Daily Technical Report

September 16, 2013

Sensex (19733) / NIFTY (5851)

On Friday, our benchmark indices opened slightly lower as indicated by the SGX Nifty and oscillated within a narrow range throughout the session. On the sectorial front, the Realty, Power, Capital goods, and PSU counters ended on the gaining side; whereas the Consumer durables, IT and Teck sectors remained under pressure throughout the session. The advance to decline ratio was in the favor of advancing counters. (A=1356 D=1045) (Sourcewww.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 89-day EMA and the 89-week EMA are placed at 19189 / 5729 and 18648/ 5620 levels, respectively. The 20-day EMA and the 20-week EMA are placed at 19094 / 5638 and 19243 / 5748 levels, respectively. The negative crossover in monthly RSI-Smoothened oscillator is still intact; whereas the weekly momentum oscillators are contradictory and poised positively. The Stochastic momentum oscillator on the weekly chart is now extremely oversold. The 78.6% Fibonacci retracement level of the fall from 6094 (high on July 23, 2013) to 5118 (low on August 28, 2013) is placed at 5890. Source: Falcon: The Lower Top - Lower Bottom formation in weekly chart is still intact.

Actionable points:
View Expected Targets Support levels Bullish above 5932 5970 6000 5815 5750

Trading strategy: The bulls made a grand come back last week and continued their stand during this week also. As expected, the up move in Nifty got extended towards the 78.6% (5890) Fibonacci retracement level of the fall from 6094 (high on July 23, 2013) to 5118 (low on August 28, 2013). The current price development and market sentiments precisely replicate the scenario in April 2011. Hence, relating to the historical evidence, we would like to give more weightage to the weekly Lower Top Lower Bottom formation. However, considering the strong momentum, we would not rule out the possibility of an extended rally (if any) towards 5970 6000, if the Nifty sustains above 5932. We reiterate that traders should start booking profits as the market move higher and remain light on positions. On the downside, if the Nifty sustains below 5832 (low of the Hanging Man pattern formed on September 11, 2013), then we are likely to witness some consolidation or correction towards the immediate support levels of 5750 5730. The bulls are likely to lose control once the Nifty slips below this weeks low of 5738. In this scenario, the negative direction may get resumed and then we may expect lower levels of 5650 5600.

In the coming week, the volatility is likely to increase on account of two key events in the market. The US Fed will declare its stance with regards to the bond buying program and the RBI will declare its monetary policy. Hence, traders are advised to remain cautious and avoid taking undue risks.

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Daily Technical Report

September 16, 2013

Bank Nifty Outlook - (10180)

On Friday, the Bank Nifty too opened on a flat note in-line with our benchmark indices and traded with lackluster movement throughout the session. As, there is no major change in the chart structure; we reiterate our view that 10300 10500 remains to be a strong resistance zone for Bank Nifty. The daily Stochastic momentum oscillator is now signaling a negative crossover in overbought territory, indicating probable sign of exhaustion. However price-wise, weakness would be seen any if the index sustains below last weeks low of 9980. In this case, the Bank Nifty may slide back to test 9773 9568 levels. Actionable points:

Exhibit 2: Bank Nifty Daily Chart

View Resistance Levels Support Levels

Neutral 10300 10500 9980 9773

Source: Falcon:

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Daily Technical Report

September 16, 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 19,546 5,791 9,928 1,015 176 432 972 1,941 498 309 131 291 315 434 279 142 2,211 305 2,412 1,013 790 615 1,979 108 611 917 92 381 2,983 324 232 36 678 801 842 802 1,283 121 137 271 474 98 437 858 364 1,604 179 546 326 76 291 1,920 1,669 S1 19,639 5,821 10,054 1,029 178 437 1,016 1,972 514 317 137 298 318 438 286 149 2,230 309 2,470 1,029 799 622 2,015 110 616 930 94 390 3,006 328 237 38 697 819 852 816 1,300 123 139 277 494 99 447 865 376 1,633 182 555 330 77 295 1,937 1,695 PIVOT 19,769 5,853 10,163 1,041 181 441 1,044 1,993 527 325 140 303 321 441 290 153 2,251 312 2,510 1,055 806 628 2,046 112 626 945 95 398 3,036 333 240 39 710 829 866 826 1,317 124 140 281 507 99 458 875 383 1,659 184 562 334 78 300 1,963 1,727 R1 19,863 5,882 10,289 1,055 183 447 1,088 2,024 543 333 146 310 324 445 297 161 2,271 316 2,568 1,071 815 635 2,082 114 631 957 97 407 3,058 337 244 41 729 847 876 840 1,334 126 142 287 528 100 468 882 395 1,688 187 571 338 79 304 1,980 1,753 R2 19,993 5,914 10,398 1,066 186 451 1,117 2,045 556 341 150 314 327 448 302 165 2,292 319 2,608 1,096 823 642 2,113 116 641 972 98 415 3,088 342 247 42 742 857 890 849 1,351 128 144 291 541 101 478 891 403 1,714 189 579 342 80 310 2,007 1,786

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Daily Technical Report

September 16, 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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