Daily Technical Report

December 20, 2012

Sensex (19476) / NIFTY (5930)

Yesterday, we witnessed a gap up opening as suggested by the SGX Nifty early in the morning. Indices maintained their early gains and remained within half a percent range throughout the session to close well above the 5900 mark. On sectoral front, Auto, Healthcare and Metal counters were the major gainers. The Capital Goods, FMCG and Consumer Durables sectors ended with marginal loss. The advance to decline ratio was strongly in favor of advancing counters (A=1651 D=1310) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 19117 / 5815 and 18480 / 5613 levels, respectively. On the weekly chart, we are witnessing a breakout from Downward Sloping Trend Line joining two significant swing highs of 19811 / 5944 (April 2011) and 19137 / 5815 (Oct 2012) at 19050 / 5800 level. The 38.20% and 50% Fibonacci retracement levels of the rise from 18255 / 5548 (low on November 20, 2012) to 19612 / 5965 (high on December 11, 2012) are at 19100 18930 / 5806 5755, respectively.

Source: Falcon:

Trading strategy:
Tuesdays strong recovery was followed by a quiet session yesterday. Although a very narrow trading range was seen for the session, the bias still remains positive. There is no significant change in the chart structure and hence we reiterate our view that indices are likely to move towards their next resistance level of 19612 / 5965. On the flipside, Tuesdays low of 19149 / 5823 will now act as a key support for our benchmark indices. Generally, it is observed that during last two weeks of the December month, the volume activity is very low and hence, markets trading range becomes narrower towards the year end. Traders are advised to adopt stock specific approach and follow strict stop losses.

Actionable points:
View for the day Resistance Level Support Levels Neutral 5965 5910 - 5878

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Daily Technical Report

December 20, 2012

Bank Nifty Outlook - (12510)

Yesterday, Bank Nifty opened on a positive note and traded in narrow range throughout the session to close near the initial opening level. As expected and mentioned in our previous report, the index continues to consolidate in the mentioned range of 12568 12197. We are now witnessing a Spinning top candlestick pattern near the resistance level of 12568. Going forward, yesterdays low of 12455 is likely to act as short term support for the index. A move below this level may lead the index lower towards 12384 12340 levels. On the other hand, a move above yesterdays high of 12571 is likely to attract significant buying interest among market participants. In this scenario the index is likely to test the 12700 level.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View for the day Resistance Levels Support Levels Neutral 12571 12700 12455 - 12384 Source: Falcon:

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Daily Technical Report

December 20, 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 19,374 5,898 12,396 1,394 204 4,239 1,308 2,077 841 311 229 343 319 411 350 220 1,816 345 3,196 629 813 669 1,868 126 517 1,118 175 2,259 285 446 102 654 1,598 599 957 1,472 152 256 833 114 501 830 517 2,336 194 661 729 296 105 413 1,208 1,996 370 S1 19,425 5,914 12,453 1,404 208 4,334 1,321 2,110 851 313 232 350 322 415 353 223 1,835 347 3,215 635 822 679 1,892 128 520 1,128 176 2,278 287 453 102 661 1,616 608 963 1,491 153 260 842 115 506 835 521 2,354 196 665 747 302 106 418 1,220 2,007 378 PIVOT 19,471 5,927 12,512 1,414 210 4,391 1,342 2,133 860 316 233 355 325 418 356 226 1,847 350 3,230 639 836 684 1,907 129 524 1,143 178 2,289 291 459 103 665 1,645 616 969 1,504 155 263 852 116 510 839 525 2,381 198 671 758 305 107 422 1,228 2,020 383 R1 19,521 5,942 12,569 1,425 213 4,487 1,355 2,166 870 319 235 362 328 423 360 228 1,866 352 3,249 645 845 693 1,931 131 526 1,154 179 2,307 294 466 104 672 1,662 625 975 1,523 156 267 861 118 516 844 530 2,399 200 675 776 311 108 427 1,241 2,030 391 R2 19,567 5,955 12,629 1,435 215 4,544 1,376 2,190 879 322 237 367 331 425 363 231 1,878 355 3,264 649 858 699 1,946 132 530 1,169 181 2,319 298 471 105 676 1,691 632 981 1,536 157 270 871 119 519 848 534 2,426 202 680 788 314 108 431 1,249 2,043 395

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Daily Technical Report

December 20, 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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