Daily Technical Report
September 26, 2013
Sensex (19856) / NIFTY (5874)
Exhibit 1: Nifty Hourly Chart
Yesterday, once again we witnessed a muted opening in our
market as indicated by the SGX Nifty. Right from the initial
hour, the index faced immense selling pressure and as a result,
the Nifty corrected nearly a percent and half. However,
eventually, the index closed with very nominal losses on the
back of sharp recovery seen during the latter part of the
session. The Oil & Gas, FMCG and Banking counters led to a
fall; whereas the Power, Capital Goods Healthcare sectors
surged during the session. The advance to decline ratio was in
favor of the declining counters. (A=1031 D=1269) (Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19324 / 5761 and 18710 / 5634 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19600 / 5795 and 19389 / 5783 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is still negatively
poised; whereas weekly momentum oscillators are
Source: Falcon:
contradictory and signaling a positive crossover.
The current weekly candle resembles a ‘Spinning Top’
Japanese candlestick pattern.
Actionable points:
On a closing basis, the ‘Lower Top - Lower Bottom’
View
Bearish below 5843
formation on the weekly chart is still intact (Nifty).
Resistance Levels
5911 - 5940
Trading strategy:
Expected Targets
5810 - 5750
Yesterday, we witnessed a rollercoaster ride in our market as
the Nifty slumped substantially during the first half and
recovered sharply towards the fag end of the session. The early
morning down move has now confirmed a breakdown from
the hourly 'Upward Sloping Channel' mentioned in our earlier
report. Hence, a price action during the final hour can be
construed as a pull back of this breakdown. Also, we are
observing that the index has closed marginally below the
hourly '20 EMA'. Hence, considering the negative crossover in
daily 'RSI' momentum oscillator on the daily chart, we are of
the opinion that if Nifty struggles to cross 5910 level then we
can expect the index to retest the 5810 mark. However, in case
of a sustainable move beyond 5910, the Nifty may extend the
bounce towards 5950 - 5970 levels. The coming session is
expected to trade with enhanced volatility on account of
September month derivative expiry. Hence, we advise intraday
traders to remain light on positions and avoid taking undue
risks.
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Daily Technical Report
September 26, 2013
Bank Nifty Outlook - (10082)
Exhibit 2: Bank Nifty Daily Chart
Yesterday morning, the Bank Nifty too opened quietly and
fell sharply during the first half. However, in-line with
benchmark index, the Bank Nifty also managed to trim
major part of its early losses. We are observing that the
index continues to remain below the hourly' 89 EMA',
(10190) which is a sign of weakness. In addition, the daily
momentum oscillator is still negatively poised. Hence,
going forward, any selling pressure around this resistance
at 10190 may pull the index lower to retest 9919 level. On
the flipside, only a sustainable move above 10233 may
extend the bounce towards 10350 - 10450 levels.
Actionable points:
View
Bearish below 10045
Resistance Levels
10232 - 10509
Expected Targets
9919 - 9773
Source: Falcon:
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Daily Technical Report
September 26, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,511
19,684
19,831
20,004
20,151
NIFTY
5,766
5,820
5,865
5,919
5,965
BANKNIFTY
9,765
9,923
10,078
10,236
10,391
ACC
1,062
1,079
1,093
1,109
1,123
AMBUJACEM
184
186
189
191
194
ASIANPAINT
461
470
480
488
498
AXISBANK
985
1,010
1,026
1,050
1,067
BAJAJ-AUTO
1,949
1,977
2,013
2,041
2,077
BANKBARODA
494
502
507
515
521
BHARTIARTL
320
328
333
342
347
BHEL
126
135
140
148
153
BPCL
291
298
305
312
319
CAIRN
311
316
319
323
326
CIPLA
425
432
436
443
447
COALINDIA
289
292
297
300
305
DLF
131
134
138
141
145
DRREDDY
2,338
2,384
2,414
2,460
2,490
GAIL
326
330
336
340
345
GRASIM
2,692
2,717
2,746
2,770
2,799
HCLTECH
1,039
1,051
1,066
1,078
1,093
HDFC
760
770
781
791
802
HDFCBANK
597
609
625
637
654
HEROMOTOCO
1,976
2,006
2,025
2,055
2,074
HINDALCO
109
113
115
119
122
HINDUNILVR
608
621
635
648
662
ICICIBANK
899
917
936
954
973
IDFC
86
88
90
93
95
INDUSINDBK
368
375
384
392
401
INFY
2,970
2,990
3,012
3,032
3,055
ITC
331
338
344
351
357
JINDALSTEL
236
241
245
250
255
JPASSOCIAT
36
37
37
38
39
KOTAKBANK
680
695
710
724
739
LT
806
819
830
842
854
LUPIN
838
848
856
866
874
M&M
809
829
854
874
899
MARUTI
1,351
1,372
1,397
1,419
1,444
NMDC
122
124
125
126
127
NTPC
142
146
148
151
153
ONGC
269
274
277
283
286
PNB
467
476
484
493
501
POWERGRID
97
99
100
102
103
RANBAXY
321
326
332
338
343
RELIANCE
823
836
855
869
888
RELINFRA
392
400
407
415
421
SBIN
1,616
1,655
1,678
1,717
1,740
SESAGOA
174
181
186
193
198
SUNPHARMA
551
560
565
574
579
TATAMOTORS
335
340
344
348
352
TATAPOWER
79
80
82
83
84
TATASTEEL
282
287
291
295
300
TCS
1,899
1,929
1,950
1,980
2,001
ULTRACEMCO
1,753
1,775
1,794
1,816
1,836
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Daily Technical Report
September 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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