Daily Technical Report

December 03, 2012

Sensex (19340) / NIFTY (5880)

On Friday, for the third consecutive session our markets opened on a positive note and posted a healthy gain of nearly 1%. The Nifty fell just short of the psychological mark of 5900 and closed marginally below it. The rally was led by Metal, Power and PSU counters. However, Auto, FMCG and Realty stocks ended with a marginal loss. The advance to decline ratio was strongly in favor of advancing counters (A=1687 D=1286) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 18702 / 5687 and 18281/ 5552 levels, respectively. On the weekly chart, we are witnessing a breakout from Downward Sloping Trend Line joining two significant swing high of 19811 / 5944 (April 2011) and 19137 / 5815 (Oct 2012) at 19050 / 5800 level. The target of the daily Channel pattern breakout comes around 19500 / 5950 level. The weekly Stochastic and the RSI oscillators are now signaling a positive crossover.

Source: Falcon:

Trading strategy:
After a long consolidation of seven weeks, the bulls have finally started to cut loose. We had mentioned a strong support level of Channel pattern around 18255 / 5548. This level was defended comfortably by the bulls; they then went on to break the upper range of the Channel i.e. 18900 / 5750. As a result, we witnessed tremendous buying interest among market participants, leading to an extended rally in Fridays session. The Nifty eventually closed the week marginally below the psychological level of 5900 mark. In addition to the Channel breakout in the daily chart, the weekly chart now depicts a Trend Line breakout from the resistance level of 19000 / 5800. Hence, going forward, we maintain our bullish stance on the market and expect a rally towards the next resistance level of 19812 / 5945. This level coincides with the 78.60% Fibonacci Retracement level of the fall from 21109 (high of weekly candle on November 5, 2010) to 15135 (low of weekly candle on December 23, 2011). A move beyond this level in the coming week may push the indices even higher to test 20218 / 6070 level in the coming 4 6 weeks. On the flipside, the Channel breakout level of 18900 / 5750 is now expected to act as a strong support for our market.
View for the day Resistance Level Support Levels Neutral 5920 5825 5800

Actionable points:

This level coincides with the 78.60% Fibonacci Retracement level of the fall from 21109 (high of weekly candle on November 5, 2010) to 15135 (low of weekly candle on December 23, 2011). A move beyond this level in the coming week may push the indices even higher to test 20218 / 6070 level in the coming 4 6 weeks. On the flipside, the Channel breakout level of 18900 / 5750 is now expected to act as a strong support for our market. Any intra week correction towards this level should be seen as a buying opportunity. We advise traders to adopt a stock specific approach and expect metal counters to outperform the Index in the days to come.

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Daily Technical Report

December 03, 2012

Bank Nifty Outlook - (12159)

In line with the benchmark Indices, the Bank Nifty too opened on a positive note on Friday and traded with a positive bias throughout the session. The momentum oscillators on weekly chart point towards further upside in the coming sessions. However, considering the overbought condition of momentum oscillators on the hourly and daily charts, a minor pullback or consolidation in the index cannot be ruled out. The overall view for the index remains positive and any decline should be used to create fresh long positions. On the upside 12335 12365 are likely to act as resistance and 12000 11956 levels are likely to act as support for the day.

Exhibit 2: Bank Nifty Hourly Chart

Actionable points:
View for the day Resistance Levels Support Levels Neutral 12335 12365 12000 - 11956

Source: Falcon:

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Daily Technical Report

December 03, 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 LUPIN M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SBIN SESAGOA SIEMENS SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS ULTRACEMCO WIPRO S2 19,113 5,807 11,938 1,357 203 4,247 1,290 1,900 729 318 219 332 323 402 352 205 1,767 335 3,242 620 811 684 1,787 112 528 1,084 166 2,395 292 371 94 639 1,645 565 915 1,452 159 249 763 116 492 779 472 2,126 177 663 700 264 105 373 1,276 1,708 380 S1 19,227 5,843 12,048 1,371 206 4,289 1,305 1,915 746 328 227 340 327 408 359 208 1,793 344 3,301 638 827 694 1,807 115 533 1,092 170 2,416 295 387 95 655 1,656 578 931 1,463 160 257 774 117 498 786 479 2,148 179 667 705 269 106 379 1,295 1,825 387 PIVOT 19,300 5,864 12,112 1,388 208 4,332 1,315 1,933 758 334 231 345 331 413 366 210 1,812 350 3,345 650 838 700 1,836 116 541 1,099 172 2,446 297 397 96 665 1,667 586 941 1,481 162 262 780 118 504 797 484 2,168 181 672 710 276 107 384 1,310 1,990 391 R1 19,413 5,901 12,222 1,402 210 4,374 1,330 1,949 775 344 239 352 334 419 374 212 1,838 359 3,404 668 855 710 1,856 118 547 1,106 176 2,467 300 413 97 681 1,678 600 957 1,492 164 270 792 119 511 804 490 2,190 184 676 715 281 109 390 1,329 2,106 398 R2 19,486 5,922 12,286 1,420 212 4,418 1,339 1,967 787 350 243 357 339 423 381 214 1,856 365 3,448 679 866 716 1,885 119 555 1,113 178 2,498 302 422 98 691 1,688 608 967 1,510 165 275 798 120 517 815 496 2,209 186 681 720 289 110 395 1,344 2,271 403

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Daily Technical Report

December 03, 2012
Research Team Tel: 022 - 39357800 E-mail: research@angelbroking.com 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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