Daily Technical Report

August 29, 2013

Sensex (17996) / NIFTY (5285)

For the second consecutive session, a gap down opening on the bourses led to a complete melt down during the first half. However, post the midsession Nifty found decent buying interest at lower levels. As a result, the index recovered from the lows and eventually closed with very minimal losses. On the sectoral front, the IT, Metal and Healthcare counters led yesterdays bounce; whereas the Consumer Durables, Realty and Banking counters closed in the negative territory. The Advance to Decline ratio was strongly in favor of declining counters. (A=837 D=1369) (Sourcewww.bseindia.com)

Exhibit 1: Nifty Hourly Chart

Formation
The 89-day EMA and the 89-week EMA are placed at 19194 / 5751 and 18595 / 5609 levels, respectively. The 20-day EMA and the 20-week EMA are placed at 18676 / 5530 and 19124/ 5725 levels, respectively. The monthly RSI-Smoothened oscillator is negatively Source: Falcon: poised. The Stochastic momentum oscillator on the weekly chart is extremely oversold. The weekly chart depicts a Bullish Hammer Japanese candlestick pattern. The Lower Top - Lower Bottom formation in weekly chart is still intact.

Actionable points:
View Expected targets Support levels Bullish above 5318 5400 - 5427 5223 - 5150

Trading strategy:

We witnessed a roller-coaster ride during yesterdays session where the initial half dominated by the bears and the latter half was overshadowed by the bulls. The weakness was seen mainly on the back of increasing concerns over soaring crude oil prices and depreciation in the INR which closed at an all time low near the 69 mark. However, we witnessed some cool off in the second half and as a result; the Nifty shed all its early losses to close marginally in the positive territory. On the hourly chart, we are observing a Downward Sloping Channel (please refer exhibit). The Nifty has precisely taken a support around the lower trend line and the upper range is placed around 5400. Considering the positive placement of hourly RSISmoothened oscillator, we are of the opinion that if Nifty sustains above yesterdays high of 5318, then we may expect an extended bounce towards 5400. On the flipside, any intraday weakness below 5223 would once again lead to corrective move towards 5150 5118 levels.

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Daily Technical Report

August 29, 2013

Bank Nifty Outlook - (8761)

Yesterday, the Bank Nifty too opened significantly lower on the back of negativity swaying across the global markets. Similar to benchmark indices, the Bank Nifty plunged during the initial hours of trade but recovered from the abyss as a strong short covering rally pulled the index four percent higher from the day's low. The daily chart now depicts a 'Bullish Hammer' Japanese candlestick pattern. The said pattern is a bullish reversal pattern but needs confirmation in the form of a close above yesterday's high of 8870. The momentum oscillators on the hourly chart are positively poised. Going forward if the Bank Nifty sustains above the 8870 mark then we expect the ongoing bounce to get extended towards 9100 9200 levels. On the flipside, yesterday's low of 8366 would hold the key support in coming trading session.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:

Source: Falcon: Bullish Above 8870 9005 9208 8669 8522

View Expected Targets Support levels

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Daily Technical Report

August 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 17,196 5,042 8,163 895 140 360 755 1,653 417 273 101 244 302 377 239 118 2,096 261 2,085 927 610 510 1,838 94 569 736 74 304 3,021 276 221 29 570 661 731 722 1,199 107 121 224 416 90 346 743 301 1,428 154 461 281 70 258 1,776 1,398 S1 17,596 5,163 8,462 920 150 376 797 1,690 431 280 107 256 314 388 246 125 2,134 272 2,154 954 631 536 1,876 98 582 766 77 324 3,069 287 230 31 588 683 750 749 1,218 112 123 234 425 92 382 778 318 1,463 162 483 290 74 268 1,842 1,431 PIVOT 17,849 5,241 8,666 936 157 389 825 1,717 444 287 111 268 322 394 252 129 2,163 283 2,193 969 654 554 1,900 101 592 787 79 338 3,099 296 235 33 606 699 762 767 1,233 115 125 244 439 94 404 798 329 1,488 168 498 295 76 276 1,894 1,483 R1 18,249 5,362 8,965 961 167 405 867 1,755 459 294 118 279 333 405 260 136 2,200 293 2,262 996 675 580 1,939 105 605 818 82 359 3,147 307 244 35 624 721 781 794 1,252 119 128 254 448 96 441 832 346 1,522 176 521 303 79 286 1,960 1,516 R2 18,502 5,439 9,169 977 174 419 895 1,782 471 300 122 291 341 412 266 140 2,229 304 2,301 1,011 698 598 1,963 107 615 839 85 373 3,177 316 249 37 642 737 792 813 1,267 122 130 265 462 99 463 853 357 1,547 182 536 308 81 294 2,012 1,568

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Daily Technical Report

August 29, 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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