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Technical Report 12th September 2011

The document provides a daily technical report on the Sensex and Nifty stock indices from September 12, 2011. It discusses the opening and trading of the markets, key resistance levels, formation patterns on daily and weekly charts, momentum oscillator levels, and trading strategies.

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Angel Broking
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50 views

Technical Report 12th September 2011

The document provides a daily technical report on the Sensex and Nifty stock indices from September 12, 2011. It discusses the opening and trading of the markets, key resistance levels, formation patterns on daily and weekly charts, momentum oscillator levels, and trading strategies.

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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Technical Research | September 12, 2011

Daily Technical Report


Sensex (16867) / Nifty (5059)
Markets opened on a flat note and traded with immense volatility during the first half but the selling pressure intensified near days high which dragged indices lower to close near 20 Days EMA. On the sector front, Banking, Metal and Oil & Gas counters were among the major losers. The advance decline ratio was in favor of declining counters (A=1733 D=1099). (Source www.bseindia.com)

Exhibit 1: Sensex Daily Chart

Formation
We are observing a Horizontal Line resistance at 17300 / 5177 level which was the crucial swing low made in February 2011. Last Weekly candle resembles a Spinning Top
Source: Falcon

formation near above mentioned resistance of 17300 / 5177. This pattern needs a confirmation. The Daily chart depicts a Rising Wedge continuation The breakdown will be confirmed if indices sustain below Fridays low of 16830 / 5046. Subsequently, indices may correct to test support level of 16488 / 4942. In addition, we are observing a candlestick pattern which resembles a Spinning Top. The said pattern will be confirmed ONLY if

pattern. However, On the Weekly chart, the positive crossover in

momentum oscillators viz., the RSI and the Stochastic is still intact which cannot be ignored.

Trading strategy:
Markets moved higher during the initial part of the week but showed some positive momentum to register a weekly high of 17210 / 5169. However, indices could not sustain near this level as they were nearing strong Horizontal Line resistance of 17300 / 5177. On Fridays session after reversing from mentioned resistance level, mainly due to sell off in Banking, Metal and Oil & Gas counters, we are now witnessing a Rising Wedge continuous pattern. This pattern has a negative implication.

indices break and sustains below 16488 / 4942 level. In this case, indices can test recent bottom of 15765 / 4720. This pattern will get negated once prices break high of the pattern which is 17210 / 5169. However, the positive crossover in Weekly RSI and Stochastic oscillator is still intact. The impact of this crossover may be nullified once indices break 16488 / 4942 level. On the upside, last week high of 17210 / 5169 would act as strong resistance. A move beyond this level, indices may test 17300 17600 / 5200 5280 levels.

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Technical Research | September 12, 2011

Daily Pivot Levels For Nifty 50 Stocks


SCRIPS SENSEX NIFTY ACC AMBUJACEM AXISBANK BAJAJ-AUTO BHARTIARTL BHEL BPCL CAIRN CIPLA DLF DRREDDY GAIL HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK IDFC INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RCOM RELCAPITAL RELIANCE RELINFRA RPOWER SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA SUZLON TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 16,589 4,973 982 131 1,060 1,606 390 1,695 645 276 281 196 1,446 405 391 653 462 2,137 143 319 873 110 2,221 194 525 64 449 1,660 780 1,067 160 260 933 95 488 74 387 801 442 78 107 1,872 224 834 124 467 40 741 976 465 985 328 S1 16,728 5,016 1,005 135 1,082 1,616 395 1,717 654 280 284 198 1,457 410 399 657 467 2,180 146 326 885 112 2,248 196 533 66 454 1,676 786 1,085 161 261 950 95 495 79 398 813 454 80 109 1,912 226 843 128 475 40 753 989 471 1,001 333 PIVOT 16,970 5,090 1,035 141 1,118 1,633 401 1,752 663 286 289 202 1,471 417 409 664 477 2,208 153 332 905 115 2,288 198 544 69 463 1,695 794 1,117 165 262 963 96 506 86 415 836 473 83 114 1,980 229 858 133 485 41 772 1,012 481 1,026 338 R1 17,109 5,133 1,058 145 1,139 1,643 406 1,773 672 290 292 204 1,482 422 416 669 482 2,251 157 339 917 117 2,315 200 551 71 468 1,711 800 1,135 167 264 980 97 514 91 426 848 485 85 116 2,020 232 867 136 493 42 784 1,025 487 1,042 343 R2 17,351 5,207 1,087 152 1,175 1,660 412 1,808 682 297 297 208 1,496 430 427 676 492 2,280 164 345 937 120 2,355 203 563 73 477 1,730 808 1,167 170 265 993 98 524 98 443 871 504 88 121 2,088 235 882 142 503 43 803 1,047 497 1,067 347

Technical Research Team


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Technical Research | September 12, 2011 Technical Report

RESEARCH TEAM
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Mehul Kothari Ankur Lakhotia Head - Technicals Technical Analyst Technical Analyst Technical Analyst Technical Analyst

For any Queries, Suggestions and Feedback kindly mail to [email protected] Research Team: 022-3935 7600 Website: www.angelbroking.com

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