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Daily Technical Report: Sensex (16719) / NIFTY (5068)

Daily Technical Report June 11, 2012 Sensex (16719) / NIFTY (5068) On Friday, our benchmark indices rebounded quite smartly from the day’s low in the final hour of the session to close at the highest point of the week. On sectoral front, Consumer Goods, Realty and FMCG counters rallied significantly during Friday’s session; whereas IT, Teck and Consumer Durables sector ended with a nominal loss. The advance to decline ratio was marginally in favor of advancing counters (A=1371 D=1357) (Source –

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644 views

Daily Technical Report: Sensex (16719) / NIFTY (5068)

Daily Technical Report June 11, 2012 Sensex (16719) / NIFTY (5068) On Friday, our benchmark indices rebounded quite smartly from the day’s low in the final hour of the session to close at the highest point of the week. On sectoral front, Consumer Goods, Realty and FMCG counters rallied significantly during Friday’s session; whereas IT, Teck and Consumer Durables sector ended with a nominal loss. The advance to decline ratio was marginally in favor of advancing counters (A=1371 D=1357) (Source –

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Daily Technical Report

June 11, 2012

Sensex (16719) / NIFTY (5068)


On Friday, our benchmark indices rebounded quite smartly from the days low in the final hour of the session to close at the highest point of the week. On sectoral front, Consumer Goods, Realty and FMCG counters rallied significantly during Fridays session; whereas IT, Teck and Consumer Durables sector ended with a nominal loss. The advance to decline ratio was marginally in favor of advancing counters (A=1371 D=1357) (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 16380 / 4967, respectively. The 20-Week EMA is placed at 16830 / 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). On the daily chart, indices are trading near the upper range of Downward Sloping Channel drawn by joining two highs of February 22, 2012 April 19, 2012 and low of March 7, 2012. The weekly RSI momentum signaling a positive crossover. oscillator is

Exhibit 1: Nifty Daily Chart

Source: Falcon

Actionable points:
View Expected targets Support Levels Bullish above 5085 5125 5177 5040 - 4995

Trading strategy: The bulls have shown tremendous resilience in the past 5 trading sessions. The 140 odd point rally on Wednesdays session clearly signaled that the bears should ideally cover their shorts and move out of the market. As mentioned, indices found decent support around 78.6% Fibonacci retracement level. Markets are now hovering around the resistance zone of the 200-day SMA and 20-week EMA. Also, We are now observing that indices are trading near the upper range of Downward Sloping Channel drawn by joining two highs of February 22, 2012 April 19, 2012 and low of March 7, 2012.

In addition, the weekly RSI momentum oscillator is now signaling a positive crossover. The positive impact of this technical tool would be seen if Indices cross and sustain above Downward Sloping Channel as well as 20-Week EMA level of 16830 / 5100. However, looking at the pace of the rally in the last 5 sessions and the momentum gained by the bulls, we are of the opinion that the resistance zone will most likely be crossed and indices are likely to rally towards 17400 / 5270 level in next 3 5 Weeks. While one may argue that the next week has a slew of game changing events, we would suggest traders to trust the chart and act accordingly. Although, we have events such as Inflation data on 14th June, Greece election and results on 17th June and a RBI monetary policy on 18th June, we advise traders to use declines up to 4950 to buy into the market. The expected target on the upside would be near to 17400 / 5270. Traders are advised to maintain a STRICT stop loss below 4880 on closing basis.

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Daily Technical Report


June 11, 2012

Bank Nifty Outlook - (9999)


On Friday, Bank Nifty opened on a positive note and drifted lower to test the hourly 20 EMA. However during the second half of the session buying emerged near this support level which led the index to test the resistance level of 10029. The positive crossover in directional indicators in ADX (14) mentioned in our previous report is still intact. At this juncture, we are witnessing a narrow range body formation on the daily chart which indicates indecisiveness prevailing at current levels. Thus, if the index sustains above Fridays high of 10031 then it is likely to rally towards 10111 10200. On the downside 9787 9692 levels are likely to act as support in coming trading session. Actionable points:
View Expected Targets Support Levels Bullish above 10031 10111 - 10200 9787 - 9692

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon

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Daily Technical Report


June 11, 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 16,374 5,023 9,725 1,123 147 3,729 1,006 1,502 701 292 213 685 317 298 319 189 1,584 316 2,234 486 646 526 1,946 117 419 803 125 2,338 232 414 66 550 1,240 669 1,098 150 252 741 104 476 705 462 92 2,107 179 651 94 564 230 90 400 1,214 394 S1 16,547 5,052 9,862 1,135 149 3,777 1,028 1,515 712 298 217 694 320 304 323 193 1,603 324 2,271 491 651 532 1,976 119 424 816 129 2,378 236 427 67 562 1,275 679 1,111 153 255 761 106 483 717 483 94 2,143 184 662 97 574 235 92 405 1,223 399 PIVOT 16,657 5,068 9,947 1,144 151 3,813 1,043 1,527 720 303 220 701 324 307 326 195 1,616 329 2,298 496 655 538 1,997 120 428 826 131 2,434 238 443 68 570 1,297 687 1,124 155 258 775 107 489 725 495 95 2,168 187 672 99 581 237 94 411 1,233 402 R1 16,829 5,097 10,083 1,157 153 3,861 1,064 1,540 732 309 224 710 327 312 331 199 1,634 337 2,335 500 660 544 2,027 122 433 839 135 2,475 242 456 69 582 1,332 696 1,137 158 262 795 108 496 737 516 96 2,204 191 683 103 590 242 96 416 1,241 407 R2 16,940 5,114 10,168 1,166 156 3,897 1,079 1,552 740 314 226 717 331 316 334 201 1,648 342 2,362 505 663 549 2,048 123 437 849 137 2,530 245 472 70 590 1,355 704 1,150 160 265 808 110 502 744 529 97 2,228 194 693 105 597 244 97 421 1,251 410

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Daily Technical Report


June 11, 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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