Daily Technical Report

November 26, 2012

Sensex (18507) / NIFTY (5627)
On Friday, our benchmark indices traded with negative bias and drifted below the support level of 18456 / 5608 during the first half. However, indices closed flat above 5600 mark after recovery in the final hour of trading session. The PSU, Realty and Health Care counters were among the major draggers; whereas the Auto, Oil & Gas and Consumer Durables sectors provided decent support to the indices. The advance to decline ratio was in favor of declining counters (A=1315 D=1498) (Source –www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
 The ’20-day EMA’ and the ’20-week EMA’ are placed at 18556 / 5643 and 18172/ 5517 levels, respectively. The negative crossover in weekly ‘RSI – Smoothened’ is still intact. We are observing two ‘Narrow Range Body’ formations on daily chart.

Trading strategy:
In-line with our expectations, our benchmark indices found decent support near the convergence point of two channel patterns (as shown in exhibit 1). Further, we had mentioned a ‘Homing Pigeon’ candlestick pattern in Sensex, which was confirmed on Wednesday. The impact of this pattern was seen during the second half of the week and as a result indices moved higher towards the mentioned resistance level of 18564 / 5650. At this juncture, markets are hovering around the ’20-day EMA’, which can be considered as an intermediate resistance. In addition, the daily chart now depicts two ‘Narrow Range’ body formations and indicates uncertainty among the market participants. Going forward, a move beyond the 18564 / 5650 level may push the markets further higher to test the next resistance level of 18812 / 5720. On the flip side, the negative crossover in weekly ‘RSISmoothened’ oscillator cannot be ignored.
Source: Falcon:

Actionable points:
View for the day Expected Targets Support Levels Bullish above 5650 5698 - 5720 5593 - 5548

Unfortunately if indices sustain below Friday’s low of 18402 / 5593, then a fall towards 18255 / 5548 level can be expected. The probability of an extended corrective move towards 18194 / 5515 (50% Fibonacci Retracement level of the rise from 17250 to 19138 / 5216 to 5815) cannot be ruled out.

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Daily Technical Report
November 26, 2012

Bank Nifty Outlook - (11476)
On Friday, Bank Nifty opened on a flat note and drifted lower in the first half of the session. However, during the second half buying was witnessed near the support level of 11370 which led the index to close with a minor loss of 0.28%. As mentioned in our previous report we are witnessing an “Inverted Head & Shoulder” pattern forming on the hourly chart. The bullish nature of the mentioned pattern will be confirmed if the index sustains above 11570 level. In this scenario the index is likely to rally towards 11626 – 11707 levels. On the downside 11370 remains to be a crucial support for the index.

Exhibit 2: Bank Nifty Hourly Chart

Actionable points:
View for the day Expected Targets Support Levels Bullish Above 11570 11626 - 11707 11370 - 11306 Source: Falcon:

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Daily Technical Report
November 26, 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 18,334 5,575 11,315 1,358 200 3,930 1,237 1,798 719 298 221 315 325 374 353 195 1,702 333 3,125 624 769 654 1,787 106 521 1,009 153 2,336 280 368 86 615 1,558 553 943 1,476 153 247 724 118 477 762 445 2,056 162 639 685 254 99 358 1,264 1,866 359 S1 18,420 5,601 11,396 1,369 202 3,992 1,247 1,808 724 302 223 318 326 378 355 198 1,723 336 3,153 630 774 662 1,806 107 525 1,017 155 2,357 283 372 88 620 1,573 557 948 1,485 156 249 729 119 487 768 451 2,073 164 649 695 257 101 361 1,276 1,881 363 PIVOT 18,488 5,619 11,472 1,384 203 4,030 1,255 1,819 731 307 224 323 327 383 357 200 1,736 343 3,200 635 778 667 1,820 108 529 1,028 157 2,378 286 375 89 626 1,586 562 953 1,494 162 251 734 120 500 772 456 2,092 166 659 702 259 102 365 1,284 1,898 369 R1 18,575 5,645 11,553 1,396 205 4,092 1,265 1,829 735 311 226 326 329 387 360 203 1,757 346 3,228 641 783 675 1,839 109 534 1,036 159 2,399 289 378 91 630 1,600 565 959 1,503 165 253 739 121 510 778 462 2,109 168 669 712 263 103 368 1,296 1,913 373 R2 18,643 5,664 11,629 1,410 206 4,130 1,273 1,840 742 316 228 331 330 391 362 205 1,770 352 3,275 646 787 681 1,852 109 537 1,047 161 2,420 292 382 92 636 1,613 570 963 1,512 170 254 744 122 524 782 467 2,128 170 679 718 265 104 372 1,304 1,929 380

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Daily Technical Report
November 26, 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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