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Daily Technical Report: Sensex (17601) / NIFTY (5338)

The daily technical report provides a summary of market activity and a technical analysis of key indices. It notes that indices opened slightly higher but faced resistance and closed marginally below key levels, with some sectors performing better than others. The technical indicators show bearish patterns have formed, suggesting indices may drift lower in the coming sessions if support levels are broken. Key resistance and support levels are identified for gauging future market direction.

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316 views

Daily Technical Report: Sensex (17601) / NIFTY (5338)

The daily technical report provides a summary of market activity and a technical analysis of key indices. It notes that indices opened slightly higher but faced resistance and closed marginally below key levels, with some sectors performing better than others. The technical indicators show bearish patterns have formed, suggesting indices may drift lower in the coming sessions if support levels are broken. Key resistance and support levels are identified for gauging future market direction.

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 09, 2012

Sensex (17601) / NIFTY (5338)


Yesterday, indices opened with a marginal upside gap in-line with mixed global cues and then gradually headed towards the mentioned resistance level of 17687 / 5386. However, our markets faced a strong resistance near days high during the latter part of the session, which dragged indices to close marginally below 5350 mark. On sectoral front, Auto, PSU and Metal counters stood firmly during yesterdays session; whereas a minor profit booking was seen in Realty, Teck and Banking sectors. The advance to decline ratio was in favor of declining counters (A=1259 D=1589) (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 daily candle resembles a Shooting Star pattern.

Exhibit 1: Nifty Daily Chart

Source: Falcon

Actionable points:

View Expected Targets Resistance Levels

Bearish Below 5331 5290 - 5260 5378 - 5450

Trading strategy: After a flat opening, indices gradually moved towards the immediate resistance level of 17687 / 5386. Subsequently, indices fell sharply during the last hour of the session to register a close below 17631 / 5349 level. The current daily candle resembles a Shooting Star. This pattern is a bearish pattern and would indicate a reversal of sentiment in case of a breach of yesterdays low (17582 / 5331) In this scenario indices are likely to drift towards the next support levels of 17450 17313 / 5290 5260. The said pattern would be negated if indices close above yesterdays high of 17727 / 5378.

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Daily Technical Report


August 09, 2012

Exhibit 2: Bank Nifty Daily Chart

Bank Nifty Outlook - (10529)


Yesterday, Bank Nifty opened on a positive note and traded in a narrow range during the first half of trade. However, during the last hour we witnessed selling pressure which led the index to close near days low. At this juncture the index has formed a Dark Cloud Cover near 78.6% retracement of the fall from July 11, 2012 July 26, 2012. The mentioned pattern requires confirmation in the form of closing below yesterdays low of 10511. In this scenario the index is likely to drift towards 10424 10374 levels. On the upside 10617 10641 levels are likely to act as resistance in coming trading session. Actionable points:

View Expected Targets Resistance Levels

Bearish below 10511 10424 10374 10617 - 10641 Source: Falcon

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Daily Technical Report


August 09, 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 17,493 5,302 10,431 1,322 189 3,698 1,080 1,643 653 259 228 335 318 347 339 206 1,631 353 2,901 527 712 591 1,940 117 465 941 130 2,245 257 403 75 553 1,383 689 1,127 165 274 725 118 504 774 503 85 2,032 181 656 103 665 236 96 402 1,234 345 S1 17,547 5,320 10,480 1,332 191 3,715 1,088 1,661 656 266 230 343 322 349 342 209 1,644 360 2,936 532 717 595 1,952 119 471 950 132 2,264 259 407 76 559 1,394 706 1,134 166 278 733 118 510 783 510 86 2,046 183 662 104 669 239 97 405 1,242 348 PIVOT 17,637 5,349 10,560 1,344 192 3,736 1,099 1,673 660 280 232 348 328 352 347 214 1,656 370 2,958 535 721 599 1,963 121 475 965 134 2,280 262 413 77 563 1,412 717 1,142 169 281 746 119 515 791 519 87 2,068 185 671 106 673 242 99 410 1,254 350 R1 17,691 5,367 10,610 1,354 194 3,753 1,107 1,690 663 288 234 356 332 354 350 217 1,669 377 2,993 541 726 602 1,974 123 481 973 136 2,299 264 418 78 569 1,422 734 1,149 171 284 755 119 520 799 525 88 2,082 187 678 107 678 245 100 413 1,262 353 R2 17,781 5,395 10,690 1,366 196 3,774 1,118 1,702 667 302 237 361 338 357 355 223 1,681 387 3,015 544 730 606 1,985 125 485 989 139 2,315 266 424 80 574 1,440 746 1,158 173 287 768 120 525 807 535 90 2,103 189 687 109 682 248 101 418 1,274 355

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Daily Technical Report


August 09, 2012
Research Team Tel: 022 - 39357800 E-mail: [email protected] 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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