Daily Technical Report

September 07, 2012

Sensex (17346) / NIFTY (5238)

Once again yesterday markets opened on a flat note and consolidated in a narrow range during the first half. However, post midsession, indices picked up a strong momentum on the back of optimistic opening in the European markets only to pare their gains during the last half an hour of trade. The IT, Teck and Auto sectors rallied; whereas FMCG and Consumer Durables corrected sharply during yesterdays session. The advance to decline ratio was in favor of advancing counters (A=1440 D=1339) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 200-day SMA are placed at 17560 / 5316 and 16920 / 5120 levels, respectively. Looking at the Line Chart it is clear that indices have now confirmed the Higher Top - Higher Bottom formation on the weekly chart after August 28, 2009. The weekly momentum oscillators viz., the RSI and the Stochastic are signaling a negative crossover.
Source: Falcon:

Trading strategy:
Yesterday, our markets remained muted during the first half of the session. Subsequently, a strong opening in the European markets influenced a shift in trading sentiment and indices rallied nearly 1% from the lowest point of the day. Going forward, we continue to mention the support zone of 17218 17123 / 5215 5190. Only closing below 17123 / 5190 level may augment further selling momentum in the markets. As a result, indices may then slide towards 16892 / 5120 level. Conversely, the resistance levels are seen at 17416 17560 / 5279 5316 levels. A move beyond 17560 / 5316 in todays session, on the back of the Outright Monetary Transactions program announced by the ECB, may attract strong buying interest in the market. In such a scenario, indices may rally towards 17712 / 5360 level.

Actionable points:
View Resistance Levels Support Levels Neutral 5279 5316 5215 - 5190

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Daily Technical Report

September 07, 2012

Bank Nifty Outlook - (9893)

Yesterday, Bank Nifty opened on a flat note and traded in a narrow range throughout the session. As expected the index took support near its 200 day SMA. We are now witnessing a Bullish Harami candlestick pattern near this support level. The mentioned pattern requires confirmation in the form of closing below 9947 levels. Thus if the index sustains above yesterdays high of 9947 then it is likely to rally towards 10045 10100. On the downside 9860 9814 levels are likely to act as support in coming trading session.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Target Levels Support Levels Bullish above 9947 10045 - 10100 9860 9814 Source: Falcon:

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Daily Technical Report

September 07, 2012

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 INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 17,229 5,196 9,775 1,264 175 3,587 916 1,616 599 240 198 340 325 368 353 190 1,659 348 2,857 552 712 582 1,759 98 518 879 120 2,323 255 331 63 559 1,295 735 1,157 163 268 658 118 537 758 430 76 1,811 160 653 92 635 221 94 344 1,343 354 S1 17,288 5,217 9,834 1,300 182 3,644 932 1,629 604 246 199 344 328 371 355 191 1,667 355 2,894 560 717 585 1,775 100 522 888 122 2,372 258 337 64 566 1,305 747 1,170 167 271 662 119 541 763 436 76 1,832 162 661 93 643 227 95 348 1,360 366 PIVOT 17,353 5,239 9,891 1,321 186 3,682 944 1,641 611 252 203 347 331 375 358 193 1,672 359 2,923 566 723 589 1,791 102 528 895 124 2,400 263 341 65 571 1,319 755 1,183 170 275 668 121 547 769 442 77 1,849 164 667 94 650 231 95 351 1,370 372 R1 17,412 5,260 9,950 1,357 193 3,738 961 1,654 616 258 204 350 334 379 361 195 1,679 365 2,960 574 729 592 1,807 103 532 904 126 2,450 265 347 66 578 1,329 767 1,196 174 278 673 123 551 774 448 77 1,870 165 675 95 658 237 96 354 1,386 384 R2 17,477 5,282 10,007 1,378 197 3,776 973 1,667 623 264 208 354 336 382 364 197 1,685 369 2,989 580 735 597 1,823 105 538 911 127 2,478 270 352 67 583 1,343 775 1,209 177 281 679 124 557 780 454 78 1,887 168 681 96 664 241 97 357 1,396 391

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Daily Technical Report

September 07, 2012
Research Team Tel: 022 - 39357800 E-mail: research@angelbroking.com Website: www.angelbroking.com

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

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