Daily Technical Report
August 30, 2013
Exhibit 1: Nifty Hourly Chart
Sensex (18401) / NIFTY (5409)
Yesterday, we witnessed a gap up opening in-line with
optimistic global cues. Subsequently, indices picked up their
previous session’s uptrend and continued to move upwards to
close almost at the highest point of the day. During the session,
all sectors ended in the positive territory with Oil & Gas, Metal,
FMCG and Capital Goods counters leading the rally. The
Advance to Decline ratio was strongly in favor of advancing
counters. (A=1254 D=1001) (Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19176 / 5745 and 18604 / 5612 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
18650 / 5519 and 19162 / 5737 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is negatively
poised. The ‘Stochastic’ momentum oscillator on the
Source: Falcon:
weekly chart is extremely oversold.
The ‘Lower Top - Lower Bottom’ formation in weekly chart
is still intact.
Actionable points:
View
Bullish above 5445
Trading strategy:
Expected targets
5500 - 5529
Yesterday, despite being a derivative expiry session, we did
Support levels
5363 - 5303
not see any volatile movement. Considering past two
trading sessions, it can be concluded that the bulls have
completely outsmarted the bears with humongous six
percent recovery from the Tuesday’s low of 5118. The fall in
Indian Rupee (INR) has also cooled off a bit. In our previous
report, we had mentioned an ‘Upward Sloping Channel’ in
hourly chart and that any sustainable move beyond 5318
would push the index towards 5400 - 5427. As per this
expectation, the Nifty precisely tested upper trend line level
of the ‘Channel’ and posted a high of 5429. At this
juncture, we are also observing that index has now
approached the hourly ’89 EMA’ placed at 5445. This
moving average has been acting as a strong resistance in
last few trading sessions. Going forward, we are of the
opinion that if the Nifty manages to sustain above 5445,
then we might witness an extended bounce towards 5500 -
5529. On the flipside, a sustainable move below 5363 may
again pull the index lower to test 5303 - 5264 levels.
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Daily Technical Report
August 30, 2013
Bank Nifty Outlook - (8905)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the Bank Nifty too opened significantly higher
in-line with our benchmark index. Although, the index
posted one and half a percent gains, the overall intraday
movement was relatively narrow as compared to the Nifty.
We had mentioned a ‘Bullish Hammer’ pattern on daily
chart, which has now been confirmed as the index closed
above the high of the pattern
(8870). Also, the RSI
momentum oscillator on the daily chart has given a
positive crossover in the oversold territory. Hence, going
forward, any sustainable move beyond 8958 may push
the index higher to test 9128 - 9208 levels. On the
flipside, 8759 - 8366 would act as immediate support
level in coming trading session.
Actionable points:
View
Bullish above 8958
Expected targets
9128 - 9208
Support levels
8759 - 8366
Source: Falcon:
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Daily Technical Report
August 30, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,925
18,163
18,309
18,547
18,694
NIFTY
5,254
5,332
5,380
5,458
5,506
BANKNIFTY
8,676
8,790
8,874
8,989
9,073
ACC
923
941
958
976
994
AMBUJACEM
147
156
162
170
176
ASIANPAINT
381
392
401
412
421
AXISBANK
793
822
845
874
896
BAJAJ-AUTO
1,687
1,714
1,735
1,762
1,783
BANKBARODA
427
440
450
463
472
BHARTIARTL
286
293
297
304
308
BHEL
109
114
116
120
123
BPCL
259
265
271
276
282
CAIRN
319
322
327
330
335
CIPLA
389
393
398
402
406
COALINDIA
242
246
252
257
263
DLF
123
127
131
135
139
DRREDDY
2,120
2,189
2,232
2,301
2,344
GAIL
270
280
286
295
302
GRASIM
2,082
2,192
2,296
2,406
2,509
HCLTECH
949
983
1,005
1,039
1,061
HDFC
641
668
686
713
730
HDFCBANK
560
566
574
580
589
HEROMOTOCO
1,814
1,894
1,969
2,048
2,123
HINDALCO
100
103
106
110
112
HINDUNILVR
578
593
602
616
626
ICICIBANK
781
794
806
819
831
IDFC
77
80
82
84
86
INDUSINDBK
330
341
350
362
370
INFY
3,032
3,068
3,098
3,134
3,163
ITC
289
297
303
311
317
JINDALSTEL
235
239
242
247
250
JPASSOCIAT
31
33
34
35
36
KOTAKBANK
571
609
635
673
698
LT
705
714
724
733
742
LUPIN
754
781
798
825
841
M&M
750
772
789
811
827
MARUTI
1,205
1,228
1,246
1,269
1,286
NMDC
113
117
119
122
124
NTPC
122
127
129
133
136
ONGC
241
245
248
252
255
PNB
407
416
430
439
453
POWERGRID
92
95
97
99
101
RANBAXY
396
407
416
426
435
RELIANCE
796
821
837
862
878
RELINFRA
324
332
338
346
352
SBIN
1,443
1,465
1,495
1,517
1,547
SESAGOA
153
173
186
206
219
SUNPHARMA
485
498
506
519
528
TATAMOTORS
290
298
303
312
317
TATAPOWER
75
76
77
78
80
TATASTEEL
271
275
280
283
288
TCS
1,840
1,894
1,932
1,985
2,024
ULTRACEMCO
1,372
1,410
1,450
1,488
1,528
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Daily Technical Report
August 30, 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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