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Daily Technical Report

October 16, 2012

Sensex (18714) / NIFTY (5687)


Yesterday, the markets opened on a quite note in-line with mixed global cues. The choppiness increased during the second half mainly due to uncertainty before the Q2 numbers of Reliance Industries. Eventually, indices managed to close marginally in the positive territory. The weak sectors like IT and Teck continued to correct lower whereas FMCG, Oil & Gas and Realty sectors showed some stability during yesterdays session. The advance to decline ratio was in favor of advancing counters (A=1494 D=1353) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 18582/ 5635 and 17840/ 5400 levels, respectively. The monthly RSI oscillator is moving higher from the 50 mark and the positive in ADX (9) indicator is intact. The weekly Stochastic oscillator is now signaling a negative crossover. The weekly chart candlestick pattern. depicts a Bearish Engulfing
Source: Falcon:

The 38.2% and 50% Fibonacci Retracement levels of the rise from 17250 to 19138 / 5216 to 5815 are placed at 18416 / 5586 and 18194 / 5515, respectively.

Actionable points:
View for the day Resistance Levels Support Levels Neutral 5729 - 5757 5651 - 5636

Trading strategy:
Once again, the daily 20 EMA acted as a strong support and the benchmark Indices bounced from the days lows. At this juncture, there is no major change in the price structure and we continue to mention that only a sustainable move below last weeks low of 18581 / 5636 would lead to short term pessimism in the market. In this scenario, the market may slide towards 18416 / 5586 and 18194 / 5515, which are 38.2% and 50% Fibonacci Retracement levels of the rise from 17250 to 19138 / 5216 to 5815, respectively. Conversely, 18886 / 5729 level would act as the immediate hurdle for the bulls. A move above this may push indices higher to test next resistance level of 18973 / 5757.

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Daily Technical Report


October 16, 2012

Bank Nifty Outlook - (11442)


Yesterday, Bank Nifty opened on a flat note and initially traded with a negative bias in the first half of the day. However, during the second half, buying emerged in Index heavy weights which led the index to close near days high. On the hourly chart we are witnessing an Inverted Head and Shoulder pattern in formation which will be confirmed above 11537 level. The mentioned pattern has a bullish implication. We are also witnessing a positive crossover in momentum oscillator Stochastic coupled with positive positioning of RSI on the hourly chart. Thus going forward if the index sustains above 11466 level then it is likely to rally towards 11537 11647 level. On the downside 11288 11245 levels are likely to act as support in coming trading session. Actionable points:
View for the day Expected Targets Support Levels Bullish Above 11466 11537 11647 11288 - 11245

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon:

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Daily Technical Report


October 16, 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 LUPIN M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SBIN SESAGOA SIEMENS SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS ULTRACEMCO WIPRO S2 18,549 5,635 11,229 1,467 210 3,780 1,101 1,715 764 254 238 345 326 358 351 213 1,678 370 3,353 575 729 618 1,750 116 565 1,023 147 2,318 277 414 90 617 1,616 550 846 1,302 166 274 802 117 529 813 504 2,216 170 676 705 264 101 413 1,280 2,022 349 S1 18,631 5,661 11,335 1,478 212 3,827 1,110 1,734 772 259 243 348 328 364 354 215 1,689 375 3,388 579 735 626 1,759 118 572 1,038 149 2,342 282 418 91 623 1,626 556 852 1,320 167 277 811 118 538 818 510 2,240 171 687 710 267 102 416 1,287 2,031 351 PIVOT 18,679 5,677 11,395 1,496 215 3,872 1,118 1,748 780 262 247 350 330 367 356 217 1,697 378 3,411 584 738 631 1,770 119 576 1,047 151 2,377 285 421 93 626 1,641 564 858 1,352 168 279 819 119 543 824 515 2,255 172 694 715 269 103 419 1,295 2,045 352 R1 18,761 5,704 11,502 1,507 218 3,919 1,127 1,767 788 267 253 353 332 373 359 219 1,709 383 3,446 589 744 639 1,779 121 583 1,062 152 2,401 290 425 94 632 1,651 569 863 1,370 169 281 828 120 552 829 521 2,279 173 705 720 272 105 422 1,302 2,054 353 R2 18,809 5,720 11,561 1,526 221 3,965 1,135 1,781 796 270 256 355 333 376 361 221 1,717 386 3,469 594 748 643 1,790 123 587 1,071 154 2,436 292 428 95 636 1,666 577 869 1,402 170 283 836 122 558 835 526 2,294 175 712 725 274 105 426 1,310 2,068 355

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Daily Technical Report


October 16, 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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