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Technical Format With Stock 29.10.2012

The daily technical report provides the following key information: 1) Indian indices closed lower on Friday due to weakness in global markets and specific sectors like FMCG. The markets remain range-bound between 5729-5633 levels. 2) Technical indicators like the 20-day and 20-week EMAs and the RSI oscillator signal continued strength in the current uptrend. The markets may break out of the upper range towards 18973-19138 levels. 3) Downside risks remain if indices sustain below support at 18535/5633 levels. This could trigger further losses towards important support levels.

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444 views4 pages

Technical Format With Stock 29.10.2012

The daily technical report provides the following key information: 1) Indian indices closed lower on Friday due to weakness in global markets and specific sectors like FMCG. The markets remain range-bound between 5729-5633 levels. 2) Technical indicators like the 20-day and 20-week EMAs and the RSI oscillator signal continued strength in the current uptrend. The markets may break out of the upper range towards 18973-19138 levels. 3) Downside risks remain if indices sustain below support at 18535/5633 levels. This could trigger further losses towards important support levels.

Uploaded by

Angel Broking
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Daily Technical Report

October 29, 2012

Sensex (18625) / NIFTY (5664)


The first day of November series ended with weakness on Friday where our Indices closed in red on the back of fall in global markets and weakness in FMCG. However, markets are still in the range of 5729 5633 levels. On sectoral front, Consumer Durables and FMCG counters contributed heavily in Fridays fall. Auto counters remained resilient on the back of M&M results. The advance to decline ratio was strongly in favor of declining counters (A=1030 D=1801) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 18650 / 5667 and 17986 / 5456 levels, respectively. The monthly RSI oscillator is moving higher from the 50 mark and the positive in the ADX (9) indicator is intact. The negative crossover in the weekly Stochastic oscillator is still intact. At present, the value of the Daily RSI oscillator is 52.58. The RSI trading above the 50 mark shows strength of the current up trend. The 38.2% and 50% Fibonacci Retracement levels of the rise from 17250 to 19138 / 5216 to 5815 are placed at 18416 / 5586 and 18194 / 5515, respectively.

Source: Falcon:

Actionable points:
View for the day Resistance Levels Support Levels Neutral 5729 - 5757 5633 - 5586

Trading strategy:
The boredom continues in the market as prices are reluctant to move out of the narrow trading range. Its been nearly 10 12 trading sessions that we have been experiencing a range-bound activity. As a result, the hourly chart now depicts a Channel pattern. Hence, we would continue to await the sustainable breakout on either side from the trading range (breakout from the Channel pattern) of 18886 to 18535 / 5729 to 5633. The 20-day EMA continues to provide decent support to our market and the RSI oscillator is still above the 50 mark. As long as the RSI oscillator stays above the 50 mark, the probability of the market breaking out of the upper range of the Channel i.e. 18886 / 5729 cannot be ruled out. In this scenario, we may see a rally towards 18973 19138 / 5757 5816. A move beyond 19138 / 5816 would attract immense optimism in the market and as a result, the up move will get extended towards 19542 19812 / 5850 5945 levels.

On the flipside, the weekly Stochastic is still negatively poised. The impact of this technical tool would be seen if indices sustain below 18535 / 5633. This may trigger near-term pessimism in the market and as a result, the market may slide towards 18416 / 5586 and 18194 / 5515, which are 38.2% and 50% Fibonacci Retracement levels of the rise from 17250 to 19138 / 5216 to 5815, respectively. Traders are advised to trade with strict stop losses as we expect the volatility to increase post announcement of the RBI monetary policy.

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Daily Technical Report


October 29, 2012

Bank Nifty Outlook - (11509)


On Friday, Bank Nifty opened on a flat note and dragged lower to close with a loss of nearly 1%.However, in line with our benchmark indices the index continued its sideways trading activity in the mentioned range of 11745 11245. We are now witnessing a negative crossover in momentum oscillator Stochastic on the daily chart. The impact of this oscillator would be seen if the index sustains below Fridays low of 11468. In this scenario the index is likely to drift towards 11419 11364 levels. On the upside 11598 11643 levels are likely to act as resistance for the day. Actionable points:
View for the day Expected Targets Resistance Levels Bearish Below 11468 11419 11364 11598 - 11643

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon:

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Daily Technical Report


October 29, 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 LUPIN M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SBIN SESAGOA SIEMENS SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS ULTRACEMCO WIPRO S2 18,466 5,612 11,373 1,385 202 3,840 1,210 1,730 751 261 234 344 330 347 351 198 1,639 355 3,368 600 744 627 1,780 111 535 1,058 154 2,308 281 376 87 600 1,679 555 849 1,350 164 271 708 111 514 785 481 2,136 166 670 677 257 102 394 1,299 2,023 331 S1 18,546 5,638 11,441 1,394 205 3,882 1,221 1,759 757 264 238 346 333 351 353 201 1,655 360 3,389 604 751 632 1,825 112 544 1,068 156 2,319 283 381 89 607 1,694 560 865 1,358 167 273 729 113 520 792 486 2,155 168 675 681 259 103 397 1,307 2,033 334 PIVOT 18,638 5,668 11,536 1,407 207 3,913 1,233 1,777 766 267 242 349 335 357 355 203 1,678 363 3,411 610 759 636 1,850 113 556 1,085 158 2,332 288 385 92 616 1,704 566 875 1,368 169 275 766 115 526 799 493 2,180 169 683 687 262 105 399 1,315 2,041 337 R1 18,717 5,694 11,604 1,417 210 3,955 1,244 1,806 772 269 246 351 338 361 357 205 1,693 367 3,433 615 766 641 1,895 114 565 1,096 160 2,343 290 390 94 623 1,719 572 891 1,376 172 276 786 116 532 806 497 2,198 171 688 691 264 106 402 1,323 2,051 339 R2 18,809 5,723 11,699 1,430 213 3,986 1,257 1,824 781 272 249 354 340 366 359 208 1,716 371 3,455 620 773 645 1,920 114 578 1,113 162 2,356 294 394 97 632 1,728 578 901 1,386 174 278 823 118 538 813 504 2,223 173 696 697 267 107 405 1,330 2,059 343

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Daily Technical Report


October 29, 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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