Daily Technical Report

September 21, 2012

Sensex (18349) / NIFTY (5554)

Yesterday, our benchmark indices opened in the red on the back of weak global cues and political uncertainty on the domestic front. Markets traded with pessimism throughout the day but managed to close marginally above the support level of 5550. On sectoral front profit booking was witnessed in Metal, Consumer Goods and Power counters; whereas IT, Teck and FMCG recovered some losses. The advance to decline ratio was in favor of declining counters (A=1204 D=1591) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 17923 / 5420 and 17468 / 5289 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 has now moved up to 27.22 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 Resistance Levels Support Levels Neutral 5582 5621 5526

Trading strategy:
As expected, our markets showed some weakness below 18469 / 5586 and tested the mentioned support level 18380 / 5550. However, considering the bigger picture, the undertone remains bullish and this correction can only be construed as the breather or a pull back of the recent rally. For the day, the next support level for markets is seen at 18282 / 5526, which is the higher end of the upside gap created on September 14, 2012. Conversely, 18444 18581 / 5582 5621 levels would act as a resistance in coming trading session. Traders are advised to adopt a buy on dips strategy and have a stock specific approach with strict stop losses on trading positions.

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Daily Technical Report

September 21, 2012

Bank Nifty Outlook - (10921)

Yesterday, Bank Nifty opened on a pessimistic note and traded with negative bias throughout the day to close with a loss of 1.11%. As mentioned in our previous reports the index has consolidated and formed a Narrow Range body formation. We are now witnessing a negative crossover in Stochastic momentum oscillator on the daily chart coupled with negative crossover in RSI - Smoothened oscillator on the hourly chart. Thus, for the day, if the index sustains below yesterdays low of 10887 then it is likely to drift lower towards 10797 10664 levels. On the upside 11032 11065 levels are likely to act as resistance in coming trading session.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Resistance Levels Support Levels Neutral 11032 11065 10797 - 10664 Source: Falcon:

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Daily Technical Report

September 21, 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 18,210 5,510 10,802 1,335 186 3,806 1,027 1,679 693 261 211 328 336 353 355 217 1,644 363 3,040 548 742 597 1,854 110 516 1,005 142 2,518 252 380 76 584 1,496 768 1,228 160 276 754 115 513 816 483 83 2,068 166 668 96 658 262 96 386 1,272 365 S1 18,279 5,532 10,861 1,347 189 3,851 1,036 1,735 720 265 214 337 338 357 360 224 1,655 369 3,075 558 752 602 1,877 112 522 1,014 144 2,568 254 391 77 593 1,509 776 1,255 162 281 775 116 521 824 489 85 2,096 169 675 98 665 267 97 389 1,297 369 PIVOT 18,362 5,557 10,947 1,357 192 3,895 1,047 1,770 740 269 217 342 342 361 367 229 1,668 376 3,101 575 761 606 1,898 114 531 1,028 146 2,606 256 404 79 600 1,523 789 1,279 165 284 796 117 529 836 497 87 2,128 172 679 99 672 273 98 396 1,317 372 R1 18,431 5,579 11,006 1,368 194 3,939 1,056 1,826 767 272 220 351 345 365 372 235 1,679 382 3,136 585 771 611 1,922 116 537 1,037 149 2,656 258 414 81 609 1,536 798 1,306 167 288 817 118 538 844 504 88 2,156 174 687 101 679 277 100 399 1,342 376 R2 18,514 5,603 11,091 1,378 197 3,983 1,067 1,860 787 276 223 357 349 368 379 240 1,693 389 3,162 602 780 615 1,943 118 547 1,050 151 2,695 259 428 82 616 1,550 811 1,329 170 291 838 119 545 856 511 90 2,188 177 691 102 686 283 101 406 1,362 379

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Daily Technical Report

September 21, 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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