIBANK
919
953
994
1,029
1,070
IDFC
89
94
99
104
108
INDUSINDBK
362
387
412
437
462
INFY
2,955
2,975
3,004
3,024
3,052
ITC
342
348
353
360
365
JINDALSTEL
246
253
260
267
274
JPASSOCIAT
37
39
40
42
43
KOTAKBANK
702
725
751
774
799
LT
801
824
855
878
910
LUPIN
844
856
865
877
886
M&M
811
843
864
895
916
MARUTI
1,369
1,418
1,450
1,499
1,531
NMDC
115
120
122
126
129
NTPC
142
145
148
151
153
ONGC
276
283
290
297
304
PNB
464
490
526
552
588
POWERGRID
100
101
102
103
104
RANBAXY
287
310
326
349
364
RELIANCE
854
868
884
898
915
RELINFRA
359
385
404
429
449
SBIN
1,609
1,678
1,761
1,831
1,914
SESAGOA
172
175
180
183
188
SUNPHARMA
549
558
566
574
582
TATAMOTORS
319
329
342
351
364
TATAPOWER
76
79
82
85
88
TATASTEEL
287
293
302
309
317
TCS
1,912
1,931
1,960
1,980
2,009
ULTRACEMCO
1,690
1,772
1,829
1,911
1,967
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Daily Technical Report
September 23, 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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