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Daily Technical Report

October 23, 2012

Sensex (18793) / NIFTY (5717)


Yesterday, we witnessed a minor gap down opening on the back of negative clues from US and European markets. During the second half, our markets bounced back sharply from the lows to close well above 5700 mark. However, the range of 5630 to 5730 has not been violated as yet. The Capital Goods, Health Care and more importantly, banking sector led yesterdays up move; whereas the defensive counters like FMCG and Consumer Durables closed marginally in the negative territory. The advance to decline ratio was in favor of declining counters (A=1405 D=1446) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 18617/ 5654 and 17919/ 5434 levels, respectively. The monthly RSI oscillator is moving higher from the 50 mark and the positive in ADX (9) indicator is intact. The negative crossover in weekly Stochastic oscillator is still intact. At present, the value of Daily RSI oscillator is 56.38. The RSI trading above the 50 mark shows strength of the current up trend. 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.
Source: Falcon:

Actionable points:
View for the day Resistance Levels Support Levels Neutral 5729 - 5757 5633

Trading strategy:
Despite yesterday's gap down opening our benchmark indices bounced sharply from days lows. The hourly chart now depicts a narrow Channel formation. The trading range is 18886 to 18535 / 5729 to 5633. Only a sustainable breakout / breakdown on either side would give clarity of the near term trend. Hence, a move beyond 5729 would push indices towards their next resistance. We can expect our indices to move towards 18973 19138 / 5757 5816.

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Daily Technical Report


October 23, 2012

Bank Nifty Outlook - (11607)


Yesterday, Bank Nifty opened on a flat note and gained strength as the day progressed to close near days high with a gain of 1%. The index continue to consolidate in the mentioned range of 11745 11245. We reiterate our view that any fresh positions in the index should be created only if the index sustains outside the said range. In the mentioned range 11685 11722 levels are likely to act as resistance and 11545 11467 levels are likely to act as support in coming trading session. Actionable points:
View for the day Resistance Levels Support Levels Neutral 11685 11722 11545 - 11467

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon:

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Daily Technical Report


October 23, 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 18,526 5,635 11,349 1,388 199 3,807 1,175 1,733 766 262 235 333 331 355 347 202 1,695 354 3,371 595 736 620 1,803 112 562 1,038 149 2,354 287 393 91 617 1,595 562 811 1,343 164 276 807 117 533 783 495 2,207 165 676 674 263 103 400 1,287 1,968 339 S1 18,660 5,676 11,478 1,403 201 3,868 1,200 1,760 775 267 239 338 335 360 352 205 1,712 357 3,395 603 743 629 1,815 114 566 1,057 151 2,370 291 397 94 625 1,633 566 823 1,356 166 277 814 118 538 799 504 2,224 166 682 686 265 105 404 1,303 1,995 341 PIVOT 18,735 5,699 11,549 1,414 204 3,904 1,214 1,780 786 270 242 340 337 363 356 206 1,722 360 3,417 608 750 635 1,831 115 569 1,069 152 2,384 294 402 95 630 1,654 571 831 1,367 168 279 819 119 541 808 509 2,242 167 687 693 267 106 407 1,319 2,017 344 R1 18,868 5,740 11,678 1,429 206 3,965 1,238 1,807 796 275 245 345 340 367 361 209 1,739 362 3,441 616 758 644 1,844 116 573 1,088 154 2,400 298 405 97 638 1,692 575 843 1,381 171 280 826 119 546 824 518 2,259 169 692 706 269 107 411 1,335 2,044 347 R2 18,943 5,762 11,749 1,440 209 4,001 1,252 1,827 807 277 248 348 342 370 364 210 1,749 366 3,463 622 765 650 1,860 117 576 1,100 155 2,414 302 410 99 643 1,713 580 852 1,391 173 281 832 120 549 833 523 2,277 170 697 713 271 109 414 1,351 2,066 350

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Daily Technical Report


October 23, 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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