Daily Technical Report

July 24, 2012

Sensex (16877) / NIFTY (5118)

Yesterday, our markets opened significantly lower on the back of extreme negative cues from other global markets. Concerns regarding the European debt crisis added fuel to fire and the Index closed marginally above 5100 mark. On the sectoral front, Metal, Realty and Power corrected sharply during yesterdays session. There was no sector on the positive side. The advance to decline ratio was strongly in favor of advancing counters (A=992 D=1791) (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). The 20-day EMA and 20-week EMA are placed at 17200 / 5218 and 17000 / 5155 level, respectively.

Exhibit 1: Nifty Daily Chart

Source: Falcon

Actionable points:

View Resistance

Neutral 5164 5197 5098 5041

Trading strategy: We have been mentioning a gap area of 17135 17034 / 5189 5159 levels formed on June 29, 2012. During yesterdays session, our markets opened below 17034 / 5159 level and continued to fall throughout the session to close almost at the lowest point of the day. Indices have now approached their next support level of 16808 / 5098, which also coincides with the 200-day SMA. Going forward, if indices sustain below this level then they may slide further down to test 16636 / 5041. On the upside, yesterdays high of 17048 / 5164 would act as an immediate resistance in coming trading session. Only a sustainable move above this level may lead to some upside and indices may move upwards to test 17142 17205 / 5197 5219 level.

Support Levels

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Daily Technical Report

July 24, 2012

Bank Nifty Outlook - (10275)

Yesterday, Bank Nifty opened with a downside gap and fell further as the day progressed to close near the lowest point of the day. As expected we witnessed selling pressure on a breach of 10463 level. The index has managed to give a close well below its 20 day EMA indicating weakness in the short term time frame. The momentum oscillators on the daily chart are negatively poised. However, the momentum oscillators on the hourly chart are placed in extreme oversold conditions. Hence, a possibility of consolidation or minor pullback cannot be ruled out. In this case the index may rally towards 10380 10411 levels. On the downside 10160 10060 levels are likely to act as support in coming trading session. Traders are advised to refrain from taking long positions in the Bank Nifty at this juncture. Actionable points:
View Resistance Levels Support Level Neutral 10350 - 10411

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon 10160 - 10060

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Daily Technical Report

July 24, 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 16,726 5,074 10,162 1,234 165 3,535 1,016 1,536 667 291 214 366 315 322 352 195 1,575 329 2,578 472 671 566 2,020 113 439 897 129 2,167 247 408 71 540 1,327 681 1,054 151 272 790 108 466 707 493 89 2,064 178 645 96 604 211 95 389 1,188 348 S1 16,802 5,096 10,218 1,244 166 3,569 1,022 1,549 674 298 217 370 318 325 354 197 1,602 334 2,595 475 674 569 2,036 115 441 905 130 2,178 248 412 73 546 1,352 687 1,067 152 277 798 109 471 713 500 90 2,079 181 656 98 610 214 96 394 1,201 352 PIVOT 16,925 5,130 10,310 1,258 168 3,624 1,029 1,569 684 307 221 376 322 327 357 200 1,618 343 2,621 477 678 575 2,060 118 443 917 133 2,194 250 416 75 553 1,372 696 1,087 154 281 807 110 478 719 510 91 2,101 186 671 101 617 217 98 403 1,214 357 R1 17,000 5,152 10,367 1,267 169 3,658 1,035 1,581 691 313 224 380 325 330 359 201 1,645 348 2,639 480 681 578 2,076 119 445 925 135 2,205 251 420 76 559 1,397 702 1,100 156 285 815 111 483 725 517 92 2,116 188 682 103 624 220 100 409 1,227 361 R2 17,123 5,186 10,459 1,281 171 3,714 1,043 1,602 701 323 229 385 329 332 362 204 1,661 358 2,664 481 686 584 2,100 123 448 938 138 2,221 253 424 79 566 1,417 711 1,120 158 289 824 112 490 732 528 94 2,138 193 697 106 631 223 102 418 1,240 366

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Daily Technical Report

July 24, 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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