Daily Technical Report

September 06, 2012

Sensex (17313) / NIFTY (5226)

Yesterday, our benchmark indices opened with a downside gap in-line with negative Asian bourses (Especially Hang Seng). After a brief consolidation, indices corrected sharply during the second half to close marginally above 5200 mark. Once again a strong selling pressure was seen in Metal, Capital Goods and Banking sectors, whereas FMCG and Teck ended marginally in the positive territory. The advance to decline ratio was in favor of declining counters (A=1228 D=1563) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 200-day SMA are placed at 17560 / 5316 and 16920 / 5120 levels, respectively. Looking at the Line Chart it is clear that indices have now confirmed the Higher Top - Higher Bottom formation on the weekly chart after August 28, 2009. The weekly momentum oscillators viz., the RSI and the Stochastic are signaling a negative crossover.
Source: Falcon:

Trading strategy:
Despite a decently positive closing on Tuesdays session, our markets failed to carry forward the same momentum. After a gap down opening, indices continued to trade with negative bias post midsession and eventually closed around the 20week EMA placed at 17218 / 5215 level. Indices are now hovering around a strong support zone of 17218 17123 / 5215 5190. Hence, a closing below 17123 / 5190 level may augment further selling momentum in the markets. As a result, indices may then slide towards 16892 / 5120 level. Conversely, the resistance levels are seen at 17416 17560 / 5279 5316 levels. We reiterate that only a sustainable move above this level is likely to change the underlying negative sentiment. The broader markets are substantially negative and which sector will lead the market higher is the question that remains unanswered.

Actionable points:
View Resistance Levels Support Levels Neutral 5279 5316 5215 - 5190

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Daily Technical Report

September 06, 2012

Bank Nifty Outlook - (9828)

Yesterday, Bank Nifty opened on a pessimistic note and selling pressure throughout the day led the index to close near days low. The selling pressure intensified on the breach of important support level of 9914. The index is currently hovering around its 200 day SMA currently at 9826 coupled with positive divergence in RSI momentum oscillator on the hourly chart. Due to the above mentioned reasons we advise traders to refrain from creating fresh short positions. On the upside 9914 9976 levels are likely to act as resistance. On the downside if the index sustains below yesterdays low of 9814 then it is likely to drift further towards 9770 9718 levels.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Resistance Levels Support Levels Neutral 9914 9976 9814 9770 - 9718 Source: Falcon:

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Daily Technical Report

September 06, 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 17,164 5,190 9,710 1,276 177 3,626 901 1,620 600 243 201 336 326 366 352 189 1,638 347 2,877 548 715 583 1,779 97 513 856 123 2,318 264 319 63 559 1,299 740 1,155 166 266 661 121 537 756 428 75 1,802 160 650 91 638 223 93 340 1,317 355 S1 17,239 5,208 9,769 1,289 179 3,639 916 1,633 606 251 204 341 330 370 356 191 1,657 351 2,902 555 720 588 1,794 99 522 868 125 2,329 266 328 63 564 1,312 747 1,165 167 269 665 122 545 764 437 76 1,816 162 657 92 644 226 94 345 1,341 359 PIVOT 17,325 5,234 9,873 1,297 180 3,659 942 1,642 617 255 211 347 335 376 359 194 1,674 357 2,933 561 725 592 1,804 102 527 889 127 2,343 268 340 64 568 1,333 755 1,172 168 272 670 123 557 772 443 76 1,841 165 667 94 652 231 95 353 1,356 361 R1 17,400 5,252 9,932 1,310 182 3,672 957 1,655 623 262 214 352 338 380 362 196 1,693 362 2,958 568 730 596 1,819 104 536 900 128 2,354 269 348 65 573 1,345 763 1,182 170 276 674 124 565 779 452 77 1,856 167 674 95 658 233 96 358 1,380 365 R2 17,486 5,277 10,035 1,318 183 3,693 983 1,664 634 266 221 358 343 386 365 199 1,709 367 2,989 573 735 600 1,829 106 542 921 131 2,368 271 360 66 577 1,366 770 1,189 171 279 680 125 577 788 458 78 1,881 171 684 96 666 238 98 367 1,395 368

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Daily Technical Report

September 06, 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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