Daily Technical Report
August 29, 2013
Exhibit 1: Nifty Hourly Chart
Sensex (17996) / NIFTY (5285)
For the second consecutive session, a gap down opening on
the bourses led to a complete melt down during the first half.
However, post the midsession Nifty found decent buying
interest at lower levels. As a result, the index recovered from
the lows and eventually closed with very minimal losses. On the
sectoral front, the IT, Metal and Healthcare counters led
yesterday’s bounce; whereas the Consumer Durables, Realty
and Banking counters closed in the negative territory. The
Advance to Decline ratio was strongly in favor of declining
counters. (A=837 D=1369) (Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19194 / 5751 and 18595 / 5609 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
18676 / 5530 and 19124/ 5725 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is negatively
Source: Falcon:
poised. The ‘Stochastic’ momentum oscillator on the
weekly chart is extremely oversold.
The weekly chart depicts a ‘Bullish Hammer’ Japanese
Actionable points:
candlestick pattern.
The ‘Lower Top - Lower Bottom’ formation in weekly chart
View
Bullish above 5318
is still intact.
Expected targets
5400 - 5427
Support levels
5223 - 5150
Trading strategy:
We witnessed a roller-coaster ride during yesterday’s
session where the initial half dominated by the bears and
the latter half was overshadowed by the bulls. The weakness
was seen mainly on the back of increasing concerns over
soaring crude oil prices and depreciation in the INR which
closed at an all time low near the 69 mark. However, we
witnessed some cool off in the second half and as a result;
the Nifty shed all its early losses to close marginally in the
positive territory. On the hourly chart, we are observing a
‘Downward Sloping Channel’ (please refer exhibit). The
Nifty has precisely taken a support around the lower trend
line and the upper range is placed around
5400.
Considering the positive placement of hourly ‘RSI-
Smoothened’ oscillator, we are of the opinion that if Nifty
sustains above yesterday’s high of 5318, then we may
expect an extended bounce towards 5400. On the flipside,
any intraday weakness below 5223 would once again lead
to corrective move towards 5150 - 5118 levels.
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Daily Technical Report
August 29, 2013
Bank Nifty Outlook - (8761)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened significantly lower on
the back of negativity swaying across the global markets.
Similar to benchmark indices, the Bank Nifty plunged
during the initial hours of trade but recovered from the
abyss as a strong short covering rally pulled the index four
percent higher from the day's low. The daily chart now
depicts a 'Bullish Hammer' Japanese candlestick pattern.
The said pattern is a bullish reversal pattern but needs
confirmation in the form of a close above yesterday's high
of 8870. The momentum oscillators on the hourly chart
are positively poised. Going forward if the Bank Nifty
sustains above the 8870 mark then we expect the ongoing
bounce to get extended towards 9100 - 9200 levels. On
the flipside, yesterday's low of 8366 would hold the key
support in coming trading session.
Actionable points:
Source: Falcon:
View
Bullish Above 8870
Expected Targets
9005 - 9208
Support levels
8669 - 8522
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Daily Technical Report
August 29, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,196
17,596
17,849
18,249
18,502
NIFTY
5,042
5,163
5,241
5,362
5,439
BANKNIFTY
8,163
8,462
8,666
8,965
9,169
ACC
895
920
936
961
977
AMBUJACEM
140
150
157
167
174
ASIANPAINT
360
376
389
405
419
AXISBANK
755
797
825
867
895
BAJAJ-AUTO
1,653
1,690
1,717
1,755
1,782
BANKBARODA
417
431
444
459
471
BHARTIARTL
273
280
287
294
300
BHEL
101
107
111
118
122
BPCL
244
256
268
279
291
CAIRN
302
314
322
333
341
CIPLA
377
388
394
405
412
COALINDIA
239
246
252
260
266
DLF
118
125
129
136
140
DRREDDY
2,096
2,134
2,163
2,200
2,229
GAIL
261
272
283
293
304
GRASIM
2,085
2,154
2,193
2,262
2,301
HCLTECH
927
954
969
996
1,011
HDFC
610
631
654
675
698
HDFCBANK
510
536
554
580
598
HEROMOTOCO
1,838
1,876
1,900
1,939
1,963
HINDALCO
94
98
101
105
107
HINDUNILVR
569
582
592
605
615
ICICIBANK
736
766
787
818
839
IDFC
74
77
79
82
85
INDUSINDBK
304
324
338
359
373
INFY
3,021
3,069
3,099
3,147
3,177
ITC
276
287
296
307
316
JINDALSTEL
221
230
235
244
249
JPASSOCIAT
29
31
33
35
37
KOTAKBANK
570
588
606
624
642
LT
661
683
699
721
737
LUPIN
731
750
762
781
792
M&M
722
749
767
794
813
MARUTI
1,199
1,218
1,233
1,252
1,267
NMDC
107
112
115
119
122
NTPC
121
123
125
128
130
ONGC
224
234
244
254
265
PNB
416
425
439
448
462
POWERGRID
90
92
94
96
99
RANBAXY
346
382
404
441
463
RELIANCE
743
778
798
832
853
RELINFRA
301
318
329
346
357
SBIN
1,428
1,463
1,488
1,522
1,547
SESAGOA
154
162
168
176
182
SUNPHARMA
461
483
498
521
536
TATAMOTORS
281
290
295
303
308
TATAPOWER
70
74
76
79
81
TATASTEEL
258
268
276
286
294
TCS
1,776
1,842
1,894
1,960
2,012
ULTRACEMCO
1,398
1,431
1,483
1,516
1,568
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Daily Technical Report
August 29, 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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