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Daily Technical Report: Sensex (18980) / NIFTY (5593)

- Yesterday, Indian stock markets opened higher and remained positive throughout the day, closing with significant gains led by banking, real estate, consumer durables, and capital goods sectors. IT and healthcare sectors underperformed. - Technical indicators on daily and weekly charts show the markets rally is likely to continue if gains are sustained above previous day's high, with targets of 5670-5700 expected in the coming sessions. Support is seen at 5552-5510. - For Bank Nifty, gains of 9% are expected to continue in coming sessions if levels above yesterday's high of 9705 are maintained, with targets of 10000-10200. Support is pegged at 9490-9318.

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679 views

Daily Technical Report: Sensex (18980) / NIFTY (5593)

- Yesterday, Indian stock markets opened higher and remained positive throughout the day, closing with significant gains led by banking, real estate, consumer durables, and capital goods sectors. IT and healthcare sectors underperformed. - Technical indicators on daily and weekly charts show the markets rally is likely to continue if gains are sustained above previous day's high, with targets of 5670-5700 expected in the coming sessions. Support is seen at 5552-5510. - For Bank Nifty, gains of 9% are expected to continue in coming sessions if levels above yesterday's high of 9705 are maintained, with targets of 10000-10200. Support is pegged at 9490-9318.

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Angel Broking
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Daily Technical Report

September 6, 2013

Sensex (18980) / NIFTY (5593)


Yesterday, our benchmark indices opened with one and half percent upside gap and maintained the optimism throughout the session to close with significant gains. Undoubtedly Banking dominated yesterdays huge rally along with the Realty, Consumer Durables and Capital Goods counters; whereas the IT and Healthcare sectors remained under pressure throughout the session. The advance to decline ratio was strongly in favor of advancing counters. (A=1486 D=850) (Sourcewww.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 89-day EMA and the 89-week EMA are placed at 19121 / 5716 and 18617 / 5613 levels, respectively. The 20-day EMA and the 20-week EMA are placed at 18656 / 5505 and 19164 / 5729 levels, respectively. The monthly RSI-Smoothened oscillator is still negatively Source: Falcon: poised; whereas the weekly Stochastic momentum oscillator has given a positive crossover. The weekly chart depicts yet another Bullish Hammer Japanese candlestick pattern. The Lower Top - Lower Bottom formation in weekly chart is still intact.

Actionable points:
View Expected targets Support levels Bullish above 5626 5670 5700 5552 5510

Trading strategy: Yesterday, markets soared as the participants reacted to the measures announced by new RBI Governor Raghuram Rajan, to bolster the economy. This has resulted in a breakout from the Downward Sloping Trend Line (please refer the exhibit) seen on the daily chart. Also, the price action has now confirmed a Higher Top Higher Bottom formation in hourly chart. Moreover, the index has also managed to traverse the daily 20 EMA. All these technical evidences indicate that the rally is likely to continue going forward if the Nifty sustains above yesterdays high of 5626. In this scenario we expect the Nifty to test 5670 5700 levels in coming trading session. On the flipside, 5552 5510 levels would act as immediate support for the benchmark index.

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Daily Technical Report


September 06, 2013

Bank Nifty Outlook - (9682)


Yesterday, in line with our benchmark indices, the Bank Nifty opened substantially higher and closed with a mammoth 9 % gains. We have been mentioning the possibility of a 'Channel' pattern breakout which has now been confirmed. Individual banking heavyweights such as SBI and ICICI BANK too have similar breakout patterns. Considering, the positive placement of momentum oscillators on the weekly chart and the fact that this is the first leg of the pullback, we expect the index to continue its upward momentum in coming trading sessions. Going forward, if the Bank Nifty sustains above yesterday's high of 9705, then we expect a rally towards 10000 - 10200. On the flipside, 9490-9318 levels are likely to act as strong support levels for the index.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:

View Expected targets Support Levels

Bullish above 9705 10000 - 10200 9490 - 9318 Source: Falcon:

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Daily Technical Report


September 06, 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 INDUSINDBK INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT LUPIN M&M MARUTI NMDC NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SBIN SESAGOA SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS ULTRACEMCO S2 18,711 5,517 9,096 913 164 397 824 1,861 460 285 124 267 328 412 253 126 2,248 287 2,139 992 702 567 1,912 104 610 845 80 363 2,931 303 220 36 604 712 821 758 1,277 118 127 256 416 92 421 842 334 1,494 162 494 309 71 279 1,926 1,456 S1 18,845 5,555 9,389 926 167 401 876 1,881 481 290 131 277 332 415 268 132 2,271 292 2,221 1,006 726 588 1,933 106 619 870 83 380 2,968 308 223 37 633 720 838 768 1,288 120 129 263 429 94 430 853 343 1,566 171 506 314 72 284 1,958 1,498 PIVOT 18,981 5,590 9,547 943 172 407 905 1,909 494 300 135 283 336 420 284 136 2,303 298 2,273 1,025 751 605 1,959 109 625 889 84 398 3,032 312 228 38 654 725 867 783 1,301 122 131 267 439 97 441 861 350 1,605 182 520 319 73 290 2,014 1,540 R1 19,116 5,628 9,840 956 175 412 957 1,929 515 305 142 293 339 424 299 142 2,326 304 2,354 1,039 775 627 1,980 110 634 913 87 415 3,069 317 231 38 683 733 884 792 1,313 124 133 275 453 99 450 871 360 1,677 190 533 323 74 295 2,046 1,582 R2 19,252 5,664 9,998 973 180 417 987 1,957 528 315 147 299 343 429 315 146 2,357 310 2,406 1,059 799 644 2,006 113 641 932 89 432 3,134 321 236 39 704 738 913 808 1,326 126 135 279 463 103 462 880 367 1,716 201 547 329 76 301 2,102 1,624

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Daily Technical Report


September 06, 2013
Research Team Tel: 022 - 30940000 E-mail: [email protected] Website: www.angelbroking.com

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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 Pvt. 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 Pvt. 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 Pvt. 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 Pvt. Limited endeavors 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 Pvt. 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 Pvt. 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 Pvt. Limited and its affiliates may have investment positions in the stocks recommended in this report.

Research Team
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Head Technicals Technical Analyst Technical Analyst

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