Daily Technical Report

June 14, 2013

Sensex (18827) / NIFTY (5699)

Yesterday, our benchmark indices opened significantly lower on the back of strong pessimism across the globe and continued to slide further during the initial hour of the session. However, the fall got arrested as the indices approached the support level of 18673 / 5669 and then traded within a narrow trading range to eventually close with significant losses. During the session, the Consumer Durables counters corrected heavily along with the Metal and IT stocks; whereas the Health Care and Oil & Gas sectors defended the market. The advance to decline ratio was in favor of declining counters. (Sourcewww.bseindia.com) (A=967 D=1398)

Exhibit 1: Nifty Daily Chart

Formation
The 20-week EMA and the 20-day EMA are placed at 19325/ 5858 and 19534/ 5919 levels, respectively. The 89-day EMA and the 200-day SMA are placed at 19422/ 5887 and 19120 / 5797, respectively. The weekly RSI and Stochastic momentum oscillators are still negatively poised.

Source: Falcon:

The weekly Bearish Engulfing and the monthly

Shooting Star Japanese candlestick patterns are still intact.

Actionable points:
View Neutral 5738 5683 5638

Trading strategy:
Yesterday, our market opened with a downside gap and remained under pressure during the first half. In the process, indices posted a low of 18765 / 5683 and immediately managed to bounce off the lows. The daily chart now depicts yet another Narrow Range body formation. The gap area (18969 / 5738 18914 / 5729) formed in yesterdays session is now a significant resistance zone for the indices. The momentum oscillators on the daily chart are extremely oversold and thus although the primary trend remain down, there is a possibility of an intermediate bounce. Going forward, a sustainable move beyond the gap area of 18969 / 5738 would attract some buying interest. In this scenario, indices may bounce towards 19143 / 5793. On the flipside, if indices sustain below 18765 / 5683 then selling may intensify further and indices may slide towards the 78.6% Fibonacci retracement level of 18636 / 5638.

Resistance Levels Support levels

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June 14, 2013

Bank Nifty Outlook - (11687)

Yesterday, the Bank Nifty too opened substantially lower in-line with our benchmark indices. However the index constituents such as SBI and Axis Bank attracted significant buying interest through the session. The daily chart of Bank Nifty depicts a Narrow Range body formation. Hence, yesterdays high of 11793 would be the major hurdle for the bulls in coming trading session. Going forward, if Bank Nifty stays above 11793 then we may witness an intraday rally towards 11899 12031 levels. On the flipside, a breach of yesterdays low of 11656 would trigger further pessimism in the index. In this case, Bank Nifty may correct towards the next support level of 11429. Actionable points:

Exhibit 2: Bank Nifty Daily Chart

View Expected Targets Support Levels

Bullish Above 11793 11899 12031 11656 11429

Source: Falcon:

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Daily Technical Report

June 14, 2013

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 INDUSINDBK INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT LUPIN M&M MARUTI NMDC NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SBIN SESAGOA SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS ULTRACEMCO S2 18,687 5,657 11,576 1,180 168 4,369 1,239 1,673 612 270 172 349 282 371 292 181 2,118 286 2,709 745 799 649 1,544 88 591 1,055 135 475 2,343 320 222 59 733 1,371 741 892 1,418 100 147 302 708 103 361 775 331 1,963 136 895 274 75 255 1,419 1,790 S1 18,757 5,678 11,631 1,192 171 4,406 1,255 1,691 619 279 173 353 286 375 295 184 2,138 291 2,728 751 805 652 1,579 93 593 1,062 137 482 2,362 324 230 60 738 1,383 751 908 1,437 104 148 306 715 105 368 783 337 1,991 138 922 279 77 261 1,433 1,806 PIVOT 18,836 5,704 11,712 1,207 174 4,464 1,273 1,713 627 284 176 358 288 379 299 187 2,169 298 2,749 759 811 656 1,609 95 594 1,073 140 488 2,393 327 235 61 743 1,394 766 929 1,449 108 149 309 725 107 377 788 343 2,013 141 943 284 79 270 1,448 1,821 R1 18,906 5,725 11,768 1,219 178 4,502 1,289 1,730 634 293 178 362 293 383 303 190 2,189 304 2,768 765 818 660 1,644 99 596 1,080 141 495 2,412 330 242 62 748 1,406 776 946 1,469 111 151 312 732 108 384 795 349 2,041 143 970 289 80 276 1,461 1,837 R2 18,984 5,751 11,849 1,234 180 4,560 1,308 1,753 642 298 180 366 295 387 306 194 2,220 310 2,789 773 823 664 1,674 102 597 1,090 144 501 2,443 334 247 63 753 1,417 791 967 1,481 116 152 315 741 110 393 800 355 2,064 146 991 295 82 285 1,477 1,852

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Daily Technical Report

June 14, 2013
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