Daily Technical Report

July 12, 2012

Sensex (17489) / NIFTY (5306)

Yesterday, markets opened lower and traded within the range of the previous trading session. Eventually, markets closed in the negative territory and marginally above 5300 mark. On the sectoral front, Realty, FMCG, Auto and Metal counters were among the major losers; whereas only Capital Goods sector ended with nominal gain. The advance to decline ratio was strongly in favor of declining counters (A=1209 D=1620) (Source www.bseindia.com). Formation The 200-day SMA (Simple Moving Average) is placed at 16824 / 5083 level. Markets have taken support at the Monthly Upward Sloping Trend Line and have formed a Bullish Engulfing Pattern. We are witnessing a narrow range body formation near 61.8% Fibonacci retracement of the fall from 18524 / 5630 (February 22, 2012) 15749 / 4770 (June 4, 2012). This level is at 17464 / 5302. On the weekly chart we are witnessing a Downward Sloping Trend Line resistance near 17780 / 5420 formed by joining the highs of 21109 / 6339 (November 5, 2010) 18524 / 5630 (February 24, 2012).

Exhibit 1: Nifty Daily Chart

Source: Falcon

Actionable points:

View Resistance Levels Support Levels

Neutral 5350 - 5380 5285 - 5258

Trading strategy: Despite strong closing on Tuesday's session, our markets could not sustain around 5350 mark. Selling pressure near this level dragged indices lower to close marginally above 5300 mark. Going forward, Mondays low of 17344 / 5258 would now act as a key intraday support level. A violation of this level may reinforce selling pressure and indices may slide towards 17135 / 5189 level. On the upside, positive momentum is likely to resume above 17631 / 5350 level. In this case indices may test next resistance level of 17664 / 5380. We expect todays trading session to be volatile on account of the Infosys results and the IIP data.

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Daily Technical Report

July 12, 2012

Bank Nifty Outlook - (10713)

Yesterday, Bank Nifty opened on a flat note and traded in a narrow range throughout the session to close near the initial opening level. We had mentioned in our previous report that momentum oscillators on the daily and hourly chart are placed in overbought conditions and volatility is likely to increase. We are now witnessing a negative crossover in RSI - Smoothened oscillator on the hourly chart. The impact of the mentioned tool will be seen if the index sustains below 10692. In such a scenario the index is likely to drift towards 10615 10524 levels. However, on the flip side a move above yesterdays high of 10783 is likely to trigger a rally towards 10910 11040 levels. Positional traders holding long positions can further trail their stop loss to 10300 level (Closing basis) on Bank Nifty Spot. Actionable points:
View Expected Targets Support Levels Neutral 10783 - 10910 10615 - 10524

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon

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Daily Technical Report

July 12, 2012 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 INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 17,397 5,278 10,640 1,244 168 3,650 1,051 1,491 722 311 229 752 310 321 348 207 1,617 349 2,593 486 670 580 2,003 121 434 926 137 2,415 250 444 75 589 1,389 722 1,189 157 273 846 112 485 713 545 92 2,185 193 707 104 613 236 99 430 1,241 363 S1 17,443 5,292 10,677 1,254 169 3,672 1,059 1,501 729 313 231 764 311 323 351 208 1,631 353 2,614 490 675 583 2,020 122 438 931 139 2,443 251 448 76 598 1,413 726 1,196 159 275 855 113 489 720 550 93 2,202 195 713 105 618 239 99 433 1,250 369 PIVOT 17,513 5,314 10,730 1,271 170 3,697 1,070 1,511 733 317 233 776 312 325 353 211 1,648 357 2,643 495 680 589 2,049 125 442 936 140 2,473 255 453 77 606 1,427 733 1,207 160 278 864 114 494 728 559 94 2,227 199 724 107 623 243 100 438 1,262 377 R1 17,559 5,328 10,766 1,281 172 3,719 1,078 1,521 740 319 234 789 313 327 355 213 1,661 361 2,664 498 684 592 2,065 126 446 941 141 2,501 257 458 77 615 1,451 737 1,214 162 280 873 115 498 734 565 94 2,244 201 730 108 629 245 101 441 1,271 382 R2 17,629 5,351 10,819 1,297 173 3,744 1,089 1,530 745 323 237 800 314 330 357 216 1,678 366 2,692 503 689 597 2,094 128 450 945 143 2,530 260 463 79 622 1,465 743 1,225 163 282 882 115 503 743 574 95 2,270 204 741 110 633 249 102 446 1,283 390

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Daily Technical Report

July 12, 2012
Research Team Tel: 022 - 39357800 E-mail: research@angelbroking.com Website: www.angelbroking.com

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Research Team
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Mehul Kothari Ankur Lakhotia Head Technicals Technical Analyst Technical Analyst Technical Analyst Technical Analyst

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