Daily Technical Report

September 10, 2013

Sensex (19270) / NIFTY (5680)

On Friday, our benchmark indices opened on a flat note as indicated by SGX nifty. Post a small correction during the initial hours, market regained its positive momentum and rallied almost 1.5 %. As a result index managed to close at highest point of the day. On the sector front Banking, Capital goods, OIL & GAS were the leading gainers, whereas Consumer durable, Realty sector ended in negative territory. The advance to decline ratio was strongly in favor of advancing counters. (A=1347 D=942) (Sourcewww.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 89-day EMA and the 89-week EMA are placed at 19124 / 5715 and 18624/ 5615 levels, respectively. The 20-day EMA and the 20-week EMA are placed at 18715 / 5522 and 19192/ 5737 levels, respectively. The monthly RSI-Smoothened oscillator is negatively poised; whereas the weekly momentum oscillators are contradictory and signaling a positive crossover.
Source: Falcon:

The 61.8% and 78.6% Fibonacci retracement levels of the fall from 6094 (high on July 23, 2013) and 5317 (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 Expected targets Bullish above 5688 5750 5808 5625 5566

Trading strategy: Finally, the bulls had something to cheer as the index experienced a sustainable bounce on four out five trading sessions. Despite sharp correction on Tuesday, the bulls managed to hold their winning streak. The move beyond 5529 has resulted in the confirmation of the Bullish Hammer formation in the weekly chart. Also, the momentum oscillators on the daily and weekly chart are positively poised. Thus, going forward, we are of the opinion that if the index sustains above 5689 level, then the market is likely to move towards 5720 5750 levels. This resistance zone coincides with the 61.8% Fibonacci retracement level of the fall from 6094 (high on July 23, 2013) and 5317 (low on August 28, 2013). Most market participants expect that the Syria conflict may have a negative effect on Equity markets. In case that event risk is averted then we may see an extended move beyond 5750. In such case, a rally towards the 78.6% Fibonacci retracement level of 5890 may be seen. However, the overall weekly trend remains bearish as the Lower Top Lower Bottom formation is still intact and hence, the current rally can be construed as a pull back.

Support levels

How long will this pullback extend is something that cannot be predicted precisely. Hence, we advise traders to start booking profits as the market move higher and remain light on positions. Banking, Oil and gas and Capital goods counters are likely to perform in the coming week. Traders are advised to stay away from IT and Pharmaceutical counters as they may witness profit booking in the days to come.

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Daily Technical Report

September 10, 2013

Bank Nifty Outlook - (9961)

On Friday, the Bank Nifty opened on a flat note but traded with a strong positive bias throughout the session to close with a gain of more than a 2.5 %. As mentioned in our previous report after crossing 9705 the index has almost achieved with our first target of 10000. Considering the current momentum, wave structure and the placement of momentum oscillators we are of the view that if bank nifty sustains above the 10000 mark, we may expect move towards 10130-10219 levels. On the flipside 9836- 9710 would act as a key support in coming trading session.
From a weekly chart perspective, traders should bear in mind that this is a sharp pullback rally and may extend towards 10600 / 11050 levels over the next 3 to 5 weeks.

Exhibit 2: Bank Nifty Weekly Chart

Actionable points:

View Expected targets Support Levels

Bullish above 10000 10130 - 10219 9836 - 9710 Source: Falcon:

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Daily Technical Report

September 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 18,800 5,523 9,419 912 163 399 890 1,853 453 291 132 265 323 411 266 131 2,226 287 2,161 982 715 574 1,868 104 596 879 81 377 2,970 307 222 36 642 716 817 729 1,258 118 126 261 426 93 425 829 337 1,575 161 511 309 67 279 1,946 1,415 S1 19,035 5,602 9,690 937 168 412 921 1,882 470 302 137 282 328 424 272 135 2,255 294 2,262 1,000 738 595 1,899 106 607 919 84 395 2,999 312 228 37 659 735 828 749 1,273 120 130 274 437 96 435 849 352 1,605 168 520 313 69 285 1,968 1,508 PIVOT 19,164 5,645 9,840 956 171 419 942 1,903 492 310 140 293 331 432 277 138 2,300 299 2,379 1,020 753 608 1,933 108 621 941 86 406 3,036 315 233 38 671 748 847 767 1,292 121 133 283 444 98 445 861 360 1,626 175 525 317 71 290 1,996 1,566 R1 19,400 5,724 10,111 981 176 432 973 1,933 509 322 146 310 336 446 282 141 2,329 306 2,479 1,038 776 629 1,964 110 632 981 89 424 3,065 320 238 39 688 767 859 787 1,308 123 137 297 455 101 454 881 374 1,656 183 534 321 73 297 2,018 1,660 R2 19,529 5,768 10,261 1,000 180 440 994 1,954 531 329 149 321 339 454 288 145 2,374 311 2,597 1,059 791 641 1,998 111 646 1,003 91 434 3,102 324 243 40 699 781 878 805 1,327 124 139 306 462 103 464 893 382 1,678 190 539 324 76 302 2,046 1,718

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Daily Technical Report

September 10, 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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