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Weekly 02.03.13

Weekly 02.03.13

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Published by Angel Broking
4th March, 2013
4th March, 2013

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Categories:Types, Business/Law
Published by: Angel Broking on Mar 06, 2013
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March 2, 2013
For Private Circulation Only |
 Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP00000154 6 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE: INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946
1
TTTTTechnical Picks |echnical Picks |echnical Picks |echnical Picks |echnical Picks |
The week commenced on a muted note, in-line with mixedglobal cues. On Monday, the opening trading session, thebellwether indices, Sensex and Nifty, somehow managed tohold the crucial support level of19149 / 582319149 / 582319149 / 582319149 / 582319149 / 5823, but they eventually failed on Tuesday and tested the18973 / 577718973 / 577718973 / 577718973 / 577718973 / 5777 mark.Later during the week, on the Budget day, the market tradedwith immense volatility in the first half, wherein the indices wenthigher to test19323 / 585019323 / 585019323 / 585019323 / 585019323 / 5850. This level coincides with the'89-day EMA' and hence, acted as a strong resistance for themarket. Post the mid-session, the indices took a nosedive onaccount of an unenthusiastic Budget and almost met our targetof18600 / 565018600 / 565018600 / 565018600 / 565018600 / 5650, mentioned in the previous report. During theweek, the Realty, Oil & Gas, Banking and Metal countersexperienced massive selling pressure; whereas the IT andConsumer Durables sectors managed to outperform thebenchmark indices. The Sensex and the Nifty shed 2.06% and2.23% during the week to settle at1891918919189191891918919 and57205720572057205720 respectively.However, individual mid-cap and small-cap stocks continuedto fall and closed with significant losses.
Pattern Formation
The '20-day EMA' and the '20-week EMA' are placed at19372 / 586319372 / 586319372 / 586319372 / 586319372 / 5863 and19175 / 581319175 / 581319175 / 581319175 / 581319175 / 5813 levels, respectively.
The monthly chart exhibits a 'Bearish Engulfing' pattern.
The monthly momentum oscillators are signaling a negativecrossover.
The level of the weekly 'RSI' momentum oscillator has nowdropped below the 50 mark.
Indices have closed marginally above the 'DownwardSloping Trend Line', drawn by joining two significant highsof21109 / 633921109 / 633921109 / 633921109 / 633921109 / 6339 (high of November 05, 2010 weekly candle) and19137 / 581619137 / 581619137 / 581619137 / 581619137 / 5816 (high of October 05, 2012weekly candle).
Future Outlook 
For the sixth consecutive week, our benchmark indices haveclosed in the negative territory. As mentioned in our January 25, 2013 weekly report, the bearish impact of the 'HangingMan' (at market top) Japanese candlestick pattern is nowclearly seen. Indices have now finally broken down below the19149 / 582319149 / 582319149 / 582319149 / 582319149 / 5823 mark, which has been acting as a crucial supportlevel. This level also coincides with the '89-day EMA' and the'20-week EMA'. Since the February month is over, the monthly chart now depicts a 'Bearish Engulfing' pattern. This patternhas a bearish implication but needs a confirmation. In addition,the monthly momentum oscillators are signaling a negativecrossover. Also, the weekly 'RSI' momentum oscillator has nowsneaked below the 50 mark. RSI level dropping below 50 fromthe upside is an additional sign of caution for the bulls. On thecontrary, indices have now precisely closed above the supportlevel of the 'Downward Sloping Trend Line' (please refer exhibit1). Hence, the impact of all the above mentioned negativetechnical evidences would be seen once indices sustain belowthis week's low of18793 / 567118793 / 567118793 / 567118793 / 567118793 / 5671. In this scenario, indices arelikely to fall towards18450 - 18255 / 5600 - 554818450 - 18255 / 5600 - 554818450 - 18255 / 5600 - 554818450 - 18255 / 5600 - 554818450 - 18255 / 5600 - 5548 levels. Onthe flipside, this week's high of19412 / 587919412 / 587919412 / 587919412 / 587919412 / 5879 would nowact as a crucial resistance in the coming week. Only a movebeyond this level may nullify the impact of negative technicalevidences. With such a move the markets may rally towards19768 - 19865 / 5991 - 602519768 - 19865 / 5991 - 602519768 - 19865 / 5991 - 602519768 - 19865 / 5991 - 602519768 - 19865 / 5991 - 6025 levels.
 Source: Falcon
Exhibit 1: Nifty weekly chart
1
 Source: Falcon
Exhibit 2: Nifty Monthly chart
BearishEngulfing
Budget blues and the bear trap
Sensex (18919) / Nifty (5720)
 
March 2, 2013
For Private Circulation Only |
 Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP00000154 6 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE: INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946
2
TTTTTechnical Picks |echnical Picks |echnical Picks |echnical Picks |echnical Picks |
Technical Research Team
Weekly Pivot Levels For Nifty 50 Stocks
SCRIPS
19,65819,28819,04118,67118,4245,9635,8415,7575,6355,55012,43011,98511,69311,24810,9561,3511,3091,2791,2371,2062072001951881824,7144,5364,3814,2034,0481,4651,4141,3671,3161,2682,1292,0791,9921,9411,8557727417136816543493303162972832152082031961924043953823723593193062982852773983843693553403473303183012892982782682492391,8521,7971,7591,7041,6653523423353253183,1343,0542,9802,9002,8267497367237106988408097797487196846536356045861,7561,7011,6581,6041,56111210510195914774654504384231,1351,0951,0631,0249911671561501391333,0192,9662,9172,8642,81531030129528528038337135534332779767168646756656576476391,4961,4481,4001,3521,3046376165925715479339108808578271,5281,4761,4081,3571,289160155151146142338326313302289892840808756723118113107103974684263993573298868488277897685104714434053772,3142,2012,1262,0131,9381681611571501465755355154754548448228047817633113002902792691021009694903803603493303191,5661,5341,4931,4611,4192,0291,9581,8991,8271,768434428420414405R2R2R2R2R2R1R1R1R1R1PIV PIV PIV PIV PIV OOOOOTTTTTS1S1S1S1S1S2S2S2S2S2SENSEX NIFTYBANKNIFTY ACC AMBUJACEM ASIANPAINT AXISBANK BAJAJ-AUTOBANKBARODA BHARTIARTLBHELBPCLCAIRNCIPLA COALINDIA DLFDRREDDYGAILGRASIMHCLTECHHDFCHDFCBANK HEROMOTOCOHINDALCOHINDUNILVR ICICIBANK IDFCINFOSYSTCHITCJINDALSTELJPASSOCIATKOTAKBANK LTLUPINM&MMARUTINTPCONGCPNBPOWERGRIDRANBAXYRELIANCERELINFRA SBINSESAGOA SIEMENSSUNPHARMA TATAMOTORSTATAPOWER TATASTEELTCSULTRACEMCO WIPRO

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