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Daily Technical Report

June 21, 2012

Sensex (16897) / NIFTY (5121)
Yesterday, once again markets opened on a flat note in-line with mixed global cues. We witnessed a range bound activity in the first half and then indices eventually managed to close well above 5100 mark. On sectoral front, Metal, Capital Goods and Health Care counters were among the major gainers; whereas IT and Teck sectors remained under pressure. The advance to decline ratio was strongly in favor of advancing counters (A=1614 D=1081) (Source –www.bseindia.com). Formation  The 200-day SMA (Simple Moving Average) and 20-day EMA (Exponential Moving Average) have now shifted to 16800 / 5070 and 16550 / 5019, respectively. The ‘20-Week EMA’ is placed at 16830 / 5100 level. On the daily chart, indices are trading near the upper range of ‘Downward Sloping Channel’ drawn by joining two highs of February 22, 2012 – April 19, 2012 and low of March 7, 2012. The positive crossover in weekly ‘RSI’ momentum oscillator is still intact. Also, the weekly ‘3 & 8 EMA’ is signaling a positive crossover.

Exhibit 1: Nifty Daily Chart

 

Source: Falcon

Actionable points:

View Expected target Support Levels

Bullish above 5146 5190 5100 – 5041

Trading strategy: Broadly speaking, indices have traded in a narrow range of nearly 1% during yesterday’s session. However, bias remained positive considering strong intraday rally on Tuesday’s session and the Indices managed to test resistance level of 16968 / 5146 mentioned in our previous report. Going forward, we continue to mention 16968 / 5146 level as an immediate resistance for the market. A sustainable move above this level may push indices higher to test its importance resistance level of 17110 / 5190. Conversely, the support is seen at 16840 – 16636 / 5100 – 5041 levels.

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Daily Technical Report
June 21, 2012

Bank Nifty Outlook - (9832)
Yesterday, Bank Nifty opened on a positive note and traded in a narrow range throughout the session. We reiterate our view that index is likely to trade in a broad range of 10225 – 9595. Traders with a positional perspective can consider long positions near the lower end of the range but should place a strict stop loss below 9550 (closing basis). Looking at the momentum oscillators on the daily and hourly chart we believe the ongoing volatility is likely to continue. Within the mentioned range 9915 – 10000 levels are likely to act as intermediate resistances and 9764 – 9661 are likely to act as support levels. Actionable points:
View Resistance Levels Support Levels Neutral 9915 - 10000 9610 - 9595

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon

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Daily Technical Report
June 21, 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 M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 16,777 5,080 9,713 1,142 159 3,824 983 1,523 669 304 210 750 325 306 330 183 1,521 334 2,400 464 637 522 1,980 118 444 820 125 2,437 242 425 67 559 1,322 686 1,061 147 265 745 107 480 728 500 90 2,083 177 673 92 596 237 90 417 1,226 395 S1 16,837 5,100 9,772 1,207 167 3,855 992 1,529 675 307 213 755 329 307 334 185 1,556 336 2,450 475 640 528 2,008 120 450 827 127 2,454 244 432 69 564 1,332 690 1,069 148 269 749 108 483 733 507 91 2,100 180 691 95 600 242 92 422 1,239 398 PIVOT 16,900 5,121 9,824 1,245 174 3,887 1,003 1,535 679 312 215 759 333 309 340 187 1,580 340 2,487 483 643 534 2,031 122 454 833 129 2,469 247 437 71 568 1,342 696 1,081 150 272 756 109 487 738 513 92 2,114 182 703 96 604 244 92 426 1,257 400 R1 16,959 5,141 9,883 1,309 182 3,918 1,012 1,541 685 315 218 764 337 311 344 189 1,615 343 2,537 494 646 540 2,059 124 460 839 131 2,486 249 444 73 573 1,353 700 1,088 152 275 761 110 490 743 521 92 2,130 185 721 99 608 249 93 430 1,270 402 R2 17,022 5,162 9,935 1,347 188 3,950 1,024 1,547 689 320 220 768 341 312 350 191 1,639 346 2,574 501 649 546 2,083 126 464 846 133 2,501 252 450 74 578 1,362 706 1,100 154 278 767 111 494 748 527 93 2,144 187 733 100 612 252 94 434 1,287 404

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Daily Technical Report
June 21, 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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