Daily Technical Report

December 06, 2012

Sensex (19392) / NIFTY (5901)

Yesterday, our benchmark indices opened marginally higher in-line with strong cues from other Asian bourses (especially, Hang Sang and Shanghai Composite). This resulted in the Nifty edging above 5900 mark during the initial hour of the session. However, the price action during the day was lackluster similar to previous couple of trading sessions. Realty and Metal sectors outperformed in yesterdays trading session; whereas the IT and Teck counters kept our market under pressure. The advance to decline ratio was strongly in favor of advancing counters (A=1688 D=1227) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 18702 / 5687 and 18281/ 5552 levels, respectively. On the weekly chart, we are witnessing a breakout from Downward Sloping Trend Line joining two significant swing high of 19811 / 5944 (April 2011) and 19137 / 5815 (Oct 2012) at 19050 / 5800 level. The target of the daily Channel pattern breakout comes around 19500 / 5950 level. The weekly Stochastic and the RSI oscillators are now signaling a positive crossover.

Source: Falcon:

Actionable points: Trading strategy:

Yesterday, we witnessed yet another session with lackluster activity and a narrow trading range. Further, initial gap opening above the high of Spinning Top candle has negated the pattern. However, the daily chart now depicts yet another Narrow Range Body formation. Hence, the uncertainty among market participants still persists. Going forward, yesterdays high of 19464 / 5918 will now act as a resistance in coming trading session. Only a sustainable move beyond this level, with strong volumes, may ultimately push indices to our mentioned level of 19812 / 5945. On the other hand, a breach of yesterdays low would trigger intraday pessimism in the market. In this case, we may see weakness up to 19257 19000 / 5854 5800 levels.
View for the day Resistance Level Support Levels Neutral 5918 - 5945 5854 5800

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Daily Technical Report

December 06, 2012

Bank Nifty Outlook - (12282)

Yesterday, Bank Nifty opened with an upside gap in line with our benchmark indices and traded in a narrow range throughout the session. The negative divergence in RSI momentum oscillator on the hourly chart coupled with overbought condition on momentum oscillator Stochastic on daily chart mentioned in our previous report is still intact. The index is now approaching the resistance zone 12335 12365, hence we believe that the ongoing consolidation phase is likely to continue. Any pullback in the index would be seen only if the index falls below 12053 level. On the upside 12335 12365 are likely to act as resistance and 12219 12106 levels are likely to act as support for the day. Traders are advised not to create any fresh long positions in the index at this point of time.

Exhibit 2: Bank Nifty Hourly Chart

Actionable points:
View for the day Resistance Levels Support Levels Neutral 12335 12365 12219 - 12106 Source: Falcon:

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Daily Technical Report

December 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 LUPIN M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SBIN SESAGOA SIEMENS SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS ULTRACEMCO WIPRO S2 19,316 5,877 12,176 1,411 204 4,318 1,319 1,890 765 323 233 344 331 409 357 210 1,812 351 3,257 625 823 684 1,793 116 526 1,099 171 2,344 293 395 98 652 1,648 582 917 1,462 157 263 783 118 507 814 493 2,229 178 673 691 268 104 390 1,279 1,895 371 S1 19,354 5,889 12,229 1,421 206 4,348 1,327 1,910 774 327 235 352 332 412 359 216 1,822 352 3,275 632 831 688 1,807 119 529 1,109 172 2,363 295 399 99 658 1,657 589 923 1,470 158 265 798 119 510 823 497 2,250 184 678 697 272 106 394 1,288 1,924 376 PIVOT 19,409 5,903 12,272 1,432 207 4,381 1,333 1,942 781 330 238 356 333 414 364 220 1,833 354 3,298 642 841 692 1,821 120 533 1,119 174 2,397 297 407 102 666 1,669 596 935 1,480 159 267 810 120 515 830 502 2,267 187 683 704 275 109 397 1,298 1,965 384 R1 19,446 5,915 12,325 1,442 209 4,411 1,341 1,961 790 334 241 363 334 417 366 226 1,843 355 3,317 649 849 696 1,835 123 536 1,129 175 2,416 300 412 103 671 1,679 603 942 1,488 160 270 825 121 518 840 505 2,288 192 688 710 279 112 401 1,307 1,994 388 R2 19,501 5,930 12,367 1,452 210 4,444 1,348 1,994 797 337 244 368 335 419 370 230 1,853 356 3,340 659 859 700 1,849 124 541 1,139 177 2,449 302 420 105 680 1,691 610 954 1,498 161 272 837 122 522 847 510 2,304 195 692 717 282 115 404 1,317 2,035 396

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Daily Technical Report

December 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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