Daily Technical Report

September 17, 2012

Sensex (18464) / NIFTY (5578)

On Friday, we witnessed the highest single day gain in last 12 months and our indices rose over 2.5% to meet our target of 5550 mentioned in the previous reports. Quantitative easing announced by the US Fed and a hike in the diesel prices on Thursday evening, led to surge in FII inflows. On sectoral front, Realty, Metal and Banking counters were among the star performers; whereas Health Care and FMCG sectors remained under pressure. The advance to decline ratio was marginally in favor of advancing counters (A=1497 D=1420) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 17763 / 5361 and 17380 / 5261 levels, respectively. Indices have now confirmed a weekly Higher Top Higher Bottom formation. The daily RSI momentum oscillator on weekly chart is still showing strength. The weekly chart depicts an Upward Sloping Trend Line breakout above 17973 / 5449 level. The ADX (14) indicator on the Daily chart shows possibility of further strength in the coming sessions. The + DI (positive directional index) is moving upwards supported by the ADX line, which is at 21 level. The ADX rise from 15 to 25 indicates that the uptrend is strengthening and positive momentum is likely to accelerate further in the coming trading sessions.

Source: Falcon:

Actionable points:
View Expected Targets Support Levels Bullish above 5586 5630 - 5700 5527

The traders who have missed this rally should now ideally wait for a pull back (if any) up to 17973 17800 / 5449 5380 and then create fresh long positions in the market. We may witness some volatility on Mondays session on account RBI Monetary Policy. We advise traders to adopt stock specific approach and trade with strict stop losses.

Trading strategy:
Finally, it clearly seems that this is a September to remember. All events, domestically as well as globally have now ruled in the favor of equity markets across the globe. As a result, the week ended on a cheerful note and we have now finally witnessed a much awaited breakout above 17973 / 5449 level. Although, indices have reached our mentioned target of 5550, we still continue to maintain our positive stance on the market. This week Sensex /Nifty missed the next important level of 18524 /5630 by a whisker. Going forward, looking at the strong higher top higher bottom structure on the daily as well as weekly chart and the placement of the ADX (14) indicator, we expect markets to move higher towards 18945 19132 / 5702 5741 levels.

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Daily Technical Report

September 17, 2012

Bank Nifty Outlook - (10643)

On Friday, Bank Nifty opened with an upside gap in line with our benchmark indices to close near days high with a gain of 4.26%. We are now witnessing a trend line breakout by joining the highs of July 11, 2012 August 08, 2012. The momentum oscillator Stochastic on the daily chart is placed in extreme overbought zone indicating consolidation is likely. However considering the strong higher top higher bottom cycle in the daily chart we would advise positional traders to use every decline towards 10400 to buy into the Bank Nifty. For the day a move beyond 10665, is likely to augment further buying and the Index may then test 10785 level. On account of RBI Monetary Policy we expect the volatility to increase in the coming trading session.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected target Support Levels Bullish above 10665 10785 10418 - 10360 Source: Falcon:

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Daily Technical Report

September 17, 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 18,202 5,504 10,316 1,336 190 3,839 956 1,708 635 250 201 327 342 362 379 201 1,692 360 3,025 569 754 596 1,812 113 540 946 132 2,562 263 337 70 578 1,425 747 1,210 163 271 686 117 525 796 458 81 1,889 161 663 95 665 260 95 395 1,381 383 S1 18,333 5,541 10,479 1,361 194 3,870 983 1,726 658 253 203 339 348 366 381 209 1,720 367 3,068 576 762 604 1,837 116 544 977 136 2,597 266 355 72 594 1,457 762 1,235 166 277 697 118 533 819 464 83 1,930 165 668 97 672 265 96 400 1,397 387 PIVOT 18,416 5,564 10,572 1,375 196 3,894 998 1,743 672 256 205 358 352 370 383 213 1,767 380 3,094 586 768 609 1,853 117 549 1,016 138 2,621 269 366 73 602 1,475 775 1,252 170 285 704 121 547 832 469 84 1,953 167 673 98 679 268 98 404 1,418 392 R1 18,547 5,601 10,736 1,400 200 3,925 1,025 1,761 695 259 206 369 358 374 385 221 1,795 387 3,138 593 776 618 1,878 120 553 1,047 141 2,656 272 384 75 618 1,508 790 1,277 172 291 716 122 555 855 475 86 1,994 172 678 100 685 274 99 409 1,435 396 R2 18,630 5,623 10,828 1,415 202 3,948 1,040 1,778 709 262 208 388 362 379 387 226 1,843 400 3,164 603 782 623 1,894 122 559 1,086 143 2,680 275 395 76 626 1,526 803 1,293 177 299 722 125 569 868 480 87 2,017 174 683 102 693 277 100 413 1,456 400

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Daily Technical Report

September 17, 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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