Daily Technical Report

July 08 , 2013

Sensex (19496) / NIFTY (5868)

On Friday our Benchmark indices opened on a positive note in line with global cues. Subsequently, indices traded within a narrow range throughout the first half of the trading session. However, during the second half, we witnessed some selling pressure in our market. As a result, indices trimmed some of their early gains and eventually closed marginally in the positive territory. The FMCG, OIL & GAS and METAL counters traded with optimism; whereas the TECK & IT sectors remained under pressure throughout the day. The advance to decline ratio was marginally in favour of advancing counters. (A=1200 D=1135) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 89-day EMA and the 89-week EMA are placed at 19329 / 5850 and 18500 / 5598 levels, respectively. The 20-day EMA and the 20-week EMA are placed at 19243 / 5805 and 19330 / 5851, respectively. The weekly RSI and Stochastic oscillators are positively poised. The 61.8% and 78.60% Fibonacci retracement levels of the fall from 20444 / 6229 to 18467/ 5566 are placed at 19689 / 5976 and 20021 / 6088, respectively. The weekly chart now depicts a Bullish Engulfing pattern but the monthly chart shows a 'Bearish Engulfing" Japanese candlestick pattern.
Source: Falcon:

Actionable points:
View Expected Targets Bearish Below 5858 5815 - 5786 5900

Resistance Levels

Trading strategy:
The concluded weeks price action can easily be described as a Tug-of-War between the bulls and the bears. After a decent up move, indices came off sharply at the middle of the week and again retested early-week highs in the latter part of the week. The indices have closed marginally above the daily 89-EMA level of 19329 / 5850. Also, we are observing that indices are hovering around the 50% Fibonacci retracement level of the fall from 20444 / 6229 to 18467 / 5566, which is placed at 19455 / 5898. During the week, indices confirmed the weekly Bullish Engulfing pattern mentioned in our previous weekly report. The momentum oscillators on the weekly chart are positively poised. The impact of these evidences would be seen once indices sustain above this weeks high of 19640 / 5904. In such a scenario, indices may rally towards the 61.8% and 78.6% Fibonacci retracement levels placed at 19689 / 5976 and 20021 / 6088.

On the flip side, this weeks low of 19147 / 5760 would act as a key support level for the market. Any sustainable move below this level would trigger immense pessimism in the market. As a result, indices may go back to test 18925 18688 / 5700 5630 levels. In broader perspective, a move beyond the trading range of 19640 19147 / 5904 5760 would dictate the near term direction.

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Daily Technical Report

July 08, 2013

Bank Nifty Outlook - (11434)

The concluding session of the week started off on a high note in-line with our benchmark indices. However, we observed that Bank Nifty could not continue its early momentum and immediately slipped into a consolidation mode. The hourly '89 EMA' level of 11520 acted as a strong resistance for the index. Hence, selling pressure near this resistance resulted in modest correction to end the session on muted note. Going forward, only a sustainable move beyond Friday's high of 11530 would attract some buying interest among market participants. In this scenario, the index may rally towards 11590 / 11752. On the flipside, 11418 would act as a key support in coming trading session. A fall below 11418 may result in a
further decline towards 11150 levels.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:

View Expected Targets Resistance Levels

Bearish Below 11418 11322 11273 11530

Source: Falcon:

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Daily Technical Report

July 08, 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 19,375 5,834 11,348 1,223 188 4,523 1,254 1,858 547 285 173 355 286 393 292 170 2,208 321 2,774 783 841 652 1,624 96 589 1,031 124 460 2,415 338 212 53 694 1,388 819 951 1,534 100 141 308 610 106 332 859 346 1,864 138 1,023 291 84 260 1,501 1,875 S1 19,436 5,851 11,391 1,231 189 4,596 1,271 1,869 553 290 176 360 289 396 294 174 2,223 324 2,790 790 846 660 1,636 98 599 1,041 127 467 2,435 340 218 54 698 1,398 827 961 1,544 102 142 312 618 107 337 870 353 1,879 141 1,030 293 85 262 1,515 1,901 PIVOT 19,538 5,876 11,461 1,238 190 4,643 1,286 1,881 558 298 178 366 293 398 298 179 2,237 329 2,805 798 853 666 1,653 100 615 1,059 128 473 2,459 343 222 54 703 1,414 841 975 1,560 103 144 315 626 108 342 877 362 1,903 143 1,038 296 86 266 1,537 1,916 R1 19,598 5,893 11,504 1,246 191 4,716 1,303 1,892 563 304 181 371 295 401 300 182 2,252 332 2,821 804 857 674 1,665 103 626 1,069 132 481 2,480 345 227 55 707 1,425 849 986 1,570 105 145 319 633 109 347 888 369 1,919 146 1,044 299 87 269 1,551 1,941 R2 19,700 5,918 11,574 1,254 193 4,762 1,319 1,904 568 312 183 377 299 404 304 187 2,265 338 2,836 813 864 681 1,682 105 642 1,087 133 487 2,504 347 231 56 712 1,441 862 999 1,586 106 147 321 641 110 353 896 377 1,943 148 1,053 301 89 272 1,573 1,957

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Daily Technical Report

July 08, 2013
Research Team Tel: 022 - 30940000 E-mail: sameet.chavan@angelbroking.com Website: www.angelbroking.com

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Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Head Technicals Technical Analyst Technical Analyst

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