Daily Technical Report

July 18, 2012

Sensex (17105) / NIFTY (5193)

Yesterday, our benchmark indices opened on an optimistic note in-line with some of the Asian bourses but could not sustain at higher levels and closed once again below the 5200 mark. On the sectoral front, the correction was mainly seen in Realty, Auto and Power counters; whereas defensive sectors like, FMCG and Health Care stood firm during yesterdays session. The advance to decline ratio was strongly in favor of declining counters (A=1048 D=1758) (Source www.bseindia.com). Formation The weekly 61.8% Fibonacci retracement of the fall from 18524 /5630 (February 22, 2012) 15749 / 4770 (June 4, 2012) is seen at 17464 / 5302. On the weekly chart, we are witnessing a Downward Sloping Trend Line resistance near 17687 / 5386 formed by joining the highs of 21109 / 6339 (November 5, 2010) 18524 / 5630 (February 24, 2012). A horizontal consolidation band is observed in the range of 17034 / 5159 and 17635 / 5350. The 20 day EMA is placed at 17200 / 5218 level.

Exhibit 1: Nifty Daily Chart

Source: Falcon

Actionable points:

View Resistance Levels

Neutral 5247 - 5267 5189 - 5159

Trading strategy: Despite strong opening, our markets could not sustain at higher levels and again closed below 5200 mark. Indices are now moving towards the lower range of the gap area (17135 - 17034 / 5189 5159 levels) formed on 29thJune 2012. This support zone also coincides with 20-week EMA. Hence, looking at the weekly chart, our view is that indices may find decent intraday support around 17135 17034 / 5189 5159 levels. On the upside, Mondays high of 17273 / 5247 may act as an immediate intraday resistance level. A sustainable move above this mark may push indices higher to test 17343 17467 / 5267 5300 levels.

Support Levels

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Daily Technical Report

July 18, 2012

Bank Nifty Outlook - (10568)

Yesterday, Bank Nifty opened on a flat note and selling pressure led the index to close near days low. The momentum oscillators on the daily chart continue with their sell signal. However, RSI-Smoothened on the hourly chart is placed in oversold zone and hence the chances of a minor pullback cannot be ruled out. Going forward, yesterdays low of 10518 is likely to act as important support level. A sustainable move below this level would intensify the selling pressure and the Index may drift lower to test 10395 10300 levels. On the upside 10650 10693 levels are likely to act as resistance in coming trading session. Actionable points:
View Resistance Levels Support Levels Neutral 10650 10693 10395 10300

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon

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Daily Technical Report

July 18, 2012 Daily Pivot Levels for Nifty 50 Stocks
SCRIPS SENSEX NIFTY BANKNIFTY ACC AMBUJACEM ASIANPAINT AXISBANK BAJAJ-AUTO BANKBARODA BHARTIARTL BHEL BPCL CAIRN CIPLA COALINDIA DLF DRREDDY GAIL GRASIM HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK IDFC INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 16,977 5,149 10,429 1,238 166 3,595 984 1,395 724 316 221 369 315 325 350 198 1,671 341 2,548 467 679 573 2,077 118 439 911 132 2,141 251 407 75 581 1,358 690 1,176 156 279 846 111 483 711 501 91 2,160 181 674 98 618 221 93 399 1,146 349 S1 17,041 5,171 10,494 1,248 168 3,629 1,004 1,420 727 320 224 373 316 329 352 200 1,688 348 2,567 473 681 578 2,087 119 442 917 134 2,156 253 411 76 587 1,368 699 1,186 157 281 852 112 489 715 509 91 2,180 183 683 100 623 223 94 403 1,166 356 PIVOT 17,139 5,204 10,584 1,260 169 3,674 1,032 1,457 731 324 228 379 317 333 354 204 1,704 354 2,591 479 683 584 2,104 120 444 924 137 2,177 255 418 77 594 1,384 712 1,201 159 286 858 112 496 722 524 92 2,202 186 694 101 630 228 96 408 1,195 360 R1 17,203 5,226 10,648 1,269 170 3,707 1,052 1,482 735 329 231 383 318 336 356 206 1,720 361 2,610 485 685 588 2,114 121 446 930 138 2,192 257 422 78 600 1,394 721 1,211 160 288 864 113 502 726 532 93 2,221 188 703 103 635 230 97 411 1,215 367 R2 17,300 5,259 10,738 1,281 171 3,752 1,081 1,518 739 333 235 390 320 341 357 210 1,736 366 2,634 490 687 594 2,131 121 448 938 141 2,213 258 429 79 607 1,410 734 1,226 161 293 870 114 509 732 547 94 2,243 191 714 104 642 235 99 417 1,244 371

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Daily Technical Report

July 18, 2012
Research Team Tel: 022 - 39357800 E-mail: research@angelbroking.com Website: www.angelbroking.com

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Research Team
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Mehul Kothari Ankur Lakhotia Head Technicals Technical Analyst Technical Analyst Technical Analyst Technical Analyst

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