Daily Technical Report
August 27, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18558) / NIFTY (5477)
The week started off marginally higher as indicated by the SGX
Nifty. Subsequently, the index could not hold a reliable
intraday trend as it oscillated within a percent range
throughout the session. Strong selling pressure towards the fag
end of the session pulled the index significantly lower from the
day’s high to close with very nominal gains. During the session,
the Power, Capital Goods, Healthcare and Realty counters
defended the market; whereas the Banking and Oil & Gas
sectors remained under throughout the session. The Advance
to Decline ratio was strongly in favor of advancing counters.
(A=1283 D=1011) (Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19249 / 5773 and 18608 / 5613 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
18829 / 5584 and 19177/ 5743 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is negatively
poised; whereas the daily momentum oscillators are
Source: Falcon:
contradictory and signaling a positive crossover. The
‘Stochastic’ momentum oscillator on the weekly chart is
extremely oversold.
Actionable points:
The weekly chart depicts a ‘Bullish Hammer’ Japanese
candlestick pattern.
View
Bearish below 5454
The ‘Lower Top - Lower Bottom’ formation in weekly chart
Expected targets
5377 - 5351
is still intact.
Resistance Level
5529
Trading strategy:
The optimistic closing on Friday was followed by a gap up
opening and the bulls managed to conquer the 5500 mark
during the initial hour of the session. Selling pressure near
the strong resistance of the hourly ’89 EMA’, placed at
5528, led to a correction in the second half. The daily chart
now depicts a ‘Narrow Range’ body formation indicating
uncertainty among the market participants. Considering
yesterday’s candlestick pattern, we are of the opinion that if
the Nifty sustains below yesterday’s low of 5454 then we
are likely to witness a further decline and as a result, the
index may correct back to 5377 - 5351 levels. On the
flipside, yesterday’s high of 5529 would act as strong
resistance in coming trading session. Only a sustainable
move beyond this level would result in further bounce up to
5600 level.
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Daily Technical Report
August 27, 2013
Bank Nifty Outlook - (9374)
Exhibit 2: Bank Nifty Weekly Chart
Yesterday, the Bank Nifty too opened marginally higher in
line with our benchmark index. The price action was
similar during the first half where the Bank Nifty too
marched higher but faced enormous selling pressure near
the hourly ’89 EMA’ placed at 9610. Going forward, since
the overall “Lower top Lower bottom” structure is still intact
on the daily chart, we are of the opinion that if the index
sustains below yesterday’s low of 9294 then it is likely to
slide towards 9215 - 9149 levels. On the flipside, the
possibility of further bounce would open up only if the
index stays above the 9587 level.
Actionable points:
View
Neutral
Resistance Levels
9587
Support levels
9294 - 9215
Source: Falcon:
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Daily Technical Report
August 27, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
18,352
18,455
18,592
18,695
18,831
NIFTY
5,412
5,444
5,487
5,519
5,561
BANKNIFTY
9,125
9,250
9,418
9,542
9,711
ACC
982
992
1,005
1,015
1,028
AMBUJACEM
155
160
163
168
171
ASIANPAINT
414
421
428
435
441
AXISBANK
888
911
953
976
1,018
BAJAJ-AUTO
1,718
1,749
1,784
1,815
1,849
BANKBARODA
457
465
472
480
487
BHARTIARTL
298
303
310
314
321
BHEL
114
119
122
127
130
BPCL
291
298
305
312
319
CAIRN
307
313
316
322
325
CIPLA
386
392
398
405
410
COALINDIA
261
266
273
278
284
DLF
131
134
137
141
144
DRREDDY
2,085
2,118
2,153
2,186
2,221
GAIL
283
289
298
304
314
GRASIM
2,276
2,296
2,321
2,341
2,366
HCLTECH
922
933
950
961
978
HDFC
729
736
743
751
757
HDFCBANK
592
602
612
622
632
HEROMOTOCO
1,878
1,912
1,935
1,968
1,991
HINDALCO
100
102
105
107
110
HINDUNILVR
592
600
608
617
625
ICICIBANK
799
815
837
852
874
IDFC
87
91
98
102
109
INDUSINDBK
361
368
376
382
390
INFY
2,988
3,010
3,030
3,051
3,071
ITC
302
305
309
311
315
JINDALSTEL
234
239
244
248
253
JPASSOCIAT
33
34
35
37
37
KOTAKBANK
611
622
636
647
661
LT
723
734
747
759
771
LUPIN
746
760
781
795
816
M&M
785
796
809
821
833
MARUTI
1,283
1,296
1,307
1,319
1,331
NMDC
113
116
118
121
123
NTPC
128
130
132
134
135
ONGC
258
263
271
277
285
PNB
467
473
482
488
497
POWERGRID
97
97
98
99
99
RANBAXY
368
386
400
418
432
RELIANCE
798
810
821
833
844
RELINFRA
339
346
355
362
372
SBIN
1,523
1,540
1,562
1,580
1,602
SESAGOA
148
158
164
174
181
SUNPHARMA
504
511
516
523
528
TATAMOTORS
288
293
299
304
309
TATAPOWER
74
76
79
81
84
TATASTEEL
267
272
279
284
291
TCS
1,780
1,811
1,845
1,876
1,909
ULTRACEMCO
1,556
1,576
1,593
1,614
1,631
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Daily Technical Report
August 27, 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
-
Technical Analyst
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