Daily Technical Report

June 10, 2013

Sensex (19429) / NIFTY (5881)

On Friday, our benchmark indices opened slightly lower on the back of negative developments across the globe but recovered sharply from the lows and moved higher by more than a percent, in the first half. However, post mid-session, the bears took charge and pared down all their early gains to eventually close well inside the negative territory. The Auto, Realty & Banking counters led the sharp sell off during the second half; whereas only IT sector ended in the positive territory. The advance to decline ratio was marginally in favor of declining counters. (A=1029 D=1328)(Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 20-week EMA and the 20-day EMA are placed at 19378/ 5875 and 19754/ 5991 levels, respectively. The 89-day EMA and the 200-day SMA are placed at 19443/ 5895 and 19095 / 5790, respectively. The weekly RSI and Stochastic momentum oscillators are still negatively poised.
Source: Falcon:

The weekly Bearish Engulfing and the monthly

Shooting Star Japanese candlestick patterns are still intact. The daily chart now depicts a bullish Inverted Hammer pattern (in Nifty).

Actionable points:
View Support Levels Resistance levels Neutral 5853 5982 6000

Trading strategy:
Apart from the first and the last session, we witnessed a narrow range and lackluster movement during the week. Indices have traded around the 89-EMA support level of 19443 / 5895 throughout the week. At this juncture, indices have managed to close marginally below this technical indicator. However, the formation of a bullish Inverted Hammer (in Nifty) on the daily chart is not too favorable for the bears. The candlestick pattern however needs confirmation in the form a closing above the high of 19712 / 5973. The pattern will be completely negated on a closing below 19395 / 5869. In addition, last weeks low almost coincides with the weekly 20-EMA and the 50% Fibonacci retracement level (19294 / 5853) of the rise from 18144 to 20444 / 5477 to 6230. Thus, going forward we are of the opinion that only a sustainable move below 19294 / 5853 would trigger immense pessimism in the market. In this scenario, indices may slide towards the 61.8% Fibonacci retracement level of 19022 / 5764. On the upside, 19743 19825 / 6000 5982 remains to be a resistance zone for our benchmark indices. Considering, the overall volatility on global front and the fear of weakening Rupee, we expect significant volatility in the market and advise traders to remain light on positions

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Daily Technical Report

June 10, 2013

Bank Nifty Outlook - (12232)

On Friday, significant volatility was seen in the Bank Nifty. The index sneaked marginally higher and posted a high of 12489 during the first half. Nonetheless, immense selling pressure near days high eventually dragged the index significantly lower to close marginally below the 89 EMA. Last weeks low almost coincides with the daily 89 EMA and the 50% Fibonacci retracement level of the rise from 10888 to 13414. These technical indicators can be considered as a decent support for the index. Going forward, only a sustainable move below 12151 would lead to further down move. In this scenario, the index may test the 61.8% Fibonacci retracement level of 11854. On the flipside, 12488 12600 levels would act as immediate resistance in coming week. Actionable points:

Exhibit 2: Bank Nifty Daily Chart

View Support Levels Resistance Levels

Neutral 12151 11854 12488 12600

Source: Falcon:

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Daily Technical Report

June 10, 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 19,199 5,807 12,030 1,182 168 4,500 1,337 1,723 640 280 185 368 283 370 315 193 2,107 302 2,732 733 820 661 1,622 100 590 1,127 144 500 2,394 327 273 62 754 1,387 735 939 1,523 113 142 313 746 109 367 768 366 1,978 152 996 291 88 287 1,438 1,824 S1 19,314 5,844 12,131 1,194 170 4,539 1,358 1,734 649 284 187 372 285 371 317 196 2,149 305 2,757 739 830 668 1,634 101 590 1,134 146 504 2,420 331 276 63 758 1,400 748 953 1,539 114 145 316 754 110 373 776 372 2,001 153 1,004 297 88 289 1,478 1,842 PIVOT 19,513 5,908 12,310 1,204 173 4,598 1,390 1,742 665 291 191 376 288 373 320 200 2,174 309 2,781 746 843 681 1,653 103 591 1,146 148 508 2,447 335 281 65 767 1,420 761 975 1,561 116 149 322 769 111 378 789 381 2,038 156 1,015 303 89 294 1,509 1,872 R1 19,628 5,945 12,410 1,216 175 4,637 1,410 1,753 674 295 193 380 291 375 323 203 2,216 311 2,806 752 853 689 1,666 104 592 1,153 150 512 2,473 338 284 66 771 1,432 774 988 1,577 117 152 325 778 112 383 797 386 2,061 157 1,024 309 89 297 1,549 1,890 R2 19,827 6,010 12,589 1,226 178 4,696 1,443 1,761 691 301 197 385 294 377 326 208 2,241 316 2,830 759 866 701 1,685 106 593 1,165 153 516 2,499 342 289 68 780 1,452 787 1,010 1,600 118 156 330 792 114 388 810 395 2,098 160 1,035 315 90 301 1,580 1,921

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Daily Technical Report

June 10, 2013
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