Daily Technical Report

September 12, 2013

Sensex (19997) / NIFTY (5913)

Yesterday, the Nifty opened half a percent lower as indicated by the SGX Nifty and remained under pressure for a major part of the session. However, a sharp recovery towards the end resulted in closing well above the 5900 mark. The Metal, PSU Banking and Realty counters soared during yesterdays session; whereas the FMCG and Consumer Durables sectors ended in the negative territory. The advance to decline ratio was strongly in favor of advancing counters. (A=1407 D=948) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 89-day EMA and the 89-week EMA are placed at 19163 / 5724 and 18654/ 5621 levels, respectively. The 20-day EMA and the 20-week EMA are placed at 18947 / 5591 and 19268/ 5754 levels, respectively. The monthly RSI-Smoothened oscillator is negatively Source: Falcon: poised; whereas the weekly momentum oscillators are contradictory and signaling a positive crossover. The 61.8% and 78.6% Fibonacci retracement levels of the fall from 6094 (high on July 23, 2013) and 5118 (low on August 28, 2013) are placed at 5730 and 5890, respectively. The Lower Top - Lower Bottom formation in weekly chart is still intact.

Actionable points:
View Resistance Levels Support levels Neutral 5950 6040 5832 5780

Trading strategy:

Tuesday's strong closing was followed by a slightly negative opening in our market. The bears made couple of valiant attempts to re-enter the market but the bulls managed to hold the fort during yesterday's session. The current daily candle resembles a 'Hanging Man' Japanese candlestick pattern. The said pattern has a bearish implication when occurs at the resistance and needs a confirmation in the form of a close below the low of the candle (5832). At present, the Nifty is hovering around the 78.6% Fibonacci retracement level of the recent fall. Hence, going forward, only if Nifty sustains below yesterday's low of 5832 then the index may slide towards 5780 - 5750 levels. On the flipside, a sustainable move beyond 5925 would negate the candlestick pattern and the current rally may get extended further towards 5950 - 6000 levels.

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Daily Technical Report

September 12, 2013

Bank Nifty Outlook - (10369)

Yesterday, the Bank Nifty too opened lower and slipped into a consolidation mode during the first half. The hourly '20 EMA' proved to be a key support for the index and a strong up move in some of the heavyweight constituents propelled the Bank Nifty significantly higher from the lows to close with nearly two percent gains. The Bank Nifty is now approaching the 61.8% Fibonacci retracement level of the fall from 11811.90 (high on 15th July) to 8366.75 (low on 28th August). This level is placed at 10500 and considered as a strong resistance level. We continue to mention that the 10300 to 10500 band is a resistance zone for the Bank Nifty and traders should consider booking at least partial profits in individual banking counters. Considering the overall placement of the momentum oscillators and the wave structure, it can be inferred that any sustainable move below yesterday's low of 9980 may lead to a correction towards 9773 9568 levels. Actionable points:

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon: View Resistance Levels Support Levels Neutral 10500 10670 9980

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Daily Technical Report

September 12, 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 19,666 5,798 9,824 1,003 178 429 942 1,934 454 321 135 290 311 421 280 137 2,221 294 2,348 1,037 776 616 2,007 107 626 936 86 393 3,068 321 226 38 678 778 828 793 1,323 114 132 279 435 95 432 866 360 1,568 182 532 328 71 291 1,964 1,668 S1 19,832 5,856 10,097 1,028 182 437 986 1,965 487 328 138 301 315 427 286 144 2,235 299 2,456 1,052 794 632 2,049 111 635 953 89 406 3,094 326 234 41 697 798 844 810 1,342 120 135 284 466 97 441 877 370 1,629 185 547 334 72 303 1,979 1,701 PIVOT 19,944 5,890 10,253 1,044 185 443 1,014 1,988 506 336 140 308 323 435 291 148 2,260 303 2,516 1,066 805 641 2,089 113 644 965 91 414 3,133 331 239 42 708 815 853 822 1,365 123 138 289 483 100 450 885 376 1,663 189 558 342 74 311 1,998 1,721 R1 20,109 5,947 10,525 1,069 189 451 1,058 2,019 539 344 143 319 327 442 297 155 2,274 308 2,625 1,081 823 656 2,131 117 652 982 94 428 3,159 336 246 45 726 835 868 840 1,384 128 141 294 514 102 459 896 385 1,724 192 573 349 75 324 2,013 1,754 R2 20,221 5,982 10,682 1,084 192 456 1,087 2,042 558 352 145 326 335 449 301 159 2,298 313 2,685 1,096 834 665 2,171 119 661 995 96 436 3,198 341 251 47 737 852 877 852 1,408 131 144 299 531 105 469 904 391 1,759 195 585 357 77 331 2,033 1,773

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Daily Technical Report

September 12, 2013
Research Team Tel: 022 - 30940000 E-mail: sameet.chavan@angelbroking.com Website: www.angelbroking.com

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

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