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Daily Technical Report
July 06, 2012
 
Sensex (17539) / NIFTY (5327)
Yesterday, our benchmark indices opened on a flatnote in-line with mixed global cues. Unlike, previousthree trading sessions, we witnessed positivemomentum in the second half of the session whichpushed indices higher to close well above 5300 mark.On sectoral front, Banking, FMCG and Powercounters were among the major gainers; whereasMetal and Realty sector remained under pressure. Theadvance to decline ratio was strongly in favor ofadvancing counters (A=1945 D=954) (Source – www.bseindia.com).
Formation
 
The 200-day SMA (Simple Moving Average) isplaced at 16810/ 5078 level.
 
The weekly ‘RSI-Smoothened’ oscillator and ‘5 &20 EMA’ are now signaling a positive crossover.
 
Markets have taken support at the Monthly‘Upward Sloping Trend Line’ and have formed a‘Bullish Engulfing’ Pattern.
Trading strategy:
 Until yesterday’s session, indices were struggling toclose above 5300 mark. Hence, we witnessed acluster of narrow range body formations. We hadmentioned the positive placement of ‘ADX (14)’indicator in our previous report. The impact of thistechnical tool was seen during yesterday’s session asindices finally moved in favor of the bulls andmanaged to give a decent intraday rally. The hourlychart indicates a "Flag" pattern breakout and thus weexpect further buying interest from marketparticipants. The resistance level for the day is at17687 / 5386. Conversely, 17351/ 5263 level mayprovide decent support on the downside.
Exhibit 1: Nifty Daily Chart
Source: Falcon 
Actionable points:
View Neutral
Resistance Levels 5386Support Levels 5263
 
 
Daily Technical Report
July 06, 2012
 
www.angelbroking.com2
Bank Nifty Outlook - (10642)
Yesterday, Bank Nifty opened on a positive note andgained strength as the day progressed to close nearthe highest point of the day. We had mentioned in ourprevious report that once, above 10555 level we maywitness a sharp rally towards 10645 – 10830 levels.We continue to remain optimistic on the index as thecharts in higher degree time frames are still indicatinga further up move. However, considering theoverbought condition on momentum oscillator(stochastic) on the daily chart, some consolidation orminor pullback cannot be ruled out. The resistancelevels for the day are at 10740 – 10830 levels. Onthe downside 10523 – 10480 levels are likely to actas support in coming trading session.
Actionable points:
View Neutral
Resistance Levels 10651 – 10740Support Levels 10523 - 10480
Exhibit 2: Bank Nifty Daily Chart
Source: Falcon 
 
 
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Daily Technical Report
July 06, 2012
 
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS S2 S1 PIVOT R1 R2
SENSEX 17,369 17,454 17,508 17,593 17,648NIFTY 5,272 5,300 5,317 5,344 5,361BANKNIFTY 10,405 10,523 10,587 10,706 10,770ACC 1,279 1,288 1,296 1,305 1,314AMBUJACEM 172 174 175 176 178ASIANPAINT 3,697 3,739 3,817 3,859 3,937AXISBANK 1,024 1,034 1,042 1,052 1,060BAJAJ-AUTO 1,537 1,546 1,555 1,564 1,573BANKBARODA 720 726 731 737 742BHARTIARTL 320 322 325 327 331BHEL 231 233 235 237 239BPCL 745 751 758 765 772CAIRN 312 314 315 316 317CIPLA 311 318 321 328 332COALINDIA 342 345 351 354 359DLF 211 213 215 217 219DRREDDY 1,605 1,617 1,627 1,639 1,649GAIL 351 356 360 365 369GRASIM 2,625 2,644 2,672 2,691 2,719HCLTECH 478 485 489 496 500HDFC 667 672 675 679 682HDFCBANK 572 578 582 588 591HEROMOTOCO 2,094 2,108 2,120 2,133 2,146HINDALCO 123 124 126 127 128HINDUNILVR 434 438 441 445 448ICICIBANK 883 902 913 932 943IDFC 135 139 141 145 147INFY 2,451 2,466 2,477 2,491 2,502ITC 245 248 249 252 254JINDALSTEL 455 463 472 479 488JPASSOCIAT 76 77 78 79 80KOTAKBANK 586 593 598 605 609LT 1,397 1,413 1,424 1,439 1,450M&M 712 717 721 727 731MARUTI 1,198 1,219 1,235 1,256 1,271NTPC 158 160 161 163 164ONGC 272 275 280 283 288PNB 829 837 844 852 858POWERGRID 112 113 114 115 116RANBAXY 502 507 511 516 520RELIANCE 727 733 738 743 748RELINFRA 563 569 574 580 585SAIL 93 94 94 95 96SBIN 2,201 2,217 2,228 2,245 2,256SESAGOA 198 200 203 205 208SIEMENS 727 733 738 744 749STER 107 108 110 112 114SUNPHARMA 625 630 635 641 645TATAMOTORS 232 236 238 242 245TATAPOWER 103 104 105 106 107TATASTEEL 446 449 451 454 457TCS 1,229 1,235 1,241 1,247 1,254WIPRO 389 392 395 398 400
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