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Technical Format With Stock 11.09

Technical Format With Stock 11.09

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Published by Angel Broking

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Published by: Angel Broking on Sep 11, 2012
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Daily Technical Report
September 11, 2012
 
www.angelbroking.com1
Sensex (17767) / NIFTY (5363)
The week opened on a very quiet note after a strong rally inFriday’s session. The consolidation process continuedthroughout the day and indices closed marginally in thepositive territory. On sectoral front, Consumer Goods, HealthCare and Metal counters were among the major gainers;whereas Realty and Banking remained under pressure. Theadvance to decline ratio was in favor of advancing counters(A=1521 D=1308) (Source –www.bseindia.com).
 
Formation
 
The ’20-day EMA’ and the ’20-week EMA’ are placed at17508 / 5298 and 17254 / 5226 levels, respectively.
 
Looking at the “Line Chart” it is clear that indices havenow confirmed the ‘Higher Top - Higher Bottom’formation on the weekly chart after August 28, 2009.
 
The daily ‘RSI’ momentum oscillator and ‘3 & 8 EMA’have given a positive crossover.
 
The 50% Fibonacci Retracement level of the rise from16598 to 17973 / 5032 to 5449 is at 17285 / 5240.
Trading strategy:
 
Yesterday, we witnessed a lackluster session despite a strongclosing on Friday. However it is historically observed thatprices have a tendency to move sideways or correctmarginally after witnessing a strong intraday rally. Since,there is no major change in the chart structure, we continueto mention that positional traders with a 5 to 8 dayperspective can create fresh long positions on every declineup to 5275 (Nifty Spot) for a target of 5449 – 5550 (NiftySpot). The stop loss for this trade set up can be placed below5190 (Nifty Spot) mark. A breach of 5190 level would triggercomplete loss of current optimism in the market.
Exhibit 1: Nifty Daily Chart
Source: Falcon: 
Actionable points:
View Bullish
Expected Target Levels 5375 5400 - 5449Support Levels 5343 5309 - 5275
 
 
Daily Technical Report
September 11, 2012
 
www.angelbroking.com2
Exhibit 2: Bank Nifty Daily Chart
Source: Falcon: 
Bank Nifty Outlook - (10070)
Yesterday, Bank Nifty opened on a flat note and tradedlower as the day progressed to close with a loss of 0.76%. Atthis juncture the index is facing resistance near it “20 DayEMA”. Going forward we expect the index to take supportnear the gap area formed during Friday’s session (10036 -9947) and eventually move to higher levels. The momentumoscillators on the daily chart continue to be positive. For thecoming trading session the index is likely to trade in therange of 9947 – 10187 while the overall view for the next 6to 8 days remains optimistic.
Actionable points:
View Neutral
Resistance Levels 10126 - 10160Support Levels 10036 9947
 
 
Daily Technical Report
September 11, 2012
 
www.angelbroking.com3
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS S2 S1 PIVOT R1 R2
SENSEX 17,686 17,726 17,769 17,809 17,851NIFTY 5,336 5,350 5,363 5,376 5,389BANKNIFTY 9,957 10,013 10,098 10,154 10,238ACC 1,319 1,328 1,339 1,348 1,359AMBUJACEM 186 188 190 192 194ASIANPAINT 3,688 3,713 3,747 3,772 3,805AXISBANK 929 941 962 975 996BAJAJ-AUTO 1,661 1,685 1,700 1,724 1,739BANKBARODA 626 630 633 636 639BHARTIARTL 251 256 259 264 267BHEL 193 195 200 202 207BPCL 338 340 343 345 347CAIRN 334 337 339 342 344CIPLA 379 383 389 393 399COALINDIA 356 361 366 371 375DLF 198 200 203 205 207DRREDDY 1,687 1,702 1,726 1,741 1,765GAIL 357 362 365 370 373GRASIM 2,927 2,952 2,966 2,991 3,005HCLTECH 565 570 573 577 581HDFC 724 733 739 747 753HDFCBANK 585 588 593 596 600HEROMOTOCO 1,783 1,802 1,815 1,834 1,848HINDALCO 105 107 108 110 111HINDUNILVR 528 532 537 541 546ICICIBANK 915 925 935 945 956IDFC 125 126 127 129 130INFY 2,458 2,485 2,506 2,533 2,554ITC 261 263 264 266 267JINDALSTEL 324 334 342 353 361JPASSOCIAT 65 66 67 68 69KOTAKBANK 563 567 574 578 585LT 1,349 1,364 1,376 1,391 1,403M&M 752 759 767 774 782MARUTI 1,185 1,196 1,208 1,219 1,231NTPC 170 171 172 173 174ONGC 275 277 278 280 281PNB 676 681 688 693 700POWERGRID 120 121 122 123 124RANBAXY 548 554 559 565 571RELIANCE 781 786 795 801 809RELINFRA 448 453 458 462 467SAIL 78 79 79 80 81SBIN 1,826 1,843 1,874 1,892 1,923SESAGOA 167 168 170 172 173SIEMENS 657 666 675 683 692STER 97 98 99 100 101SUNPHARMA 657 670 678 691 699TATAMOTORS 240 244 247 252 254TATAPOWER 94 95 96 96 97TATASTEEL 371 376 379 384 388TCS 1,356 1,364 1,374 1,382 1,392WIPRO 371 374 378 381 385

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