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Daily Technical Report

December 26, 2012

Sensex (19255) / NIFTY (5856)
The week began on a quite note on Monday where our benchmark indices remained flat throughout the day to close with marginal gains. Trading volumes declined as traders turned cautious ahead of the Christmas holidays. On sectoral front, Metal, Oil & Gas and Consumer Durables counters remained under pressure. However, Teck, Realty and IT provided support to the markets. The advance to decline ratio was marginally in favor of advancing counters (A=1448 D=1431) (Source –www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
 The ’20-day EMA’ and the ’20-week EMA’ are placed at 19212 / 5845 and 18552 / 5636 levels, respectively. On the weekly chart, we are witnessing a breakout from ‘Downward Sloping Trend Line’ joining two significant swing highs of 19811 / 5944 (April 2011) and 19137 / 5815 (Oct 2012) at 19050 / 5800 level. The 38.20% and 50% Fibonacci retracement levels of the rise from 18255 / 5548 (low on November 20, 2012) to 19612 / 5965 (high on December 11, 2012) are at 19100 – 18930 / 5806 – 5755, respectively. The daily ‘RSI’ oscillator, ‘3 & 8 day EMA’ and the daily ADX (9) indicator are negatively poised.

Source: Falcon:

Actionable points:
View for the day Expected Targets Support Levels Bullish above 5875 5926 – 5965 5823 - 5806

Trading strategy:
The weak session on Friday was followed by a quiet trading session on Monday, in-line with muted global cues. Lack of participation prior to a long Christmas break resulted in significant fall in volumes. Hence, there is no major change in the chart structure and thus we reiterate our view that only if indices sustain below last week’s low of 19149 / 5823, we may witness a downward corrective move towards 19100 – 18930 / 5806 – 5755. These levels are the 38.20% and 50% Fibonacci retracement levels of the rise from 18255 / 5548 (low on November 20, 2012) to 19612 / 5965 (high on December 11, 2012), respectively. On the flipside, last week’s high of 19612 / 5965 would act as a strong resistance in the coming trading sessions.

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Daily Technical Report
December 26, 2012

Bank Nifty Outlook - (12318)
On Monday, Bank Nifty opened on a flat note and in line with our benchmark indices traded in a narrow range throughout the session. In line with the benchmark indices, banking stocks too showed a decline in trading volumes and there is no major change in the chart structure on the daily chart. Going forward, the index is likely to trade in the range of 12568 – 12197 level. Within the mentioned range 12366 – 12410 levels are likely to act as resistance and 12238 – 12197 are likely to act as support for the day.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View for the day Resistance Levels Support Levels Neutral 12366 – 12410 12238 - 12197 Source: Falcon:

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Daily Technical Report
December 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 19,170 5,830 12,216 1,385 196 4,310 1,314 2,059 827 300 224 335 307 410 349 218 1,795 345 3,112 621 815 668 1,852 126 519 1,106 166 2,306 284 433 93 635 1,556 596 927 1,460 152 253 817 113 498 809 508 2,304 188 653 717 292 105 421 1,255 1,911 378 S1 19,212 5,843 12,267 1,398 198 4,336 1,328 2,083 838 304 226 341 310 415 352 221 1,809 349 3,142 629 822 672 1,869 128 525 1,114 168 2,314 285 439 95 641 1,571 601 932 1,469 153 255 825 114 501 815 512 2,318 190 657 729 299 106 425 1,261 1,934 382 PIVOT 19,280 5,857 12,317 1,407 200 4,360 1,337 2,104 846 308 228 346 314 419 354 222 1,824 351 3,188 635 832 676 1,893 129 531 1,122 170 2,321 288 450 96 648 1,587 605 940 1,485 154 257 833 115 504 821 516 2,338 194 663 737 305 107 430 1,266 1,964 384 R1 19,323 5,870 12,367 1,419 202 4,386 1,351 2,128 857 312 230 352 318 424 356 225 1,838 355 3,218 643 838 680 1,911 131 537 1,130 172 2,329 290 456 97 653 1,602 611 946 1,495 155 258 841 116 507 827 521 2,352 196 667 749 313 108 434 1,272 1,987 389 R2 19,390 5,885 12,417 1,428 204 4,410 1,360 2,149 865 316 232 358 322 428 358 227 1,853 357 3,264 649 848 684 1,935 133 543 1,138 173 2,337 292 466 99 660 1,619 615 953 1,511 156 260 849 117 510 833 525 2,372 199 672 757 318 109 439 1,277 2,017 391

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Daily Technical Report
December 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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