Daily Technical Report

November 12, 2012

Sensex (18684) / NIFTY (5686)

On Friday, our benchmark indices traded with negative bias throughout the day to close with a loss of almost 1% below the 5700 mark. This was mainly due to poor performance in the second quarter by the front liners like State Bank of India, ONGC and Tata Steel. All the sectoral indices ended with loss on Friday among which PSU, Realty and Metal counters were the biggest losers. The advance to decline ratio was strongly in favor of declining counters (A=1121 D=1734) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 18693 / 5683 and 18119/ 5498 levels, respectively. The monthly RSI oscillator is moving higher from the 50 mark and the positive in the ADX (9) indicator is intact. The daily momentum oscillators viz, the RSI and the Stochastic are now signaling a negative crossover.
Source: Falcon:

Trading strategy:
Previously, indices slipped marginally below the support level of 18530 / 5630 and bounced back sharply after making a low of 18393 / 5583. We are now observing a mirror image of the breakdown, in the form of a breakout beyond the 18886 / 5729 mark. Indices managed to traverse the 18886 / 5729 level and started correcting immediately after a minor up move. This shows that the market participants are skeptical and hence, the market is struggling to find a clear direction. At this juncture, the daily chart depicts a negative crossover in the RSI and the Stochastic oscillators. This increases the possibility of a near term corrective move if our benchmark indices manage to sustain below 18656 / 5677 levels. In this scenario, our markets may slide towards 18589 18393 / 5650 5583 levels. A breach of 18393 / 5583 may reinforce the negative momentum and as a result, we may witness further correction towards 18194 / 5515, which is the 50% Fibonacci Retracement level of the rise from 17250 to 19138 / 5216 to 5815.

Actionable points:
View for the day Expected Target Resistance Levels Bearish Below 5677 5650 - 5583 5700 - 5735

On the flipside, 19138 / 5816 level would act a strong resistance for our market. Only a sustainable move beyond this level would augment the buying interest and indices may resume to their higher degree trend, i.e. bullish. In this scenario, the up move may get extended towards 19542 19812 / 5850 5945 levels. In the broader sense, the near term trading range has widened to 19138 18393 / 5816 5583 levels.

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Daily Technical Report

November 12, 2012

Bank Nifty Outlook - (11476)

On Friday, Bank Nifty opened on a flat note and drifted lower during the second half of the session to close with a loss of 1.19%. The selling pressure was seen in all the banking counters post results of the banking heavyweight SBI. Moreover, on weekly chart the index depicts a narrow range body formation with a long upper shadow. At this juncture the index has taken support near to 20 day EMA. In addition, we are now witnessing a negative crossover in RSI and Stochastic momentum oscillators on the daily chart. The effect of the mentioned oscillators would be seen if the index sustains below Fridays low of 11427. In this scenario the index is likely to drift lower towards11350 11252 levels. For the day 11533 11600 levels are likely to act as resistance.

Exhibit 2: Bank Nifty Hourly Chart

Actionable points:
View for the day Expected Targets Resistance Levels Bearish Below 11427 11350 11252 11533 - 11600 Source: Falcon:

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Daily Technical Report

November 12, 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 18,507 5,631 11,286 1,420 210 4,042 1,193 1,821 738 272 226 332 326 389 341 205 1,747 348 3,315 608 784 631 1,879 111 520 1,040 154 2,333 285 374 89 610 1,590 575 896 1,448 163 250 749 117 531 774 461 2,069 169 670 682 276 99 372 1,314 1,986 364 S1 18,595 5,659 11,381 1,437 212 4,078 1,204 1,837 748 274 229 335 328 391 344 208 1,758 352 3,339 611 789 635 1,893 112 525 1,050 156 2,341 286 379 90 616 1,606 580 903 1,456 165 253 759 118 537 781 466 2,112 171 679 688 278 100 381 1,319 2,004 367 PIVOT 18,745 5,705 11,522 1,460 215 4,136 1,219 1,854 760 277 234 339 330 394 348 213 1,774 357 3,364 615 793 639 1,907 114 530 1,064 160 2,353 288 384 92 624 1,625 584 913 1,465 168 259 772 120 546 792 474 2,191 175 691 697 281 102 395 1,326 2,030 373 R1 18,833 5,733 11,617 1,477 217 4,173 1,229 1,870 769 279 237 342 332 396 350 216 1,785 360 3,388 618 798 643 1,922 115 535 1,073 163 2,361 290 389 93 629 1,640 589 920 1,473 169 263 783 121 552 799 479 2,234 177 699 704 284 103 404 1,332 2,048 376 R2 18,983 5,779 11,759 1,501 220 4,231 1,244 1,887 782 281 243 346 334 400 354 220 1,801 365 3,413 621 803 647 1,936 117 541 1,087 167 2,373 292 394 95 638 1,659 593 931 1,483 172 269 796 122 561 811 488 2,312 180 712 713 287 105 418 1,339 2,074 382

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Daily Technical Report

November 12, 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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