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Daily Technical Report: Sensex (17602) / NIFTY (5337)

The daily technical report provided an overview of the movement of key indices Sensex and Nifty, noting they rallied 1% and tested resistance levels. Bank Nifty was also discussed, with the outlook being optimistic if it sustains above certain threshold. Technical indicators were mentioned as supporting further gains potentially to defined target levels, with defined support levels also provided.

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269 views

Daily Technical Report: Sensex (17602) / NIFTY (5337)

The daily technical report provided an overview of the movement of key indices Sensex and Nifty, noting they rallied 1% and tested resistance levels. Bank Nifty was also discussed, with the outlook being optimistic if it sustains above certain threshold. Technical indicators were mentioned as supporting further gains potentially to defined target levels, with defined support levels also provided.

Uploaded by

Angel Broking
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as PDF, TXT or read online on Scribd
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Daily Technical Report

August 08, 2012

Sensex (17602) / NIFTY (5337)


Yesterday after a gap up opening, our benchmark indices rallied 1% for the second consecutive session ahead of monsoon parliament session. Indices tested the major resistance level of 17631 / 5349 and closed marginally below the same. On sectoral front, IT, Auto and Teck counters contributed heavily during yesterdays rally; whereas Healthcare and Consumer Durables closed with a nominal loss. The advance to decline ratio was in favor of advancing counters (A=1522 D=1285) (Source www.bseindia.com). Formation The weekly 50% and 61.8% Fibonacci retracement levels of the rise from 15748 / 4770 (June 08, 2012) to 17631 / 5349 (July 13, 2012) are seen at 16690 / 5059 and 16467 / 4991 levels, respectively. On the weekly chart, we are witnessing a Downward Sloping Trend Line resistance near 17450 / 5300 formed by joining the highs of 21109 / 6339 (November 5, 2010) 18524 / 5630 (February 24, 2012). The 20-day EMA and 200-day SMA are placed at 17183 / 5212 and 16892 / 5109 levels, respectively. The positive crossover in daily RSI Smoothened oscillator and 5 & 20 EMA is still intact.

Exhibit 1: Nifty Daily Chart

Source: Falcon

Actionable points:

View Expected Targets Support Levels

Bullish Above 5350 5386 - 5450 5300 - 5260

Trading strategy: Yesterday, yet again our markets opened higher and maintained their early gains throughout the day. We observed that indices opened above the mentioned 'Downward Trend Line' resistance level and rallied to test the expected level of 17631 / 5349. As a result, the breakout from the trend line has been confirmed. However, we reiterate that a close beyond 17631 / 5349 level with strong volumes would signal the start of a fresh rally. In this scenario, we may witness a sharp rally to test next resistance levels of 17687 17900 / 5386 - 5450. On the downside, 17450 17313 / 5300 - 5260 levels may provide decent support for the day.

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Daily Technical Report


August 08, 2012

Bank Nifty Outlook - (10592)


Yesterday, Bank Nifty opened on an optimistic note and gained strength as the day progressed to close in the positive territory. We had been mentioning in our previous reports, the range of 10500 10150. In yesterdays session we witnessed an upward breakout from the said range, hence we believe that the optimistic sentiment is likely to continue. The momentum oscillators on the daily chart have turned positive. Thus, if the index sustains above 10617 then it is likely to rally towards 10710 10756. On the downside 10464 level is likely to act as support in coming trading session. Actionable points:

Exhibit 2: Bank Nifty Daily Chart

View Expected Targets Support Level

Bullish Above 10617 10710 10756 10537 - 10464 Source: Falcon

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Daily Technical Report


August 08, 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 17,330 5,254 10,404 1,288 182 3,696 1,055 1,603 646 290 226 333 323 348 338 207 1,611 359 2,868 517 700 595 1,934 117 464 946 129 2,201 255 397 74 553 1,394 687 1,123 163 278 729 116 501 768 506 83 1,987 181 662 103 656 228 96 401 1,223 342 S1 17,466 5,296 10,498 1,312 186 3,720 1,073 1,635 652 292 229 337 327 350 341 212 1,635 369 2,899 524 710 597 1,943 118 467 960 133 2,227 258 402 76 557 1,406 692 1,135 165 281 741 117 505 776 513 85 2,024 182 669 104 663 233 98 403 1,244 345 PIVOT 17,554 5,323 10,557 1,327 189 3,744 1,084 1,665 658 295 231 342 332 352 344 216 1,655 375 2,918 531 716 600 1,950 119 470 969 135 2,248 260 406 77 563 1,413 696 1,142 167 282 749 119 512 786 520 86 2,048 183 674 104 673 236 98 406 1,255 348 R1 17,690 5,364 10,651 1,351 193 3,768 1,102 1,698 665 297 234 346 335 354 347 221 1,679 385 2,949 538 725 603 1,959 120 473 983 138 2,274 263 411 79 567 1,425 701 1,154 169 285 760 120 515 794 527 88 2,085 184 681 105 680 242 100 409 1,275 351 R2 17,777 5,391 10,711 1,366 196 3,792 1,113 1,728 671 300 236 350 340 356 349 225 1,699 391 2,968 545 731 605 1,966 121 476 991 140 2,296 265 415 81 572 1,433 706 1,161 170 287 768 122 522 804 534 89 2,109 186 686 106 691 245 100 412 1,287 354

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Daily Technical Report


August 08, 2012
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report.

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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