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Daily Technical Report: Sensex (16897) / NIFTY (5121)

The daily technical report provided an overview of the Sensex, Nifty, and Bank Nifty indexes for the previous day. It noted that the indexes closed above key support levels and saw gains in metal, capital goods, and healthcare stocks. The report analyzed technical indicators like moving averages and provided outlooks for the indexes, identifying resistance and support levels. It concluded by recommending a bullish view if the Nifty closes above 5,146 and identifying trading strategies within defined range bounds.

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327 views

Daily Technical Report: Sensex (16897) / NIFTY (5121)

The daily technical report provided an overview of the Sensex, Nifty, and Bank Nifty indexes for the previous day. It noted that the indexes closed above key support levels and saw gains in metal, capital goods, and healthcare stocks. The report analyzed technical indicators like moving averages and provided outlooks for the indexes, identifying resistance and support levels. It concluded by recommending a bullish view if the Nifty closes above 5,146 and identifying trading strategies within defined range bounds.

Uploaded by

Angel Broking
Copyright
© Attribution Non-Commercial (BY-NC)
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Download as PDF, TXT or read online on Scribd
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Daily Technical Report

June 21, 2012

Sensex (16897) / NIFTY (5121)


Yesterday, once again markets opened on a flat note in-line with mixed global cues. We witnessed a range bound activity in the first half and then indices eventually managed to close well above 5100 mark. On sectoral front, Metal, Capital Goods and Health Care counters were among the major gainers; whereas IT and Teck sectors remained under pressure. The advance to decline ratio was strongly in favor of advancing counters (A=1614 D=1081) (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 16550 / 5019, respectively. The 20-Week EMA is placed at 16830 / 5100 level. 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 positive crossover in weekly RSI momentum oscillator is still intact. Also, the weekly 3 & 8 EMA is signaling a positive crossover.

Exhibit 1: Nifty Daily Chart

Source: Falcon

Actionable points:

View Expected target Support Levels

Bullish above 5146 5190 5100 5041

Trading strategy: Broadly speaking, indices have traded in a narrow range of nearly 1% during yesterdays session. However, bias remained positive considering strong intraday rally on Tuesdays session and the Indices managed to test resistance level of 16968 / 5146 mentioned in our previous report. Going forward, we continue to mention 16968 / 5146 level as an immediate resistance for the market. A sustainable move above this level may push indices higher to test its importance resistance level of 17110 / 5190. Conversely, the support is seen at 16840 16636 / 5100 5041 levels.

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Daily Technical Report


June 21, 2012

Bank Nifty Outlook - (9832)


Yesterday, Bank Nifty opened on a positive note and traded in a narrow range throughout the session. We reiterate our view that index is likely to trade in a broad range of 10225 9595. Traders with a positional perspective can consider long positions near the lower end of the range but should place a strict stop loss below 9550 (closing basis). Looking at the momentum oscillators on the daily and hourly chart we believe the ongoing volatility is likely to continue. Within the mentioned range 9915 10000 levels are likely to act as intermediate resistances and 9764 9661 are likely to act as support levels. Actionable points:
View Resistance Levels Support Levels Neutral 9915 - 10000 9610 - 9595

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon

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Daily Technical Report


June 21, 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 16,777 5,080 9,713 1,142 159 3,824 983 1,523 669 304 210 750 325 306 330 183 1,521 334 2,400 464 637 522 1,980 118 444 820 125 2,437 242 425 67 559 1,322 686 1,061 147 265 745 107 480 728 500 90 2,083 177 673 92 596 237 90 417 1,226 395 S1 16,837 5,100 9,772 1,207 167 3,855 992 1,529 675 307 213 755 329 307 334 185 1,556 336 2,450 475 640 528 2,008 120 450 827 127 2,454 244 432 69 564 1,332 690 1,069 148 269 749 108 483 733 507 91 2,100 180 691 95 600 242 92 422 1,239 398 PIVOT 16,900 5,121 9,824 1,245 174 3,887 1,003 1,535 679 312 215 759 333 309 340 187 1,580 340 2,487 483 643 534 2,031 122 454 833 129 2,469 247 437 71 568 1,342 696 1,081 150 272 756 109 487 738 513 92 2,114 182 703 96 604 244 92 426 1,257 400 R1 16,959 5,141 9,883 1,309 182 3,918 1,012 1,541 685 315 218 764 337 311 344 189 1,615 343 2,537 494 646 540 2,059 124 460 839 131 2,486 249 444 73 573 1,353 700 1,088 152 275 761 110 490 743 521 92 2,130 185 721 99 608 249 93 430 1,270 402 R2 17,022 5,162 9,935 1,347 188 3,950 1,024 1,547 689 320 220 768 341 312 350 191 1,639 346 2,574 501 649 546 2,083 126 464 846 133 2,501 252 450 74 578 1,362 706 1,100 154 278 767 111 494 748 527 93 2,144 187 733 100 612 252 94 434 1,287 404

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Daily Technical Report


June 21, 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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