Daily Technical Report

April 08, 2013

Sensex (18450) / NIFTY (5553)

On Firday, indices opened on a pessimistic note and traded with extreme volatility throughout the sesszion to close marginally above the 5550 mark. FMCG, Consumer Durables, and Capital Goods stocks were among the major losers whereas Oil & Gas, Auto and Metal Counters ended with gains. The advance to decline ratio was in favor of advancing counters (A=1422 D=1306) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 20-week EMA and the 20-day EMA are placed at 19094 / 5777 and 18941 / 5717 levels, respectively. The 89-week EMA and 200 Day SMA are placed at 18200 / 5500 and 18556 / 5640, respectively. The Lower Top Lower Bottom formation on weekly chart is still intact.
Source: Falcon:

Trading strategy:
The bulls finally had to surrender this week, as the benchmark indices gave a weekly closing below the psychological level of 18500 / 5600, which is for the first time after November 16, 2012s weekly candle. Indices are now approaching the next support level at the weekly 89EMA placed around 18200 / 5500 level. The momentum oscillators on the daily charts are extremely oversold and the possibility of a bounce thus cannot be ruled out. However, one must remember that to time the bounce will be difficult; traders looking to initiating long positions should wait for the indices to cross the Fridays high of 18525 / 5577. Only a sustainable move beyond this level may push markets higher to test the next resistance levels placed at 18727 - 18960 / 5645 - 5720. On the other hand the Lower Top - Lower Bottom formation on the weekly chart is still intact and the momentum on the down side is quite strong.

Actionable points:
View Resistance levels Support levels Neutral 5577 - 5605 5500

The charts of global markets too appear weak and may add on to the prevailing negative sentiment. A fall below 18200 / 5500 may reinforce selling pressure in the market. In this scenario, we may witness a continuation of the concluded weeks pessimism, possibly leading indices to slide towards 17976 / 5441 levels, or even further down. We advise traders to stay light on the positions and follow strict stop losses. Initiating fresh short positions on the index at current levels is not recommended as the risk - reward ratio is not favorable and may incur losses.

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Daily Technical Report

April 08, 2013

Bank Nifty Outlook - (11099)

On Friday, Bank Nifty opened on a flat note and traded in a narrow range throughout the session to close with a loss of 0.25%. During the day the index slipped marginally below the 11048 level, however manged to give a close above it. We are now witnessing a Spinning Top candlestick pattern on the daily chart. The mentioned pattern requires confirmation in the form of a close above the 11168 level. A breach of 11021 level would drag the index lower towards the 10970 10887 levels. On the upside 11168 11254 levels are likely to act as resistance for the day. The mentioned pattern will be negated only if the index closes below 11021 the level. Actionable points:
View Resistance Levels Support Levels Neutral 11168 11254 11021 10970

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon:

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Daily Technical Report

April 08, 2013

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 INDUSINDBK INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT LUPIN M&M MARUTI NMDC NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SBIN SESAGOA SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS ULTRACEMCO S2 18,319 5,512 10,949 1,090 159 4,679 1,200 1,644 646 259 174 364 281 378 302 224 1,848 306 2,672 732 748 607 1,415 87 465 974 136 394 2,823 284 322 62 624 1,324 602 819 1,289 119 136 304 701 103 435 762 321 2,019 144 842 247 94 299 1,472 1,714 S1 18,385 5,533 11,024 1,110 162 4,723 1,215 1,672 651 265 176 370 285 382 306 228 1,880 311 2,694 745 759 614 1,448 88 469 986 139 398 2,844 288 329 63 630 1,337 610 828 1,348 122 139 309 711 104 442 771 326 2,038 147 851 251 94 304 1,485 1,743 PIVOT 18,455 5,555 11,096 1,126 165 4,777 1,232 1,697 656 272 178 376 289 386 310 235 1,905 317 2,716 755 775 620 1,468 89 471 997 142 401 2,872 294 335 64 636 1,354 622 841 1,386 127 142 312 720 104 448 777 332 2,061 149 860 256 95 308 1,497 1,766 R1 18,521 5,575 11,171 1,146 168 4,821 1,247 1,726 661 278 180 382 293 391 314 239 1,937 322 2,738 767 786 627 1,501 91 475 1,010 144 405 2,893 297 341 65 642 1,367 630 851 1,445 130 144 317 729 105 456 786 337 2,080 152 869 260 96 314 1,510 1,795 R2 18,591 5,598 11,243 1,163 171 4,874 1,264 1,750 667 285 183 387 296 395 318 245 1,962 327 2,760 777 801 633 1,521 92 478 1,021 147 409 2,921 303 347 66 647 1,385 642 864 1,483 135 147 321 738 106 462 791 343 2,103 154 878 266 97 318 1,523 1,818

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Daily Technical Report

April 08, 2013
Research Team Tel: 022 - 30940000 E-mail: advisory@angelbroking.com Website: www.angelbroking.com

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

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