Daily Technical Report

September 14, 2012

Sensex (18021) / NIFTY (5435)

Yesterday, our markets traded in an extremely narrow range to close near the previous day's close as traders preferred to wait for the decision of US Federal Reserve before taking further positions. On sectoral front, FMCG, PSU and Oil & Gas counters remained positive during yesterdays session; whereas Health Care, Realty and Auto sectors remained under pressure. The advance to decline ratio was in favor of declining counters (A=1259 D=1586) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 17508 / 5298 and 17254 / 5226 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 daily RSI momentum oscillator and 3 & 8 EMA have given a positive crossover. The 50% Fibonacci Retracement level of the rise from 16598 to 17973 / 5032 to 5449 is at 17285 / 5240.
Source: Falcon:

Actionable points: Trading strategy:

Skepticism among market participants, prior to the Fed's announcement was expected in yesterdays session. Going forward, in line with other Asian Markets, we expect the Nifty to open on a strong footing. The Quantitative easing announced by the Fed in yesterdays meeting coupled with the diesel price hike in domestic markets should ideally lead to a significant rally. We reiterate our bullish stance on the Index and are of the view that a move beyond 5449 would indicate a high probability of a rally towards the next targets of 5500-5550. Conversely, Tuesday's low of 17677 / 5332 is likely to act as a strong support for the coming few trading sessions.
View Expected Target Levels Support Levels Bullish above 5449 5500 - 5550 5332

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Daily Technical Report

September 14, 2012

Bank Nifty Outlook - (10208)

Yesterday, Bank Nifty opened on a positive note and traded in a narrow range to close near the initial opening level. For the second consecutive session we are witnessing a Spinning Top candlestick pattern indicating indecisiveness at current levels. The momentum oscillator RSI on the daily chart continue to be positive. Going forward, considering the move in global markets and policy decisions by the US Federal Reserve, we are of the view that a move beyond the 10275 mark on the Bank Nifty may lead to a further rally towards the 10327 - 10414 levels. On the downside 10170 would act as decent support in coming few trading sessions.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Target Levels Support Levels Bullish Above 10275 10327 - 10414 10170 Source: Falcon:

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Daily Technical Report

September 14, 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 17,934 5,409 10,125 1,319 187 3,808 935 1,679 630 246 195 347 336 358 373 199 1,734 364 2,992 574 737 590 1,769 107 536 950 130 2,498 267 330 68 577 1,404 746 1,189 169 276 673 119 539 786 444 79 1,838 157 655 93 667 254 94 379 1,403 384 S1 17,977 5,422 10,166 1,331 189 3,829 942 1,697 634 250 198 351 339 364 376 200 1,756 367 3,014 581 744 595 1,796 108 541 955 131 2,526 268 336 68 581 1,411 751 1,200 170 279 677 120 545 793 450 80 1,853 159 662 94 672 257 95 383 1,410 386 PIVOT 18,020 5,435 10,213 1,347 191 3,852 951 1,713 641 255 200 354 342 372 379 202 1,777 371 3,027 586 753 598 1,815 109 545 960 132 2,547 269 342 69 584 1,420 757 1,215 171 283 685 121 554 801 456 81 1,869 160 672 94 678 260 95 387 1,417 388 R1 18,064 5,448 10,254 1,360 193 3,873 957 1,730 646 259 203 357 344 378 383 203 1,799 374 3,049 593 760 603 1,841 110 550 965 133 2,575 271 347 70 587 1,427 762 1,226 172 286 690 122 560 807 462 82 1,884 161 678 95 683 263 96 391 1,425 390 R2 18,106 5,460 10,301 1,376 195 3,896 966 1,746 653 264 205 360 347 385 385 205 1,819 378 3,062 599 770 606 1,860 111 554 970 134 2,596 272 353 71 590 1,435 767 1,241 174 290 697 124 570 815 467 83 1,900 163 688 96 689 267 96 395 1,431 391

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Daily Technical Report

September 14, 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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