Daily Technical Report

April 29, 2013

Sensex (19287) / NIFTY (5871)

On Friday, indices opened on a flat note and thereafter traded with a negative bias to close with a loss of 0.76%. For the session most of the sectors ended in the red, amongst which Realty, Oil & Gas and IT were among the major losers, whereas Auto and Capital Goods counters ended with gains. The advance to decline ratio was in strongly in favor of declining counters (A=949 D=1356) (Sourcewww.bseindia.com)

Exhibit 1: Sensex Daily Chart

Formation
The 20-week EMA and the 20-day EMA are placed at 19038/ 5767 and 18902/ 5730 levels, respectively. The 89-day EMA and the 200-day SMA are placed at 19063/ 5773 and 18710 / 5673, respectively. The Lower Top - Lower Bottom formation on the weekly chart is still intact. The weekly momentum oscillators, ADX (9) indicator and 3 & 8 EMA are signaling a positive crossover. The 61.8% and 78.6% Fibonacci retracement levels of the fall from 20204 / 6112 to 18144 / 5477 are placed at 19416 / 5870 and 19765 / 5976.
Source: Falcon:

Trading strategy:
The benchmark Indices have moved well during the week and have now tested the 61.80% Fibonacci retracement level (19416 / 5870) of the fall from 20204 / 6112 to 18144 / 5477. On the weekly chart, we are observing that the momentum oscillators. ADX (9) indicators and 3 & 8 EMA are positively poised. Any sustainable move beyond this weeks high of 19435 / 5925 would in turn push the indices towards the 78.60% Fibonacci retracement level placed at 19762 / 5976. On the flipside, the price action seen in the last trading session of the week can be termed as an Inside Day pattern. This candlestick formation occurs when the entire price range of a given day falls within the price range of the previous day. The pattern is often used to signal the indecisiveness because neither the bulls nor the bears are able to send the price beyond the range of the previous day. The said pattern will be confirmed below Thursdays low of 19192 / 5853. This is also supported by the negative placement of daily Stochastic oscillator.
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Actionable points:
View Expected Target Resistance Levels Bearish Below 5860 5820 - 5791 5900 - 5925

Hence, any sustainable move below 19192 / 5853 would result in a near term loss of optimism. In this scenario, indices may correct towards 18941 / 5760 and 18790 / 5710, which are 38.20% and 50% Fibonacci retracement levels of the rise from 18144 / 5495 to 19435 / 5925, respectively. The ECB Governing Council meeting and the RBI Monetary Policy are scheduled to be declared in the coming week and thus volatility may increase significantly in the coming sessions. We thus advise traders to trade with strict stop losses and avoid taking undue risks.

Daily Technical Report

April 29, 2013

Bank Nifty Outlook - (12533)

On Friday, Bank Nifty opened on a pessimistic note and traded volatile throughout the session to close with a loss of 1.52%. The index has closed near the critical level of 11535. The negative divergence in the momentum oscillator RSI on the hourly chart is still intact. Hence we believe that going forward the index is likely to correct if it sustains below Fridays low of 12470. In this case the Bank Nifty is likely to drift lower towards 12330 12262 levels. On the upside 12680 12756 levels are likely to act as resistance for the day.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Target Resistance level Bearish Below 12470 12330 12262 12680 12756 Source: Falcon:

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Daily Technical Report

April 29, 2013

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 INDUSINDBK INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT LUPIN M&M MARUTI NMDC NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SBIN SESAGOA SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS ULTRACEMCO S2 19,172 5,833 12,352 1,223 183 4,635 1,452 1,805 683 304 185 405 295 403 310 229 1,955 338 2,845 653 848 679 1,537 97 454 1,089 151 445 2,182 315 305 72 688 1,490 672 868 1,519 124 151 318 760 109 452 767 352 2,242 149 941 287 94 296 1,348 1,855 S1 19,229 5,852 12,442 1,235 185 4,670 1,469 1,850 690 311 187 409 298 407 315 234 1,973 344 2,881 669 861 684 1,567 98 459 1,117 153 452 2,197 317 310 74 700 1,515 679 879 1,596 125 153 321 766 110 456 780 359 2,265 151 949 292 94 301 1,358 1,881 PIVOT 19,307 5,880 12,561 1,250 189 4,727 1,484 1,878 700 316 190 414 300 409 319 241 1,991 349 2,936 693 870 688 1,606 99 468 1,153 156 460 2,217 318 318 76 708 1,531 686 892 1,645 127 155 326 776 110 461 802 371 2,300 153 962 295 95 309 1,376 1,908 R1 19,365 5,899 12,652 1,262 191 4,763 1,502 1,923 707 323 191 418 303 413 324 245 2,009 355 2,972 708 882 693 1,636 100 474 1,181 158 466 2,232 320 323 77 721 1,556 692 903 1,722 128 157 329 782 111 464 815 378 2,323 155 969 299 96 313 1,387 1,935 R2 19,442 5,926 12,770 1,276 195 4,820 1,517 1,950 717 328 194 423 305 416 329 252 2,028 360 3,028 733 891 697 1,675 101 483 1,217 161 474 2,253 322 330 79 729 1,571 699 917 1,770 130 160 334 791 111 470 838 390 2,357 158 982 303 97 321 1,404 1,962

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Daily Technical Report

April 29, 2013
Research Team Tel: 022 - 30940000 E-mail: advisory@angelbroking.com Website: www.angelbroking.com

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Research Team
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Ankur Lakhotia Head Technicals Technical Analyst Technical Analyst Technical Analyst

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