Daily Technical Report

October 10, 2012

Sensex (18793) / NIFTY (5705)

Yesterday, we witnessed a gap opening on the back of strong cues from other Asian bourses (especially Hang Seng). This initial momentum could not last post midsession, as our markets pared down most of the early gains just before the opening of European markets. A minor recovery towards the latter part led Nifty to close very marginally above 5700 mark. Yesterdays up move was mainly dominated by Consumer Durables, Health Care and FMCG counters; whereas Oil & Gas and Power sectors ended with nominal loss. The advance to decline ratio was in favor of advancing counters (A=1522 D=1311) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 18485 / 5600 and 17750 / 5380 levels, respectively. The monthly RSI oscillator is moving higher from the 50 mark and the ADX (9) indicator is now signaling a positive crossover. The daily RSI and Stochastic oscillators are signaling a negative crossover.
Source: Falcon:

Actionable points: Trading strategy:

We had an optimistic start for the session, but indices faced immense selling pressure near '20 EMA' on hourly chart. Going forward, yesterday's high of 18886 / 5729 now becomes the immediate hurdle for the bulls. The daily chart candlestick pattern represents a Bullish Harami but requires confirmation in the form of a close above 18886 / 5729. If the benchmark indices manage to sustain above this level, they are likely to move towards 18970 - 19138 / 5752 - 5816 levels. On the flip side, the negative crossover in "RSISmoothened" oscillator cannot be ignored, which, in the very near term, is a sign of caution for the bulls. However, the impact of this technical tool would be seen only if indices sustain below Monday's low of 18684 / 5666. In this case, we may see further correction towards the next support levels of 18552 18291 / 5638 5534.
View Expected target Support Levels Bullish Above 5729 5752 - 5816 5666 - 5638

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Daily Technical Report

October 10, 2012

Bank Nifty Outlook - (11446)

Yesterday, Bank Nifty opened on a flat note and traded in a narrow range throughout the session to close near the initial opening level. We are now witnessing an Inside Day candlestick pattern on the daily chart. The index continues to hold the strong support level of 11320 indicating strength by the bulls. Going forward we believe that the index is likely to trade in the range of 11745 11320. A move outside the mentioned range will dictate a clear direction of the trend. In the mentioned range 11610 11673 is likely to act as resistance and 11403 11342 is likely to act as support in coming trading session. Traders holding long positions should follow a strict stop loss of 11320 on the index. Actionable points:
View Resistance Levels Support Levels Neutral 11610 - 11673 11403 - 11342

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon:

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Daily Technical Report

October 10, 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 LUPIN M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SBIN SESAGOA SIEMENS SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS ULTRACEMCO WIPRO S2 18,637 5,653 11,295 1,401 205 3,833 1,104 1,691 754 259 242 348 328 365 352 216 1,674 370 3,233 552 741 618 1,762 115 558 1,050 154 2,457 276 414 82 623 1,596 561 857 1,378 166 276 774 117 525 805 505 2,233 170 695 702 259 100 404 1,279 1,983 357 S1 18,715 5,679 11,370 1,416 208 3,862 1,116 1,719 764 262 246 352 329 368 354 220 1,691 375 3,271 557 744 622 1,782 117 563 1,057 155 2,497 278 419 84 630 1,614 568 863 1,385 168 278 783 119 531 810 512 2,258 171 704 713 264 101 408 1,287 2,019 362 PIVOT 18,800 5,704 11,449 1,432 211 3,890 1,134 1,736 772 267 252 357 332 371 358 223 1,713 385 3,299 561 751 626 1,799 120 567 1,065 157 2,523 280 425 86 636 1,628 573 869 1,395 171 281 796 120 536 818 520 2,282 173 718 721 271 103 412 1,293 2,042 365 R1 18,879 5,730 11,525 1,447 214 3,919 1,146 1,763 782 271 256 361 333 375 360 227 1,730 390 3,337 565 754 630 1,820 122 573 1,073 158 2,563 282 431 88 643 1,646 580 876 1,403 173 284 805 121 543 824 528 2,307 175 727 731 277 104 416 1,301 2,079 370 R2 18,964 5,754 11,604 1,463 216 3,947 1,164 1,780 790 276 262 365 336 378 364 230 1,752 399 3,365 570 760 635 1,836 124 576 1,081 160 2,589 283 437 90 649 1,660 585 882 1,413 175 287 818 122 548 832 536 2,331 176 741 739 284 105 420 1,307 2,101 373

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Daily Technical Report

October 10, 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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