Daily Technical Report
August 28, 2013
Exhibit 1: Nifty Daily Chart
Sensex (17968) / NIFTY (5287)
Yesterday, yet again, we witnessed a gap down opening in our
market as indicated by the SGX Nifty. Right from the initial
trade, Nifty experienced tremendous selling pressure and as a
result, we witnessed mammoth intraday fall of nearly three and
half a percent. On the sectoral front, only IT sector ended in
the positive territory with very minor gains; whereas the
Banking, Capital Goods, Power and Realty counters slumped
during the session. The Advance to Decline ratio was strongly
in favor of declining counters. (A=701 D=1567) (Source-
www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19221 / 5762 and 18594 / 5609 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
18747 / 5556 and 19121/ 5725 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is negatively
poised. 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.
Trading strategy:
View
Neutral
Support Levels
5180 - 5254
Yesterday’s price movement was a replica of the massive
Resistance Levels
5306 - 5355
fall seen on August 16, 2013. This was mainly on the back
of increasing concerns over ongoing depreciation in Indian
Rupee (INR) and rise in crude prices. The Nifty resumed its
higher degree downtrend below Monday’s low of 5454 and
immediately met with our target of 5351. However, the
selling pressure was so intense that the index could not hold
its intraday support of 5351 and eventually closed well
below 5300 mark for the first time after September 06,
2012. At this juncture, the low of the weekly ‘Hammer’ is
still intact. However, considering the strong downtrend and
overall dejected sentiments, the possibility of breaking this
support level cannot be ruled out. In case of a sustainable
breakdown below 5254, the Nifty may initially slide towards
the 5180 mark (61.8% Fibonacci retracement level). On the
flipside, 5307 - 5355 would act as intraday resistance
levels in coming trading session.
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Daily Technical Report
August 28, 2013
Bank Nifty Outlook - (8871)
Exhibit 2: Bank Nifty Weekly Chart
The nightmare continues for the banking counters as the
index opened substantially lower and plunged by more
than five percent during the session. During the session,
the Bank Nifty violated recent swing low of 8860 but
closed marginally above it. Going forward, any
sustainable move below yesterday’s low of 8842 may
result in further correction towards the next support level of
8704. However, it should not be neglected the index is
hovering around its strong support zone of monthly ’89
EMA’ placed at 8795. This technical tool is considered as
a strong support zone. We advise traders not to initiate
any short positions at this juncture as the risk to reward
ratio remains unfavorable. On the upside, 9027 - 9157
levels would act as intraday resistance in coming trading
session.
Actionable points:
View
Neutral
Source: Falcon:
Resistance Levels
9027 - 9157
Support levels
8842 - 8704
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Daily Technical Report
August 28, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,578
17,773
18,117
18,312
18,656
NIFTY
5,177
5,232
5,330
5,385
5,483
BANKNIFTY
8,608
8,739
8,974
9,105
9,339
ACC
895
919
962
986
1,029
AMBUJACEM
149
154
163
168
177
ASIANPAINT
390
400
415
425
441
AXISBANK
841
859
890
908
938
BAJAJ-AUTO
1,656
1,692
1,737
1,773
1,819
BANKBARODA
445
452
460
468
476
BHARTIARTL
282
288
297
303
313
BHEL
99
105
116
122
133
BPCL
278
284
294
300
311
CAIRN
299
304
312
317
326
CIPLA
387
392
397
402
407
COALINDIA
247
254
262
268
276
DLF
125
128
132
134
138
DRREDDY
2,083
2,125
2,162
2,204
2,241
GAIL
284
289
294
298
303
GRASIM
2,181
2,214
2,259
2,292
2,337
HCLTECH
929
938
950
959
971
HDFC
628
657
696
725
764
HDFCBANK
528
545
572
589
617
HEROMOTOCO
1,859
1,880
1,913
1,934
1,967
HINDALCO
94
97
101
103
107
HINDUNILVR
576
586
596
606
616
ICICIBANK
785
794
809
818
833
IDFC
71
75
83
87
94
INDUSINDBK
319
332
351
364
382
INFY
3,008
3,032
3,056
3,080
3,104
ITC
282
290
298
306
315
JINDALSTEL
215
223
234
241
252
JPASSOCIAT
29
31
34
35
38
KOTAKBANK
591
602
612
623
633
LT
672
689
714
731
757
LUPIN
736
747
763
774
790
M&M
772
781
793
801
813
MARUTI
1,202
1,231
1,269
1,298
1,336
NMDC
108
111
114
116
120
NTPC
117
121
127
130
136
ONGC
252
256
261
265
270
PNB
446
453
463
469
479
POWERGRID
89
93
98
101
106
RANBAXY
345
361
389
406
434
RELIANCE
784
794
809
819
834
RELINFRA
313
322
338
348
364
SBIN
1,481
1,500
1,521
1,541
1,562
SESAGOA
150
159
167
176
184
SUNPHARMA
475
486
501
512
528
TATAMOTORS
283
287
291
294
299
TATAPOWER
71
73
76
78
81
TATASTEEL
266
269
274
278
283
TCS
1,800
1,820
1,849
1,868
1,898
ULTRACEMCO
1,516
1,533
1,569
1,586
1,622
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Daily Technical Report
August 28, 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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