Daily Technical Report

September 13, 2013

Sensex (19782) / NIFTY (5851)
Yesterday, our benchmark indices opened on a flat note as indicated by the SGX Nifty. However, immediately after a few positive ticks, the index faced tremendous selling pressure and as a result, we witnessed more than a percent cut during the session. Apart from the Realty and FMCG, all other sectors ended in the negative territory. The Metal, Banking, Consumer Durables and Auto counters influenced the major part of selling pressure in the market. The advance to decline ratio was marginally in favor of declining counters. (A=1161 D=1199) (Source–www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
 The ’89-day EMA’ and the ’89-week EMA’ are placed at 19176 / 5726 and 18649/ 5620 levels, respectively. The ’20-day EMA’ and the ‘20-week EMA’ are placed at 19027 / 5616 and 19248/ 5748 levels, respectively.
Source: Falcon:

The monthly ‘RSI-Smoothened’ oscillator is negatively poised; whereas the weekly momentum oscillators are contradictory and signaling a positive crossover. The 61.8% and 78.6% Fibonacci retracement levels of the fall from 6094 (high on July 23, 2013) and 5118 (low on August 28, 2013) are placed at 5730 and 5890, respectively. The ‘Lower Top - Lower Bottom’ formation in weekly chart is still intact.

Actionable points:
View Expected Targets Resistance levels Bearish Below 5815 5780 – 5750 5867 – 5932

Trading strategy:

Finally, the five day winning streak of the bulls came to an end as the market showed some signs of exhaustion. We had mentioned about the 'Hanging Man' Japanese candlestick pattern in our previous report. As expected, the bulls could not hold above 5925 and immediately slipped lower to close at the 5850 mark. Theoretically the pattern has not been activated as the Nifty broke 5832 (low of the pattern) on intraday basis but closed marginally above it. However, considering the practical scenario, we have a view that if Nifty sustains below yesterday's low of 5815, then the selling pressure may get reinforced and as a result, the Nifty may go back to test 5780 - 5750 levels.

Conversely, the better-than-expected July IIP data may influence the positive opening in today's opening. Traders should take note that only a move beyond the 5925 level would warrant the possibility of a further up move in the markets.

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Daily Technical Report
September 13, 2013

Bank Nifty Outlook - (10159)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, the Bank Nifty too opened on a flat note in line with our benchmark index and immediately slipped in to the negative territory. In-line with our expectations, the price band of 10300 - 10500 is proving out to be a strong resistance zone for the Bank Nifty. However the hourly chart of the bank Nifty shows decent support near to the hourly “20 EMA”. Going forward, considering the overall placement of the momentum oscillators, and the wave count on the hourly charts, we are of the view that only sustainable move below the low of 9980 would lead to a further correction towards 9773 – 9568 levels. On the upside, a move beyond the 10241 level may result in a short term up move towards 10400 / 10450 levels. Actionable points:

View Resistance Levels Support Levels

Neutral 10450 – 10500 9980 Source: Falcon:

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Daily Technical Report
September 13, 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 19,461 5,750 9,909 990 174 426 985 1,947 493 316 128 293 313 429 273 142 2,170 299 2,424 1,044 779 617 1,943 107 610 931 90 372 3,007 325 230 34 675 795 850 777 1,277 121 135 268 473 97 437 853 358 1,609 175 538 322 73 291 1,918 1,668 S1 19,622 5,800 10,034 1,009 177 432 1,003 1,963 507 322 131 298 316 433 279 146 2,208 304 2,464 1,059 797 626 1,976 109 618 941 93 384 3,036 331 235 36 688 805 858 795 1,299 122 137 273 483 98 447 864 366 1,634 179 548 328 75 297 1,943 1,713 PIVOT 19,837 5,866 10,196 1,039 183 442 1,022 1,986 519 331 137 308 320 439 289 151 2,248 309 2,520 1,070 811 636 2,038 112 632 950 96 404 3,078 335 240 40 704 817 867 816 1,337 124 139 283 497 99 459 883 377 1,671 185 559 335 77 307 1,971 1,771 R1 19,997 5,917 10,321 1,058 186 448 1,039 2,002 533 337 141 313 323 444 295 155 2,287 314 2,561 1,086 828 644 2,071 114 640 960 98 417 3,107 341 244 43 717 827 875 833 1,359 126 141 289 508 100 469 894 384 1,695 189 569 340 79 313 1,996 1,816 R2 20,212 5,982 10,483 1,088 191 458 1,058 2,026 544 346 147 322 327 449 306 160 2,327 318 2,617 1,097 842 654 2,133 116 653 969 102 437 3,149 345 250 47 733 839 884 854 1,398 128 143 299 521 102 481 912 395 1,732 195 580 347 81 323 2,024 1,873

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Daily Technical Report
September 13, 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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