Daily Technical Report
August 26, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18519) / NIFTY (5472)
On Friday, our Benchmark indices opened on a flat note in line
with global cues. During the initial hour, the index drifted
slightly lower and then rallied from the lows to close with more
than a percent gain. During the session, except Realty all the
other sectors ended in the positive territory with the Capital
goods, Banking, Oil & Gas and Consumer Durables leading
the rally. The Advance to Decline ratio was strongly in favor of
advancing
counters.
(A=1352 D=975) (Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19265 / 5780 and 18609 / 5616 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
18858 / 5596 and 19243 / 5772, respectively.
The monthly ‘RSI-Smoothened’ oscillator is negatively
poised; whereas the daily momentum oscillators are
contradictory and signaling a positive crossover. The
‘Stochastic’ momentum oscillator on the weekly chart is
extremely oversold.
Source: Falcon:
The weekly chart depicts a ‘Bullish Hammer’ Japanese
candlestick pattern.
The ‘Lower Top - Lower Bottom’ formation in weekly chart
Actionable points:
is still intact.
View
Bullish above 5478
Trading strategy:
Expected targets
5504 - 5600
This week’s price action can be aptly termed as a ‘Tug of War’,
Support Level
5377
as the first half was dominated by the bears and the second
half belonged to the bulls. The weekly chart now depicts a
‘Bullish Hammer’ candlestick pattern. The said pattern is a
reversal pattern but needs confirmation in the form of a close
beyond the 5504 mark. In this scenario, we expect the ongoing
relief rally to continue and the 5600 - 5670 levels may be
tested. The momentum oscillators on the daily chart are also
positively poised; but contradict the negative crossover seen in
monthly ‘RSI-Smoothened’ oscillator. On the flip side a breach
of the 5377 mark may again trigger some selling pressure and
the index may re-test this week’s low of 5254. This 5254 level
remains to be a key level in the coming week and violation of
this support would negate the implication of ‘Bullish Hammer’.
All long bets should be squared off in this scenario and the
possibility of testing
5180
/
5100 levels may then be
considered.
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Daily Technical Report
August 26, 2013
Bank Nifty Outlook - (9269)
Exhibit 2: Bank Nifty Weekly Chart
On Friday, the Bank Nifty too opened marginally higher
and corrected in line with our benchmark index. A relief
rally in the second half led the index to close at the highest
point of the session. This was mainly on the back of
extreme oversold position of momentum oscillators (daily
chart) which are now signaling a positive crossover. On
the weekly chart, we are now observing the formation of a
“Doji” Japanese candlestick pattern. This pattern has
formed after a significant correction and indicates the
possibility of a change in trend. However the reversal
pattern needs confirmation in the form of a close above
9766 level. Going forward, from a trading perspective, if
Bank Nifty sustains above 9494 then we are likely to a see
further bounce towards 9610 - 9766. On the other hand,
9361 - 9219 levels would act as a key support for the index.
Actionable points:
Source: Falcon:
View
Bullish above 9494
Expected targets
9610 - 9766
Support levels
9361 - 9219
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Daily Technical Report
August 26, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
18,090
18,305
18,426
18,640
18,761
NIFTY
5,342
5,407
5,443
5,508
5,544
BANKNIFTY
9,115
9,293
9,393
9,571
9,671
ACC
956
973
990
1,007
1,025
AMBUJACEM
152
156
158
162
164
ASIANPAINT
410
415
420
426
431
AXISBANK
938
960
975
997
1,013
BAJAJ-AUTO
1,733
1,756
1,777
1,800
1,820
BANKBARODA
445
458
466
479
488
BHARTIARTL
298
304
309
314
319
BHEL
104
110
114
120
123
BPCL
288
294
299
306
310
CAIRN
301
306
310
314
318
CIPLA
386
391
398
403
409
COALINDIA
261
266
269
273
277
DLF
128
132
140
145
152
DRREDDY
2,035
2,077
2,105
2,147
2,174
GAIL
293
299
303
309
314
GRASIM
2,226
2,262
2,291
2,326
2,355
HCLTECH
878
912
933
967
987
HDFC
708
725
736
752
764
HDFCBANK
581
594
602
615
623
HEROMOTOCO
1,844
1,872
1,899
1,927
1,954
HINDALCO
99
101
103
106
108
HINDUNILVR
580
591
598
608
615
ICICIBANK
802
828
847
872
891
IDFC
100
102
103
105
106
INDUSINDBK
352
361
368
377
383
INFY
2,963
2,982
3,001
3,020
3,039
ITC
298
303
306
312
315
JINDALSTEL
228
234
239
246
251
JPASSOCIAT
31
33
34
35
36
KOTAKBANK
615
629
638
652
661
LT
713
726
734
748
756
LUPIN
756
773
786
803
816
M&M
772
793
806
827
841
MARUTI
1,236
1,265
1,294
1,323
1,352
NMDC
111
114
117
119
122
NTPC
125
127
130
132
135
ONGC
258
267
274
283
289
PNB
468
475
485
492
503
POWERGRID
96
97
98
98
99
RANBAXY
358
371
384
397
410
RELIANCE
801
810
818
827
834
RELINFRA
330
344
353
366
375
SBIN
1,518
1,539
1,563
1,583
1,607
SESAGOA
142
148
153
159
164
SUNPHARMA
482
495
503
516
524
TATAMOTORS
289
295
300
306
310
TATAPOWER
72
75
77
80
81
TATASTEEL
265
274
279
288
293
TCS
1,764
1,797
1,817
1,850
1,871
ULTRACEMCO
1,520
1,550
1,595
1,625
1,670
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Daily Technical Report
August 26, 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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