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Technical Format With Stock 20.09

Technical Format With Stock 20.09

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Published by Angel Broking

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categoriesBusiness/Law, Finance
Published by: Angel Broking on Sep 20, 2012
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Daily Technical Report
September 20, 2012
 
www.angelbroking.com1
Sensex (18496) / NIFTY (5600)
On Tuesday our markets opened quietly in-line with otherAsian bourses and traded in a narrow range throughout thesession to close exactly at the 5600 mark. On sectoral frontwe witnessed a sharp rally in Banking counters (especiallythe beaten down mid-cap PSU banks), Consumer Goodsand Power counters; whereas Oil & Gas, IT and Healthcaresectors corrected on Tuesday’s session. The advance todecline ratio was strongly in favor of advancing counters(A=1692 D=1197) (Source –www.bseindia.com).
Formation
 
The ’20-day EMA’ and the ’20-week EMA’ are placed at17763 / 5361 and 17380 / 5261 levels, respectively.
 
Indices have now confirmed a weekly ‘Higher Top -Higher Bottom’ formation.
 
The daily ‘RSI’ momentum oscillator on weekly chart isstill showing strength.
 
The weekly chart depicts an “Upward Sloping TrendLine” breakout above 17973 / 5449 level.
 
The ADX (14) indicator on the Daily chart showspossibility of further strength in the coming sessions. The+ DI (positive directional index) is moving upwardssupported by the ADX line, which has now moved up to26.14 level. The ADX rise from 15 to 25 indicates thatthe uptrend is strengthening and positive momentum islikely to accelerate further in the coming tradingsessions.
Trading strategy:
 
After a strong rally, it is normal for the markets to show somesigns of consolidation. In line with expectations, the dailychart now depicts a "Narrow Range" body formation, whichindicates that the bulls are taking a breather. Going forwardif our indices sustain below Tuesday's low of 18469 / 5586,then we may witness a further correction towards the nextsupport level of 18380 / 5550. However, the continuous risein the daily ADX (14) indicator (moved up from 23.60 to26.14) signifies that the current up trend will strengthenfurther as time passes. Hence, we continue to maintain ourpositive stance on the market and expect indices to movetowards their higher targets of 18945 – 19132 / 5702 –5741 levels over the next few sessions.
Traders are advised to adopt a buy on dips strategy andhave a stock specific approach with strict stop losses ontrading positions.
Exhibit 1: Nifty Daily Chart
Source: Falcon: 
Actionable points:
View Neutral
Resistance Levels 5653 5702Support Levels 5585 - 5550
 
 
Daily Technical Report
September 20, 2012
 
www.angelbroking.com2
Exhibit 2: Bank Nifty Daily Chart
Source: Falcon: 
Bank Nifty Outlook - (11044)
On Tuesday, Bank Nifty opened on a flat note and traded ina narrow range throughout the session to close with anominal gain of 0.56%. While the overall index remainedflat for the day, individual stocks in the PSU midcap bankingspace rallied significantly. The “Negative Divergence” in“RSI” momentum oscillator on the hourly chart mentioned inour previous report is still intact. In addition the “Stochastic”momentum oscillator on the daily chart continues to be inoverbought condition. As there is no major change in thechart structure we reiterate our view that a minor pull back orconsolidation in the index cannot be ruled out. Thus on thedownside 10962 – 10867 are likely to act as support and11065 – 11141 are likely to act as resistance in comingtrading session.
Actionable points:
View Neutral
Resistance Levels 11065 11141Support Levels 10816 - 10711
 
 
Daily Technical Report
September 20, 2012
 
www.angelbroking.com3
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS S2 S1 PIVOT R1 R2
SENSEX 18,404 18,450 18,515 18,561 18,626NIFTY 5,568 5,584 5,602 5,618 5,636BANKNIFTY 10,868 10,956 11,010 11,098 11,153ACC 1,350 1,359 1,370 1,380 1,391AMBUJACEM 188 190 192 194 196ASIANPAINT 3,846 3,873 3,899 3,926 3,952AXISBANK 1,030 1,052 1,069 1,090 1,107BAJAJ-AUTO 1,725 1,737 1,746 1,758 1,767BANKBARODA 716 731 740 755 764BHARTIARTL 263 266 268 271 274BHEL 209 217 222 229 234BPCL 330 334 339 342 347CAIRN 340 345 354 359 368CIPLA 357 361 368 371 378COALINDIA 366 371 375 380 384DLF 222 224 228 230 234DRREDDY 1,646 1,661 1,675 1,690 1,704GAIL 372 380 385 392 397GRASIM 3,051 3,080 3,110 3,140 3,169HCLTECH 557 566 571 579 584HDFC 747 761 770 784 792HDFCBANK 599 602 607 610 615HEROMOTOCO 1,878 1,904 1,924 1,950 1,970HINDALCO 112 113 115 116 117HINDUNILVR 523 528 533 537 543ICICIBANK 1,034 1,042 1,049 1,056 1,063IDFC 144 146 149 151 154INFY 2,558 2,580 2,599 2,621 2,640ITC 248 251 255 258 261JINDALSTEL 382 394 401 413 420JPASSOCIAT 74 77 79 82 84KOTAKBANK 580 590 600 610 621LT 1,522 1,538 1,550 1,566 1,578M&M 781 790 798 807 816MARUTI 1,254 1,265 1,279 1,290 1,303NTPC 162 164 167 170 173ONGC 277 279 281 283 285PNB 726 765 786 824 846POWERGRID 115 117 118 119 121RANBAXY 515 521 527 533 540RELIANCE 838 847 860 869 883RELINFRA 503 508 513 518 523SAIL 85 87 88 90 91SBIN 2,026 2,088 2,122 2,184 2,219SESAGOA 172 174 176 178 181SIEMENS 670 677 682 689 694STER 100 101 102 104 105SUNPHARMA 657 665 675 683 692TATAMOTORS 269 271 275 277 281TATAPOWER 96 97 99 100 101TATASTEEL 401 403 406 409 412TCS 1,260 1,280 1,312 1,332 1,365WIPRO 358 364 374 380 391

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