Daily Technical Report

September 24, 2012

Sensex (18753) / NIFTY (5691)

On Friday, our benchmark indices traded with a positive bias and finally closed at a 52 weeks high on the back of stability on the political front. Indices surged more than 2.5% and closed marginally below 5700 mark. In case of specific sectors, once again Power, Consumer Goods and Metal counters contributed heavily to the rally; whereas IT and Teck sector remained under pressure. The advance to decline ratio was strongly in favor of advancing counters (A=1815 D=1102) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 18000 / 5450 and 17500 / 5300 levels, respectively. The weekly chart depicts an Upward Sloping Trend Line breakout above 17973 / 5449 levels. The daily RSI momentum oscillator on weekly chart is still showing strength. The continuous rise in the daily ADX (14) indicator signals strength in the coming sessions. The ADX line has moved up from the 21 level (previous weeks Friday) to 30 (this Friday). The ADX line moving above the 30 mark along with rising + DI is interpreted as a strong trend.

Source: Falcon:

Actionable points:
View Resistance Levels Support Levels Neutral 5720 5741 5665 - 5630

Trading strategy:
Yesterday was the third consecutive Friday on which the Nifty posted a closing in excess of 100 points (i.e. nearly a 2% gain). Our benchmark indices have now rallied nearly 10% from the recent bottoms of 17250 / 5215 and show significant potential for a further up move. At this juncture, it would be a bit early to comment, but the monthly RSI oscillator is now moving upwards from the 50 mark. This indicator has been near 50 in the past 5 months. (RSI moving away from the 50 level towards 70 is a sign of upside momentum). Also, the monthly ADX (9) indicator is signaling a positive crossover. In addition, the daily ADX (14) indicator is at the 30 mark. The ADX line moving above 30 levels signifies strength in the current trend. Considering all the above technical evidences, we can infer that if indices sustain above 19132 / 5741, then our benchmark indices are likely to rally towards the next possible target of 19542 19812 / 5850 5945 and even the possibility of testing 6000 (Nifty) cannot be ruled out.

However, it would be very difficult to judge whether these targets would be achieved in the current leg of the rally or post a correction / consolidation before moving higher. The traders who have missed this rally should now ideally wait for a pull back (if any) towards the support levels of 18291 18000 / 5534 5450 and then initiate fresh long positions in the market. We are of the opinion that traders should now adopt stock specific approach and trade with strict stop losses.

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Daily Technical Report

September 24, 2012

Bank Nifty Outlook - (11359)

On Friday, Bank Nifty opened on a flat note and strengthened as the day progressed to close with a hefty gain of 4.01%. On the weekly chart, the Index has confirmed Higher Top Higher Bottom formation after nearly a year. At this juncture the 66% retracement of the rise fall from November 5, 2010 - December 23, 2011 has been tested and this level coincides with the prior swing high of 11433. The momentum oscillators on the weekly charts suggest the ongoing bullish run in the index to continue. However the momentum oscillators on the daily chart are placed in extreme overbought zone. This coupled with negative divergence in RSI momentum oscillator on the hourly chart indicates the possibility of a minor pullback or consolidation. On the upside 11451 11491 levels are likely to act as resistance and on the downside 11166 11103 levels are likely to act as support in coming trading session.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Resistance Levels Support Levels Neutral 11451 11491 11166 - 11103 Source: Falcon:

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Daily Technical Report

September 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 18,221 5,518 10,795 1,339 187 3,858 1,020 1,782 742 267 213 336 338 354 356 227 1,597 365 3,036 560 757 596 1,885 113 523 1,004 143 2,543 253 381 76 593 1,503 774 1,275 162 278 785 116 522 823 481 83 2,090 168 675 97 652 268 95 389 1,278 367 S1 18,487 5,604 11,077 1,359 191 3,902 1,073 1,791 761 273 223 342 344 357 364 231 1,620 375 3,136 565 769 611 1,904 116 526 1,035 148 2,568 257 404 80 608 1,544 792 1,294 165 286 811 118 527 837 512 88 2,151 175 683 101 661 272 99 399 1,291 372 PIVOT 18,677 5,662 11,255 1,374 193 3,935 1,101 1,801 773 277 228 346 349 362 370 235 1,662 382 3,200 570 776 620 1,919 117 532 1,060 152 2,609 261 418 82 617 1,570 808 1,305 167 292 826 120 534 846 532 91 2,197 178 690 103 673 275 102 407 1,312 378 R1 18,943 5,749 11,537 1,395 197 3,980 1,153 1,810 792 283 238 352 355 366 378 239 1,686 392 3,300 575 788 634 1,938 120 535 1,091 158 2,634 265 441 86 632 1,612 825 1,324 171 300 853 122 538 859 564 96 2,259 185 699 106 681 278 106 417 1,325 383 R2 19,133 5,807 11,715 1,410 200 4,013 1,182 1,819 804 287 243 357 361 371 384 244 1,728 399 3,364 580 795 644 1,954 122 540 1,117 162 2,675 269 455 88 641 1,638 841 1,336 173 305 868 123 546 868 583 99 2,304 188 706 109 693 281 108 424 1,346 388

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Daily Technical Report

September 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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