Daily Technical Report

January 14, 2013

Sensex (19664) / NIFTY (5951)

On Friday, our benchmark indices opened higher since the IT giant Infosys delivered stellar results. However, a whopping intraday rally in excess of 15% in Infosys could not stop the bears to push indices lower and eventually indices closed marginally above 5950 mark. During the session, IT (9.34%) and Teck (6.57%) sectors were the major gainers; whereas FMCG, Realty and PSU counters ended with heavy losses. The advance to decline ratio was strongly in favor of declining counters (A=982 D=1964) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 19526 / 5933 and 18835 / 5720 levels, respectively. On the daily chart, the benchmark indices are facing resistance near the Upward Sloping Trend Line drawn by joining the highs of October 5, 2012 and December 11, 2012. The daily RSI Smoothened and 3 & 8 EMA are negatively poised. We are also observing a Negative Divergence in the daily RSI momentum oscillator.

Source: Falcon:

Actionable points:
View Neutral 5992 6020 5935 - 5897

Trading strategy:
Last weeks strong closing is followed by a muted week. Despite positive opening on most of the trading sessions, indices traded with negative bias and corrected gradually during the week. At present, we are observing that indices are now approaching 20-Day EMA, which is considered as a decent support level. However, negative placement of RSISmoothened and 3 & 8 EMA on the daily chart amidst a corrective chart structure in many index heavyweights indicates at a possibility of a near term correction in the market. In addition, Negative Divergence in the daily RSI momentum oscillator is still intact. Hence, in the coming week, if our benchmark indices manage to sustain below the 20-day EMA, then we can expect a corrective move towards their next support levels of 19406 19221 / 5897 5842. Conversely, a sustainable move beyond this weeks high of 19857 / 6042 would certainly nullify all possibilities of a short term correction.

Resistance Levels Support Levels

In this scenario, indices may resume to their larger degree bullish trend and we may then expect an extended up move towards 19950 20100 / 6070 6125. However, we reiterate that traders should consider reducing long positions and partial profit booking in individual large cap counters near to the 19950 20100 / 6070 6125 mark on the benchmark indices.

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Daily Technical Report

January 14, 2013

Bank Nifty Outlook - (12618)

On Friday, Bank Nifty opened near the important resistance level of 12838 but selling pressure throughout the day led the index to close near days low. The momentum oscillators on the hourly chart are placed in extreme oversold zone and a bounce back or further consolidation in the index cannot be ruled out. On the daily chart there is no significant pattern and the index continues to consolidate in a trading range of 12838 12442. Within the mentioned range 12555 12507 are likely to act as support and 12740 12805 are likely to act as resistance levels.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Resistance Levels Support Levels Neutral 12740 12805 12555 12507

Source: Falcon:

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Daily Technical Report

January 14, 2013

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 19,488 5,892 12,426 1,334 180 4,221 1,347 2,080 857 320 222 360 332 415 352 226 1,864 356 2,941 634 792 661 1,806 124 481 1,144 168 2,451 267 418 90 609 1,511 581 909 1,537 151 284 868 112 489 826 531 2,441 190 640 723 322 105 410 1,274 1,840 398 S1 19,576 5,922 12,522 1,348 183 4,260 1,356 2,099 865 322 224 365 335 418 357 228 1,882 360 2,989 639 801 665 1,823 125 489 1,154 171 2,581 270 425 92 619 1,522 584 924 1,551 152 288 874 113 494 833 540 2,466 192 649 731 326 106 414 1,290 1,862 409 PIVOT 19,708 5,970 12,678 1,368 188 4,324 1,365 2,124 876 327 229 374 340 423 363 232 1,899 366 3,059 648 816 671 1,840 128 504 1,169 176 2,652 275 437 94 639 1,535 588 944 1,572 153 295 884 113 502 843 553 2,508 195 663 743 331 107 419 1,306 1,881 416 R1 19,796 6,000 12,774 1,382 191 4,364 1,373 2,144 883 330 231 379 343 427 367 234 1,916 370 3,107 654 824 675 1,857 130 512 1,179 178 2,782 279 445 96 649 1,546 591 959 1,586 154 300 890 114 506 850 562 2,533 197 671 752 335 108 423 1,323 1,903 427 R2 19,928 6,049 12,930 1,402 196 4,428 1,383 2,169 894 334 236 388 347 432 374 237 1,933 375 3,177 663 839 681 1,874 132 527 1,194 183 2,853 284 457 99 669 1,560 595 979 1,607 156 307 900 115 515 860 575 2,575 200 686 764 340 110 428 1,339 1,923 434

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Daily Technical Report

January 14, 2013
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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