Daily Technical Report

January 08, 2013

Sensex (19691) / NIFTY (5988)

Yesterday we witnessed a marginal gap up opening but indices pared down their early gains and strong selling pressure during the final hour of the trade led the Nifty to close marginally below 6000 mark. The Capital Goods, FMCG, Consumer Durables and Realty counters influenced the price correction during the second half; whereas the Metal and Health Care sectors ended in the positive territory. The advance to decline ratio was in favor of advancing counters (A=1617 D=1318) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 19449 / 5914 and 18837 / 5723 levels, respectively. On the daily chart, the benchmark indices are facing resistance near the Upward Sloping Trend Line drawn by joining the highs of October 5, 2012 and December 11, 2012. The last two daily candles resemble a Hanging Man Japanese candlestick pattern.
Source: Falcon:

Actionable points: Trading strategy:

The week started on a positive note but indices faced tremendous resistance near the mentioned Upward Sloping Trend Line (drawn by joining the highs of October 5, 2012 and December 11, 2012). Enhanced selling pressure in the latter half of the session led indices to close in the negative territory. The daily chart now depicts a Bearish Engulfing pattern as todays real body has completely engulfed Fridays as well as Thursdays candle. This is also supported by the negative placement of the RSI and Stochastic oscillators. Hence, going forward, any sustainable move below yesterdays low of 19654 / 5977 may trigger near term pessimism in the market. In this scenario, we can expect a correction towards 19624 - 19509 / 5960 5935 levels. On the flipside, 19857 / 6042 would now act a resistance in coming trading session.
View Resistance Levels Support Levels Neutral 6042 5977 5960 - 5935

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Daily Technical Report

January 08, 2013

Bank Nifty Outlook - (12709)

Yesterday, the Bank Nifty opened near the mentioned resistance level of 12838 and traded in a narrow range during the first half. However, in line with the broader markets, we witnessed substantial selling pressure in the index during the last hour of trade. Similar to the charts of the Benchmark Indices, we are now witnessing a negative crossover in momentum oscillator RSI and Stochastic on the daily chart of the Bank Nifty. The effect of these technical indicators would be seen if the index sustains below yesterdays low of 12683. In this scenario the index is likely to drift lower towards 12615 12580 levels. On the upside 12768 12802 levels are likely to act as resistance for the day.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected targets Resistance Levels Bearish Below 12682 12615 12580 12768 12802 Source: Falcon:

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Daily Technical Report

January 08, 2013

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 19,532 5,938 12,588 1,397 198 4,346 1,353 2,171 864 322 235 368 336 412 355 231 1,853 359 3,160 618 806 655 1,875 130 516 1,171 181 2,319 274 448 96 641 1,554 590 933 1,532 155 284 892 113 505 841 544 2,439 197 673 732 309 107 422 1,283 2,004 400 S1 19,612 5,963 12,649 1,407 201 4,370 1,363 2,184 871 324 237 377 340 418 358 233 1,871 363 3,172 623 814 662 1,886 132 521 1,177 183 2,347 277 453 97 645 1,571 594 943 1,558 156 286 897 114 508 849 547 2,453 200 678 738 311 108 431 1,289 2,022 403 PIVOT 19,734 6,003 12,743 1,424 204 4,404 1,375 2,199 881 328 241 385 343 424 361 236 1,889 369 3,189 631 828 673 1,898 134 528 1,182 184 2,363 281 460 100 649 1,602 602 951 1,580 158 288 906 114 513 860 552 2,476 202 686 743 315 109 440 1,296 2,034 406 R1 19,814 6,028 12,803 1,434 207 4,428 1,385 2,213 888 330 243 394 346 430 364 238 1,906 373 3,202 636 837 679 1,909 136 532 1,188 185 2,391 283 465 101 653 1,619 606 961 1,606 159 290 911 115 516 868 555 2,490 205 692 750 317 110 449 1,302 2,053 408 R2 19,936 6,068 12,898 1,451 210 4,462 1,398 2,228 898 334 247 402 350 436 368 241 1,924 379 3,219 644 850 690 1,921 138 539 1,193 187 2,408 287 471 104 658 1,650 614 968 1,628 160 292 920 116 521 879 560 2,513 208 700 755 321 111 458 1,310 2,065 411

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Daily Technical Report

January 08, 2013
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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