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Daily Technical Report: Sensex (17521) / NIFTY (5317)

The daily technical report provided a summary of activity in the Sensex, Nifty, and Bank Nifty indices on the previous day. It noted that the indices traded in a narrow range and closed flat, with some sectors gaining and others declining. The report analyzed chart patterns and support/resistance levels. It concluded that some short-term consolidation was possible, but the overall uptrend remained intact, and gains could continue if resistance levels were surpassed.

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36 views

Daily Technical Report: Sensex (17521) / NIFTY (5317)

The daily technical report provided a summary of activity in the Sensex, Nifty, and Bank Nifty indices on the previous day. It noted that the indices traded in a narrow range and closed flat, with some sectors gaining and others declining. The report analyzed chart patterns and support/resistance levels. It concluded that some short-term consolidation was possible, but the overall uptrend remained intact, and gains could continue if resistance levels were surpassed.

Uploaded by

Angel Broking
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Daily Technical Report

July 09, 2012

Sensex (17521) / NIFTY (5317)


On Friday, once again our benchmark indices traded in a narrow range throughout the day and closed flat for the fifth consecutive session. On sectoral front, FMCG and Banking counters were marginally positive; whereas Realty, Metal and Consumer Durables sectors were the biggest losers. The advance to decline ratio was strongly in favor of advancing counters (A=1542 D=971) (Source www.bseindia.com). Formation The 200-day SMA (Simple Moving Average) is placed at 16824 / 5083 level. Markets have taken support at the Monthly Upward Sloping Trend Line and have formed a Bullish Engulfing Pattern. We are witnessing a narrow range body formation near 61.8% Fibonacci retracement of the fall from 18524 / 5630 (February 22, 2012) 15749 / 4770 (June 4, 2012). This level is at 17464 / 5302. On the weekly chart we are witnessing a Downward Sloping Trend Line resistance near 17780 / 5420 formed by joining the highs of 21109 / 6339 (November 5, 2010) 18524 / 5630 (February 24, 2012).

Exhibit 1: Nifty Daily Chart

Source: Falcon

Actionable points:

View Resistance Levels Support Levels

Neutral 5340 - 5386 5263 - 5240

Trading strategy: After the much-awaited breakout above 5200 mark in the previous week, we witnessed a range bound activity for 5 consecutive sessions. A series of narrow range body formations on the daily chart indicates strong consolidation for the Indices. On weekly chart we are observing that the indices are hovering around 61.8% Fibonacci retracement of the fall from 18524 / 5630 (February 22, 2012) 15749 / 4770 (June 4, 2012). This level is at 17464 / 5302. The weekly RSISmoothened oscillator and positive crossover in 5 & 20 EMA are still intact. However, due to overbought nature of momentum oscillators RSI and Stochastic on the daily chart, some consolidation or minor pullback is likely in the early part of the coming week. However this pullback should be treated as a normal corrective move and not as reversal of existing uptrend. A sustainable move below 17350 / 5260 level would indicate short term loss of momentum and indices may drift towards the gap area formed in last Fridays session (17135 - 16919 / 5189 5159 levels). These levels also coincide with the 20- Day EMA. On the flip side a close above 17570 5340 would activate fresh momentum on the upside. In this case the indices are likely to rally towards the Downward Sloping Trend line formed by joining the highs of 21109 / 6339 (November 5, 2010) 18524 / 5630 (February 24, 2012) which is placed at 17780 / 5420 level. Positional traders holding long positions in Nifty should place a trailing stop loss at 5090 (Nifty spot).

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Daily Technical Report


July 09, 2012

Bank Nifty Outlook - (10655)


On Friday, Bank Nifty opened on an optimistic note and traded in a narrow range to close near the initial opening level. We are now witnessing a negative divergence in RSI momentum oscillator on the hourly chart, coupled with overbought conditions of the momentum oscillators on the daily chart. Hence in the coming sessions a chance of minor pullback / consolidation cannot be ruled out. However, considering a larger time frame we continue to remain optimistic on the index and the bullish view would change only if the index closes below 10050. For the day, 10740 10830 levels are likely to act as resistance and 10545 10444 levels are likely to act as support. Positional traders holding long positions are advised to trail their stop loss of 10050 level (Closing basis) on Bank Nifty spot. Actionable points:
View Resistance Levels Support Levels Neutral 10651 10740 10523 - 10480

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon

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Daily Technical Report


July 09, 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 17,371 5,271 10,490 1,275 169 3,627 1,018 1,513 711 316 231 748 311 319 344 207 1,603 350 2,636 478 672 573 2,036 121 438 902 138 2,412 247 445 76 587 1,381 718 1,193 159 271 823 111 495 726 557 93 2,191 194 722 105 628 234 101 440 1,217 386 S1 17,446 5,294 10,573 1,286 171 3,671 1,028 1,526 719 319 234 756 313 324 348 209 1,619 354 2,657 484 678 577 2,059 123 442 918 140 2,428 250 450 76 595 1,393 725 1,204 160 275 832 112 500 730 564 94 2,207 196 728 106 631 237 102 444 1,232 389 PIVOT 17,500 5,311 10,630 1,298 174 3,724 1,038 1,544 728 322 235 765 315 327 351 212 1,630 357 2,678 489 682 583 2,096 124 445 928 141 2,457 252 458 77 601 1,410 729 1,223 161 277 839 113 507 734 570 94 2,221 199 733 108 633 241 104 448 1,243 392 R1 17,575 5,334 10,713 1,308 176 3,768 1,047 1,557 736 325 238 773 317 331 355 214 1,646 360 2,698 495 688 588 2,119 126 449 945 144 2,473 255 463 78 609 1,422 736 1,235 162 281 849 114 512 739 577 95 2,237 201 739 109 637 244 105 452 1,258 395 R2 17,629 5,350 10,771 1,320 178 3,821 1,057 1,575 744 328 240 782 319 334 358 216 1,657 364 2,719 499 692 594 2,155 127 452 955 145 2,502 256 471 79 615 1,439 740 1,254 163 284 856 116 519 743 583 96 2,251 204 744 111 639 247 107 455 1,268 398

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Daily Technical Report


July 09, 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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