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Daily Technical Report, 25.02.2013

The daily technical report provides an analysis of key Indian indices and stocks for the previous day's trading session. It summarizes that: 1) The indices opened lower due to global pessimism but consolidated in a narrow range for the day. Real estate and technology stocks gained while FMCG and auto stocks fell. 2) Technical indicators signal a negative trend, with the indices breaking below support levels. Downside targets of 18,600-18,973 are expected if support at 19,149 is broken. 3) Bank Nifty remains in a bearish pattern and every rise is an opportunity to short sell with downside targets near 11,600. Volatility is expected due to an index expiry and the budget

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55 views

Daily Technical Report, 25.02.2013

The daily technical report provides an analysis of key Indian indices and stocks for the previous day's trading session. It summarizes that: 1) The indices opened lower due to global pessimism but consolidated in a narrow range for the day. Real estate and technology stocks gained while FMCG and auto stocks fell. 2) Technical indicators signal a negative trend, with the indices breaking below support levels. Downside targets of 18,600-18,973 are expected if support at 19,149 is broken. 3) Bank Nifty remains in a bearish pattern and every rise is an opportunity to short sell with downside targets near 11,600. Volatility is expected due to an index expiry and the budget

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Angel Broking
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Daily Technical Report

February 25, 2013

Sensex (19317) / NIFTY (5850)


On Friday, we witnessed another gap down opening on the back of strong pessimism across the globe. However, the index consolidated in a narrow range throughout the session to close at the 5850 mark. During the day Realty and Teck counters ended on a gaining side whereas FMCG and Auto stocks lost sheen. The advance to decline ratio was marginally in favor of declining counters (A=1043 D=1072) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 19591 / 5932 and 19203 / 5823 levels, respectively. The Nifty has broken down from the Upward Sloping Trend Line (as shown in the chart). The weekly RSI Smoothened and 3 & 8 EMA are signaling a negative crossover.

Source: Falcon:

Actionable points: Trading strategy:


Despite a decent up move in the first half, eventually the week turned out in the favor of the bears. Indices faced tremendous selling pressure near the resistance of the '20day EMA' placed around 19723 / 5970. Further, a strong fall in Thursday's session has resulted in a breakdown from the 'Upward Sloping Trend Line' drawn by joining two significant recent swing lows of 19149 / 5823 (December 18, 2012) and 19381 / 5853 (February 15, 2013). In Nifty, the prices have marginally traversed the trend line; whereas in Sensex, the prices have convincingly closed below the trend line level. Going forward, 19149 / 5823 may act as a crucial support for our market. Any sustainable move below this level would certainly trigger immense pessimism in the market. In this scenario, indices may slide towards 18973 18600 / 5777 5650 levels.
View Expected target Resistance levels Bearish below 5835 5800 5777 5875 - 5900

On the upside, the weekly high of 19742 / 5971 would act as a resistance in the coming trading sessions. Only a move beyond this level may nullify the impact of negative technical evidences. In this case, indices may then rally towards 19768 - 19865 / 5991 6025 levels. The coming week is likely to trade with high volatility on account of February month derivative expiry and announcement of Union Budget. Thus, we advise traders to trade with strict stop losses.

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Daily Technical Report


February 25, 2013

Bank Nifty Outlook - (12069)


On Friday, similar to our benchmark indices Bank Nifty too opened with a downside gap and traded in a narrow range throughout the session. The bearish Head & Shoulder pattern breakdown mentioned in our previous report is still intact and the target of the said pattern is near to the 11600 level. Hence we reiterate our view that going forward, every rise from the current level should be considered as an opportunity to go short in Bank Nifty. The pattern will be negated only if the index trades above the 12486 level. While the overall view remains negative, on the downside 11978 11826 levels may act as intraday support. On the upside, intraday resistance is at 12140 12264 levels.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected target Resistance levels Sell on Every Rise 11978 - 11826 - 11600 12140 - 12264 Source: Falcon:

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Daily Technical Report


February 25, 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 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 19,224 5,815 11,962 1,288 193 4,445 1,395 1,939 730 291 201 381 300 375 324 268 1,776 335 2,978 708 780 652 1,646 104 446 1,068 153 2,773 286 347 68 651 1,405 579 865 1,408 148 317 825 106 408 850 464 2,168 160 539 793 286 95 357 1,432 1,908 397 S1 19,271 5,833 12,016 1,295 196 4,491 1,403 1,967 735 300 203 385 303 378 328 275 1,796 338 2,999 714 790 656 1,662 106 451 1,080 154 2,807 289 352 69 658 1,420 590 880 1,423 150 320 839 108 411 856 470 2,182 161 543 802 289 96 361 1,444 1,924 407 PIVOT 19,336 5,853 12,078 1,301 198 4,522 1,413 1,993 741 306 205 389 306 382 334 279 1,810 341 3,022 721 801 661 1,678 107 459 1,090 156 2,831 294 357 71 664 1,431 596 890 1,445 151 324 848 109 414 864 477 2,204 163 550 808 293 97 364 1,454 1,937 413 R1 19,383 5,871 12,131 1,308 200 4,568 1,421 2,020 746 315 206 393 309 385 338 286 1,831 344 3,042 727 811 665 1,693 108 464 1,102 157 2,865 297 362 72 671 1,446 607 905 1,460 153 328 862 110 417 870 483 2,218 164 554 817 297 99 368 1,465 1,954 422 R2 19,448 5,891 12,193 1,314 202 4,599 1,431 2,047 752 321 208 397 312 389 344 290 1,845 348 3,066 734 822 670 1,710 110 472 1,111 159 2,889 301 367 74 677 1,457 613 914 1,482 154 332 871 111 420 878 490 2,239 166 561 823 301 100 372 1,476 1,967 428

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Daily Technical Report


February 25, 2013
Research Team Tel: 022 - 30940000 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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