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Daily Technical Report, 1st February 2013

Daily Technical Report, 1st February 2013

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Published by Angel Broking
1st February 2013
1st February 2013

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Categories:Business/Law
Published by: Angel Broking on Feb 01, 2013
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Daily Technical Report
February 01, 2013
 
www.angelbroking.com1
Sensex (19895) / NIFTY (6035)
Yesterday, indices opened marginally lower as suggested bythe SGX Nifty. Subsequently, indices traded with extremechoppiness on account of January month derivatives expiry;but maintained a negative bias throughout the session toclose with less than half a percent intraday loss. During thesession, the Realty, PSU and Consumer Durables countersshowed positive momentum; whereas the Banking, Oil &Gas and IT sectors remained under pressure. The advance todecline ratio was marginally in favor of advancing counters(A=1093 D=1066) (Source –www.bseindia.com).
 
Formation
 
The ’20-day EMA’ and the ’20-week EMA’ are placed at19877 / 6022 and 19149 / 5807 levels, respectively.
 
On the daily chart, the benchmark indices are facingresistance near the ‘Upward Sloping Trend Line’ drawnby joining the highs of October 5, 2012 and December11, 2012.
 
We are also observing a ‘Negative Divergence’ in thedaily ‘RSI’ momentum oscillator.
 
We are observing a ‘Hanging Man’ JapaneseCandlestick pattern on the weekly chart.
Trading strategy:
 
Yesterday, indices traded in a narrow range but with a clearnegative bias. The daily chart now indicates a ‘Trend Line’breakdown near 19970 / 6042 level. This trend line isformed by joining the two significant lows of 19596 / 5941(January 11, 2013) and 19884 / 6008 (January 24, 2013).Going forward, considering the placement of momentumoscillators on the daily as well as hourly chart, we are of theopinion that a fall below 19884 / 6007 level may result in adecline towards 19596 – 19406 / 5940 – 5897 levels. Onthe upside, 20204 / 6072 level may act as resistance for theday.
Exhibit 1: Nifty Daily Chart
Source: Falcon: 
Actionable points:
View Bearish below 6007
Expected Targets 5988 5940 - 5897Resistance Levels 6070 6112
 
 
Daily Technical Report
February 01, 2013
 
www.angelbroking.com2
Bank Nifty Outlook - (12709)
Yesterday, for the second consecutive session Bank Niftyopened on a flat note and traded with extreme volatility onaccount of the PNB and ICICI Bank quarterly results. Thus,although individual stocks showed divergent moves, the BankNifty ultimately closed with a loss of 0.46%. We reiterate ourview that the index is likely to consolidate in the range of12500 – 13000 over the next few sessions. Only a decisivebreakout or breakdown from the said range will dictate aclear direction of the trend. Within the mentioned range,12680 – 12606 levels are likely to act as support and 12853 – 12907 levels are likely to act as resistance for the day.
Actionable points:
View Neutral
Resistance levels 12853 - 12907Support Levels 12680 - 12606
Exhibit 2: Bank Nifty Daily Chart
Source: Falcon: 
 
 
Daily Technical Report
February 01, 2013
 
www.angelbroking.com3
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS S2 S1 PIVOT R1 R2
SENSEX 19,780 19,838 19,923 19,981 20,066NIFTY 6,006 6,021 6,039 6,053 6,072BANKNIFTY 12,586 12,647 12,750 12,811 12,914ACC 1,307 1,315 1,325 1,334 1,344AMBUJACEM 198 201 203 206 208ASIANPAINT 4,431 4,466 4,518 4,553 4,605AXISBANK 1,482 1,493 1,502 1,513 1,522BAJAJ-AUTO 1,986 2,007 2,041 2,061 2,095BANKBARODA 816 842 857 883 898BHARTIARTL 331 336 341 346 352BHEL 216 222 226 232 236BPCL 399 405 413 419 427CAIRN 319 321 324 327 330CIPLA 402 405 408 410 413COALINDIA 344 349 352 356 359DLF 268 273 276 281 284DRREDDY 1,889 1,902 1,922 1,936 1,956GAIL 331 337 341 347 351GRASIM 2,902 2,954 3,024 3,076 3,147HCLTECH 668 678 690 700 713HDFC 773 780 791 798 809HDFCBANK 629 636 647 654 665HEROMOTOCO 1,762 1,792 1,813 1,844 1,865HINDALCO 112 114 116 118 119HINDUNILVR 465 470 474 479 483ICICIBANK 1,157 1,174 1,203 1,220 1,249IDFC 164 167 169 172 175INFY 2,752 2,771 2,789 2,808 2,826ITC 300 304 307 310 313JINDALSTEL 412 416 422 426 432JPASSOCIAT 85 86 87 88 89KOTAKBANK 674 677 680 684 687LT 1,524 1,533 1,547 1,556 1,571LUPIN 588 596 608 616 627M&M 877 883 891 898 906MARUTI 1,554 1,568 1,592 1,606 1,630NTPC 153 155 157 159 160ONGC 332 336 340 344 349PNB 791 852 886 946 981POWERGRID 108 109 111 112 113RANBAXY 441 444 450 453 458RELIANCE 874 881 889 895 904RELINFRA 508 512 517 521 526SBIN 2,396 2,417 2,437 2,458 2,477SESAGOA 179 183 186 189 192SIEMENS 632 644 653 665 674SUNPHARMA 694 706 715 727 736TATAMOTORS 293 295 298 300 302TATAPOWER 99 100 102 103 105TATASTEEL 399 402 404 408 410TCS 1,315 1,330 1,341 1,356 1,367ULTRACEMCO 1,851 1,877 1,896 1,922 1,941WIPRO 402 407 411 416 420

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