Daily Technical Report

May 27, 2013

Sensex (19704) / NIFTY (5984)

On Friday, our benchmark indices opened on a flat note in line with global cues and traded with extreme volatility throughout the session. For the day Consumer Durables, Metal and Capital Goods counters were among the major gainers, whereas HealthCare, IT and Teck stocks ended in the red. The advance to decline ratio was in favor of advancing counters. (A=1189 D=1098) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 20-week EMA and the 20-day EMA are placed at 19331/ 5863 and 19804/ 6017 levels, respectively. The 89-day EMA and the 200-day SMA are placed at 19369/ 5873 and 18983 / 5757, respectively. The weekly RSI momentum oscillator and the daily ADX (9) indicator are negatively poised. We are observing a Bearish Engulfing Japanese candlestick pattern on weekly chart.

Source: Falcon:

Trading strategy:
Finally, our benchmark indices have broken their winning streak in the sixth week. During the opening session of the week, indices moved in the direction of the 127% Fibonacci Retracement level of the fall from 20204 / 6112 and 18144 / 5477. This level was placed at 20750 / 6280. However, very surprisingly, indices took a u-turn half way through after posting a high of 20444 / 6230 and most traders, including us, were caught on the wrong foot. The fall in the market in the last week has negated the bullish implication of V pattern mentioned in our earlier report. The weekly chart now depicts a Bearish Engulfing Japanese candlestick pattern. An occurrence of such pattern near a significant resistance level indicates the probable completion of an existing uptrend and signals possibility of near term slowdown.

Actionable points:
View Expected Targets Resistance level Bearish Below 5937 5911 5870 6020 6081

In addition, the daily ADX (9) indicator and weekly RSI momentum oscillator are negatively poised. The said pattern will be confirmed ONLY if indices sustain below this weeks low of 19568 / 5936. In this scenario, indices may move lower to test 19360 - 19022 / 5850 - 5764 levels. On the flipside, 19833 20028 / 6015 6082 levels would act resistance for our benchmark indices. The Bearish Engulfing pattern would be negated only above the high of 20444 / 6230. Considering that the derivative expiry session in the coming week, we expect volatility to increase and advise traders to remain light on positions and trade with strict stop losses.

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Daily Technical Report

May 27, 2013

Bank Nifty Outlook - (12769)

On Friday, Bank Nifty opened on a flat note in line with our benchmark indices and traded with extreme volatility throughout the session to close with a gain of 1%. On the daily chart we are now witnessing a Bullish Harami Japanese candlestick pattern near the 61.8% Fibonacci retracement of the rise from 12188 to 13414. In addition the momentum oscillators on the hourly chart are positively poised. The mentioned pattern requires confirmation in the form of a sustainable move above the12830 level. In this scenario the index is likely to rally towards 12932 13011 levels. However, the weekly chart depicts a Bearish Engulfing pattern. Thus, going forward we believe that volatility is set to rise as the daily and weekly chart depicts contradictory patterns. On the downside 12582 level is likely to act as support for the day. Actionable points:

Exhibit 2: Bank Nifty Daily Chart

View Resistance Levels Support Levels

Neutral 12830 12932 12582 Source: Falcon:

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Daily Technical Report

May 27, 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 19,437 5,900 12,481 1,184 181 4,735 1,413 1,753 664 289 186 375 277 399 305 200 2,046 315 2,862 722 894 689 1,605 102 584 1,165 150 481 2,305 325 286 64 750 1,402 736 939 1,526 114 148 318 759 107 376 771 362 2,088 152 938 276 85 300 1,439 1,904 S1 19,571 5,942 12,625 1,205 184 4,770 1,437 1,779 678 294 189 379 280 404 308 206 2,056 318 2,911 730 900 695 1,619 105 585 1,184 153 490 2,326 328 291 66 766 1,429 753 953 1,600 115 149 321 773 108 383 779 369 2,120 156 954 282 88 307 1,454 1,924 PIVOT 19,702 5,979 12,727 1,218 185 4,797 1,460 1,813 691 299 194 385 282 411 311 212 2,064 322 2,950 739 905 700 1,644 107 586 1,198 155 496 2,356 331 294 68 775 1,449 764 967 1,689 116 150 327 783 109 392 787 374 2,159 159 976 289 90 313 1,479 1,946 R1 19,835 6,020 12,871 1,239 187 4,833 1,483 1,839 705 304 197 388 285 416 313 218 2,074 326 2,999 747 911 707 1,659 110 587 1,217 157 505 2,377 333 298 70 790 1,476 781 981 1,763 118 151 330 797 111 399 794 382 2,190 163 991 295 93 320 1,494 1,966 R2 19,967 6,057 12,973 1,252 189 4,860 1,506 1,873 718 309 202 394 287 423 317 224 2,081 330 3,039 756 916 712 1,684 113 588 1,231 159 511 2,407 336 302 71 800 1,495 793 995 1,852 119 152 335 806 112 408 802 387 2,229 165 1,013 302 95 326 1,518 1,988

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Daily Technical Report

May 27, 2013
Research Team Tel: 022 - 30940000 E-mail: advisory@angelbroking.com Website: www.angelbroking.com

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Research Team
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Ankur Lakhotia Head Technicals Technical Analyst Technical Analyst Technical Analyst

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