Daily Technical Report

July 24 , 2013

Sensex (20302) / NIFTY (6078)
Yesterday, our benchmark indices opened nearly half-apercent higher and then traded within a narrow trading range to eventually close in the positive territory. During yesterday’s session, all sectors ended in the green with the Consumer Durables, FMCG, Realty and Banking counters leading the rally. The Advance to Decline ratio ended on a neutral note. (A=1139 D=1166) (Source– www.bseindia.com )

Exhibit 1: Nifty Daily Chart

Formation
 The ’89-day EMA’ and the ’89-week EMA’ are placed at 19459/ 5878 and 18607 / 5627 levels, respectively. The ’20-day EMA’ and the ‘20-week EMA’ are placed at 19741 / 5933 and 19542 / 5900, respectively. The weekly momentum oscillators are still positively poised. The 78.60% Fibonacci retracement level of the fall from 20444 / 6229 to 18467/ 5566 is placed at 20021 / 6088.

Source: Falcon:

Trading strategy: During yesterday’s session, we witnessed a gap up opening in our market. As a result, indices met precisely with our mentioned target of 20021 / 6088 (Sensex had already achieved that level; but Nifty attained that target yesterday). Going forward, we are of the view that our benchmark indices may rally towards 20444 / 6134 only if they sustain above yesterday’s high of 20351 / 6094. On the flipside, Friday’s low of 19956 / 5974 would remain to be a crucial support in the coming trading sessions. A fall and close below this level results in a trendline breakdown and would a clear indication to exit from all long positions. We continue to advise our traders to stick to their stock specific approach and avoid taking undue risks ahead of July series derivative expiry on Thursday.

Actionable points:
View Resistance Levels Support Level Neutral 6088 - 6134 5974 - 5900

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Daily Technical Report
July 24, 2013

Bank Nifty Outlook - (11240)
Yesterday, the Bank Nifty too opened higher in-line with our benchmark indices and held on to early gains throughout the session. Although the daily momentum oscillators are now signaling a positive crossover the Index has still failed to close above the all important resistance of 11264. We reiterate that only a sustainable move beyond 11264 may attract buying interest among market participants. On the flipside, 11132 levels would act as immediate support level for the index. A fall below this level may result in a further decline towards 10948 – 10829 levels. Considering the policy changes made by the RBI yesterday evening, we expect a Gap down opening in banking counters.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:

View Expected Target Resistance Level

Bearish below 11132 10948 - 10829 11264 Source: Falcon:

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Daily Technical Report
July 24, 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 20,200 6,045 11,149 1,214 192 4,811 1,184 1,943 587 324 159 343 304 400 292 168 2,299 324 2,752 885 809 676 1,753 103 687 977 124 454 2,876 367 202 49 691 869 859 888 1,427 107 142 305 640 107 310 896 382 1,817 145 1,079 291 93 229 1,721 1,879 S1 20,251 6,062 11,195 1,231 194 4,876 1,193 1,959 604 327 162 348 307 404 295 171 2,330 328 2,774 893 818 680 1,771 104 703 984 126 459 2,889 371 206 50 711 885 870 905 1,438 108 142 309 651 109 316 903 389 1,839 146 1,093 295 94 232 1,735 1,895 PIVOT 20,301 6,077 11,240 1,243 196 4,966 1,207 1,984 614 332 164 353 310 410 299 175 2,352 332 2,802 899 828 685 1,790 105 713 989 128 465 2,903 374 211 50 722 904 887 915 1,451 109 144 312 659 111 320 914 395 1,854 148 1,105 298 94 236 1,758 1,919 R1 20,352 6,094 11,285 1,261 198 5,031 1,216 2,001 630 335 167 358 313 414 303 178 2,384 336 2,824 907 837 689 1,809 106 728 995 130 469 2,916 378 215 51 742 920 898 932 1,462 111 144 316 670 112 326 921 402 1,876 150 1,119 302 95 239 1,772 1,935 R2 20,402 6,110 11,331 1,272 200 5,121 1,229 2,026 640 341 169 363 316 420 307 181 2,406 340 2,852 914 848 694 1,828 107 738 1,000 132 475 2,930 380 219 51 753 939 914 942 1,475 112 146 319 678 114 330 932 409 1,892 152 1,131 305 95 243 1,795 1,959

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Daily Technical Report
July 24, 2013
Research Team Tel: 022 - 30940000 E-mail: sameet.chavan@angelbroking.com Website: www.angelbroking.com

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

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