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Daily Technical Report: Sensex (16454) / NIFTY (4997)

Daily Technical Report June 07, 2012 Sensex (16454) / NIFTY (4997) After immense volatility on Tuesday’s session, yesterday our benchmark indices opened on a higher note in-line with positive clues from other Asian bourses. Subsequently, strong buying interest among market participants resulted in a strong intraday rally of nearly 3%. On sectoral front, Auto, Capital Goods, Power and Banking counters contributed heavily in yesterday’s huge rally. There was no sector in the negative territory. T

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549 views

Daily Technical Report: Sensex (16454) / NIFTY (4997)

Daily Technical Report June 07, 2012 Sensex (16454) / NIFTY (4997) After immense volatility on Tuesday’s session, yesterday our benchmark indices opened on a higher note in-line with positive clues from other Asian bourses. Subsequently, strong buying interest among market participants resulted in a strong intraday rally of nearly 3%. On sectoral front, Auto, Capital Goods, Power and Banking counters contributed heavily in yesterday’s huge rally. There was no sector in the negative territory. T

Uploaded by

Angel Broking
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© Attribution Non-Commercial (BY-NC)
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Daily Technical Report

June 07, 2012

Sensex (16454) / NIFTY (4997)


After immense volatility on Tuesdays session, yesterday our benchmark indices opened on a higher note in-line with positive clues from other Asian bourses. Subsequently, strong buying interest among market participants resulted in a strong intraday rally of nearly 3%. On sectoral front, Auto, Capital Goods, Power and Banking counters contributed heavily in yesterdays huge rally. There was no sector in the negative territory. The advance to decline ratio was in favor of advancing counters (A=1847 D=894) (Source www.bseindia.com) Formation The 200-day SMA (Simple Moving Average) and 20-day EMA (Exponential Moving Average) have now shifted to 16800 / 5070 and 16360 / 4960, respectively. The 20-Week EMA is placed at 16840 / 5100 level. Indices have taken a support near 15860 / 4766 level, which is the 78.6% Fibonacci Retracement level of the rise from 15135 / 4531 (Low on December 23, 2011) to 18524 / 5630 (High on February 22, 2012). The weekly RSI momentum signaling a positive crossover. oscillator is

Exhibit 1: Nifty Daily Chart

Source: Falcon

Actionable points:
View Resistance Levels Support Levels Bullish Above 5020 5050 5090 4947 - 4925

Hence, indices are likely to test their recent swing high of 16544 / 5020. A sustainable move beyond this level may push indices higher to test '200-day SMA' resistance zone of 16780 - 16840 / 5050 5090. Conversely, 16290 - 16220 / 4947 - 4925 levels may provide a decent support for the markets.

Trading strategy: Yesterday, after a gap opening, we witnessed a strong rally on the back rumors that the Fed will resort to Quantitative Easing (QE3) in the near future. On the charts, positive divergence observed in daily 'RSI' momentum oscillator helped the bulls to make significant gains. Indices have now closed convincingly above '20-day EMA'. In addition, the weekly RSI oscillator is now signaling a positive crossover. This technical indication would get confirmed if indices give a weekly closing around 5000 mark. Going forward, considering yesterday's sharp rally and a closing above 20-day EMA, we expect a positive opening for the markets.

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Daily Technical Report


June 07, 2012

Bank Nifty Outlook - (9743)


Yesterday, Bank Nifty opened on an optimistic note and gained momentum as the day progressed to close near the highest point of the day. As mentioned in our previous report we witnessed accelerated momentum above 9545 level and the index almost achieved the mentioned Inverted Head & Shoulder target of 9800. The momentum oscillators on the daily chart continue with their buy signals. However the momentum oscillators on the hourly chart are placed in extreme overbought territory and thus a minor pullback or consolidation, post todays gap up opening, cannot be ruled out. On the upside a move beyond 9783 level is likely to push the indices further to test 9871 10030 levels. Actionable points:
View Expected targets Support Levels Bullish above 9783 9871 10030 9540 9480

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon

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Daily Technical Report


June 07, 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 15,956 4,840 9,426 1,118 144 3,712 985 1,478 688 280 209 690 314 305 314 183 1,581 319 2,249 491 641 496 1,843 117 402 791 122 2,378 221 407 63 544 1,192 650 1,061 145 250 744 104 469 691 447 92 2,069 173 644 89 547 218 88 398 1,213 396 S1 16,205 4,919 9,584 1,138 148 3,768 1,003 1,509 704 289 213 698 318 307 318 185 1,598 323 2,291 497 646 508 1,899 119 411 800 125 2,397 228 419 65 556 1,230 662 1,084 149 255 757 107 481 704 459 93 2,114 177 655 91 561 226 90 404 1,232 403 PIVOT 16,350 4,965 9,677 1,152 151 3,806 1,015 1,530 714 294 215 704 321 310 321 187 1,619 326 2,321 502 649 515 1,937 120 418 805 127 2,415 232 428 66 563 1,251 669 1,100 151 259 764 109 492 711 466 94 2,141 181 665 93 569 231 91 408 1,248 408 R1 16,599 5,043 9,836 1,172 156 3,862 1,033 1,561 730 303 218 712 325 312 325 190 1,636 330 2,363 507 654 527 1,992 122 427 814 131 2,434 239 440 67 574 1,288 682 1,124 155 264 777 112 504 723 478 95 2,186 185 676 95 583 239 93 414 1,267 415 R2 16,744 5,089 9,929 1,186 158 3,900 1,045 1,582 740 308 221 719 328 314 327 192 1,656 333 2,393 512 657 535 2,030 123 435 820 133 2,452 244 449 68 581 1,309 688 1,139 157 268 784 114 514 730 485 96 2,213 188 685 96 592 245 95 417 1,283 420

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Daily Technical Report


June 07, 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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