Daily Technical Report

October 09, 2012

Sensex (18709) / NIFTY (5676)

The week started on a flat note in-line with quiet global cues. However, selling pressure during the second half of the session eventually resulted in a closing well below 5700 mark. The fall was mainly led by profit booking in Oil & Gas giant Reliance Industries coupled with some heavyweights in Banking, Capital Goods and Realty sectors; whereas only Health Care sector ended in the positive territory. The advance to decline ratio was in favor of declining counters (A=1383 D=1515) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 18485 / 5600 and 17750 / 5380 levels, respectively. The monthly RSI oscillator is moving higher from the 50 mark and the ADX (9) indicator is now signaling a positive crossover. The daily RSI and Stochastic oscillators are signaling a negative crossover.
Source: Falcon:

Trading strategy:
Yesterday's session was completely dominated by the bears as the benchmark indices struggled to give even a minor intraday bounce. The price movement was in-line with expectations as the negatively poised daily momentum oscillators came into the action. As a result, our benchmark indices breached the mentioned support level of 18740 / 5694 during the second half to register a low of 18684 / 5666. At present, the negative crossover in daily 'RSISmoothened' oscillator indicates that if our markets sustain below yesterday's low of 18684 / 5666 then a further correction towards their next support levels of 18552 18291 / 5638 5534 can be expected. However, keeping in mind the positive placement of monthly 'RSI' indicator and the ADX (9) indicator, the intermediate trend remains intact i.e. bullish. Going forward, yesterday's high of 18970 / 5752 level would act as a resistance in coming trading session. A move beyond this resistance would signal that the selling pressure will abate and a move towards 19138 / 5816 is on the cards.

Actionable points:
View Resistance Levels Support Levels Neutral 5752 5666 - 5638

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Daily Technical Report

October 09, 2012

Bank Nifty Outlook - (11362)

Yesterday, Bank Nifty opened on a pessimistic note and corrected lower as the day progressed to close near days low. The Dark Cloud Cover candlestick mentioned in our previous report has been confirmed. The momentum oscillator RSI on the daily chart continues with its sell signal. However, the support level of 11320 has not been breached and traders holding long positions should maintain a strict stop loss of 11320 on the index. A move below 11320 will further drag the index lower to 11226 11124 levels. On the upside 11540 - 11745 levels is likely to act as resistance in coming trading session. Actionable points:
View Resistance Levels Support Levels Neutral 11540 - 11745 11320 - 11226

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon:

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Daily Technical Report

October 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 LUPIN M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SBIN SESAGOA SIEMENS SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS ULTRACEMCO WIPRO S2 18,503 5,612 11,224 1,400 204 3,786 1,106 1,734 751 260 246 349 322 359 351 214 1,659 382 3,233 543 739 613 1,757 117 553 1,036 151 2,414 272 411 83 617 1,556 557 855 1,355 168 275 776 116 522 792 500 2,211 167 702 676 263 99 398 1,268 1,936 358 S1 18,606 5,644 11,293 1,416 207 3,838 1,119 1,744 761 265 250 352 327 363 354 219 1,681 387 3,266 551 745 617 1,773 119 557 1,044 153 2,451 275 416 84 622 1,576 561 860 1,370 170 279 786 117 525 806 510 2,240 169 712 692 268 100 403 1,280 1,971 362 PIVOT 18,788 5,698 11,412 1,436 212 3,873 1,133 1,755 777 271 257 357 330 367 360 228 1,697 391 3,319 565 751 620 1,796 122 561 1,057 158 2,497 277 420 87 630 1,611 568 866 1,390 172 284 804 118 530 830 525 2,290 172 730 702 276 102 410 1,298 1,995 367 R1 18,891 5,730 11,481 1,452 214 3,925 1,146 1,765 787 276 261 361 334 371 363 233 1,719 396 3,352 573 756 624 1,811 124 564 1,065 160 2,534 280 425 88 636 1,631 572 871 1,405 174 287 814 120 533 844 534 2,320 174 740 718 280 103 415 1,310 2,030 371 R2 19,072 5,784 11,600 1,473 219 3,960 1,160 1,777 803 282 268 366 337 375 368 242 1,735 400 3,406 587 762 628 1,834 127 568 1,078 164 2,580 282 429 90 644 1,667 579 877 1,425 176 292 831 121 538 868 550 2,370 177 758 728 288 104 423 1,328 2,055 377

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Daily Technical Report

October 09, 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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