Daily Technical Report

December 10, 2012

Sensex (19424) / NIFTY (5907)

On Friday, our benchmark indices opened flat and tested the mentioned resistance level of 19523 / 5943. A minor correction in the second half led the indices to pair gains but close marginally above the 5900 mark. The Realty, IT and Teck sectors corrected sharply in Fridays session; whereas the Consumer Durables and Auto counters ended with minor gains. The advance to decline ratio was in favor of declining counters (A=1436 D=1486) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 18980 / 5770 and 18390 / 5586 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 78.60% Fibonacci retracement level of the fall from November 5, 2010 (the high was 21109 / 6339) to December 23, 2011 (the low was 15135 / 4531) is at 19812 / 5945. On the daily chart, we are observing a Hanging Man candlestick pattern, occurred on December 6, 2012.

Source: Falcon:

Actionable points:
View for the day Resistance Level Support Levels Neutral 5950 - 6000 5889 5800

Trading strategy:
The previous weeks sharp rally was followed by consolidation in this week. However, Nifty precisely met with our target, of the Channel Pattern, at the 19500 / 5950 level mentioned in our previous report. This level on Nifty coincides with the 78.60% Fibonacci retracement level of the fall from November 5, 2010 (the high was 21109 / 6339) to December 23, 2011 (the low was 15135 / 4531). However, the corresponding level of Sensex is at 19812. This level can be considered as a strong resistance for our market in the near term. Further, we have mentioned a Hanging Man candlestick pattern in our Fridays daily report. The bearish candlestick pattern is still valid but needs confirmation in the form of a closing below 19205 / 5833. Going forward, we reiterate our view that a close below the low of the pattern i.e. 19186 / 5839 would trigger short term pessimism in the market. As a result, indices then may then slide towards 19000 18900 / 5800 5750 levels.

On the flipside, a gap up opening on Monday and a closing above Fridays high of 19562 / 5950 would certainly negate the bearish implication of the Hanging Man pattern. In this scenario, we may witness an extended rally towards 20050 20218 / 6000 6070 levels. Considering the overall weekly chart structure we continue to remain positive on the market and any corrective move towards 19000 18900 / 5800 5750 levels should be used by positional traders as buying opportunity.

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Daily Technical Report

December 10, 2012

Bank Nifty Outlook - (12364)

On Friday, in line with the benchmark indices, the Bank Nifty too opened on a flat note but eventually corrected during the day. At this juncture the index has taken support near the 20 EMA on the hourly chart. However, an overbought condition of momentum oscillators on the Daily chart suggests that a fall below Fridays low of 12306 may lead to a minor correction in the index. In this scenario the index is likely to drift lower towards 12191 12142 levels. On the upside 12439 12481 levels are likely to act as resistance for the day.

Exhibit 2: Bank Nifty Hourly Chart

Actionable points:
View for the day Resistance Levels Support Levels Neutral 12439 12481 12306 - 12191 Source: Falcon:

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Daily Technical Report

December 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 19,251 5,854 12,210 1,393 203 4,261 1,291 1,915 786 314 237 353 329 402 354 212 1,820 350 3,204 601 828 683 1,809 121 522 1,110 171 2,290 297 399 103 656 1,650 587 921 1,463 157 262 808 117 499 819 494 2,279 183 671 689 274 108 385 1,244 1,930 376 S1 19,338 5,881 12,287 1,404 204 4,287 1,310 1,928 792 318 240 355 331 406 359 216 1,830 352 3,226 607 833 688 1,818 123 526 1,121 173 2,305 299 405 104 660 1,663 593 930 1,487 158 265 815 118 503 827 501 2,298 185 677 694 278 109 390 1,254 1,946 378 PIVOT 19,450 5,915 12,382 1,421 207 4,327 1,340 1,946 798 324 244 361 333 411 365 222 1,840 353 3,263 618 841 693 1,826 124 532 1,133 176 2,327 301 409 105 666 1,681 598 940 1,513 160 267 823 119 509 838 510 2,319 189 683 700 283 110 397 1,267 1,969 380 R1 19,536 5,942 12,459 1,432 209 4,353 1,359 1,958 804 328 247 363 335 415 370 227 1,849 354 3,285 624 846 698 1,834 125 536 1,143 179 2,343 303 414 106 669 1,694 603 949 1,537 162 270 830 120 513 846 516 2,337 192 689 706 287 111 401 1,278 1,985 382 R2 19,648 5,977 12,555 1,449 211 4,393 1,389 1,976 810 334 251 369 337 419 376 233 1,860 355 3,322 635 853 703 1,842 126 542 1,155 182 2,364 305 419 107 675 1,712 608 959 1,563 164 272 838 121 519 858 525 2,358 196 695 712 291 112 409 1,291 2,008 385

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Daily Technical Report

December 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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