Daily Technical Report

December 14, 2012

Sensex (19929) / NIFTY (5852)

Yesterday, our benchmark indices opened marginally higher in-line with mixed cues from Asian bourses. However, the hourly 20 Exponential Moving average acted as a resistance and immense selling pressure during the second half resulted in sharp down move. Defensive sectors like Consumer Durables and FMCG along with high beta sectors like Realty contributed heavily in yesterdays fall; whereas the Auto and Oil & Gas counters ended marginally in the positive territory. The advance to decline ratio was strongly in favor of declining counters (A=1106 D=1834) (Source www.bseindia.com).

Exhibit 1: Nifty Hourly Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 18980 / 5770 and 18390 / 5586 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 78.60% Fibonacci retracement level of the fall from November 5, 2010 (the high was 21109 / 6339) to December 23, 2011 (the low was 15135 / 4531) is at 19812 / 5945. On the daily chart, we are observing a Hanging Man candlestick pattern, occurred on December 6, 2012.

Source: Falcon:

Actionable points:
View for the day Expected Targets Resistance Levels Bearish below 5840 5800 5780 5925 - 5965

Trading strategy:
We had a quiet opening in our market and indices then made a feeble attempt to cross the resistance of hourly 20 EMA during the initial couple of hours. Subsequently, selling pressure near this resistance level led to a breakdown of hourly trend line near 19300 / 5880. Indices then went on to break even Tuesdays low of 19285 / 5865, confirming a Lower Top Lower Bottom formation in hourly chart. Morover, the daily RSI-Smoothened oscillator has now signaled a negative crossover. This is also supported by the negatively poised 3 & 8 day EMA. Hence, the possibility of testing the next support zone of 19100 19050 / 5820 5800 is quite high. On the flipside, 19479 19612 / 5925 5965 levels remain to be a strong resistance in coming trading session.

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Daily Technical Report

December 14, 2012

Bank Nifty Outlook - (12269)

Yesterday, Bank Nifty opened on a flat note and traded in a narrow range during first half of the session. However, during the second half selling pressure led the index to close near days low. The support trend line on the hourly chart mentioned in our previous reports has been breached. This has now resulted into a breakdown of a bearish Head and Shoulder pattern in the hourly chart. The pattern has an eventual downside target of 12000. Also the negative crossover in RSI momentum oscillator on the daily chart is still intact. Thus, a sustainable move below 12238 level is likely to intensify selling pressure in the index and The Bank Nifty may drift towards 12148 12048 levels. On the upside 12439 12474 levels are likely to act as resistance for the day.

Exhibit 2: Bank Nifty Hourly Chart

Actionable points:
View for the day Expected targets Resistance Levels Bearish Below 12238 12148 12048 12439 - 12474 Source: Falcon:

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Daily Technical Report

December 14, 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 19,058 5,801 12,132 1,325 197 4,268 1,298 2,020 801 306 222 346 316 397 348 209 1,815 339 3,095 613 839 685 1,851 113 504 1,105 166 2,249 285 408 100 637 1,601 598 926 1,454 148 256 798 117 493 825 498 2,211 174 678 705 278 104 381 1,207 1,902 369 S1 19,143 5,826 12,201 1,361 202 4,289 1,311 2,052 809 312 225 349 318 402 351 212 1,833 343 3,116 617 846 688 1,865 114 512 1,113 169 2,266 290 414 101 645 1,614 604 934 1,464 149 258 809 118 497 829 507 2,237 178 683 712 283 105 385 1,215 1,926 371 PIVOT 19,283 5,867 12,320 1,403 208 4,316 1,329 2,077 821 316 229 353 320 410 354 216 1,866 349 3,141 622 859 692 1,888 117 522 1,123 174 2,290 298 418 104 654 1,634 611 945 1,480 151 259 827 118 501 835 519 2,281 184 691 720 287 106 391 1,225 1,945 375 R1 19,368 5,892 12,388 1,438 213 4,337 1,343 2,109 829 322 232 356 322 415 357 219 1,884 353 3,162 626 867 695 1,902 118 530 1,131 178 2,307 303 425 105 662 1,647 616 954 1,490 153 262 838 119 505 840 528 2,307 187 695 727 292 107 395 1,232 1,969 378 R2 19,508 5,933 12,507 1,480 219 4,364 1,360 2,134 841 326 237 361 324 423 360 223 1,916 359 3,188 631 879 699 1,925 121 540 1,141 183 2,331 311 429 108 671 1,668 623 965 1,506 155 263 855 119 510 846 541 2,351 193 703 736 296 108 402 1,242 1,988 382

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Daily Technical Report

December 14, 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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