Daily Technical Report

February 04, 2013

Sensex (19781) / NIFTY (5999)

On Friday, the benchmark indices initially moved upwards towards the resistance levels of 20050 / 6070. This move can be termed as a pullback of the Trend line Breakdown mentioned in Thursdays report. As expected, indices faced selling pressure at higher levels and the pace of the fall picked up in the late afternoon trade which led the indices (Nifty) to close below the psychological level of 6000. During the session, the Realty, Auto and Banking counters were the biggest losers; whereas the Consumer Durables, Healthcare and FMCG sectors outperformed the market. The advance to decline ratio was strongly in favor of declining counters (A=969 D=1179) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 19870 / 6019 and 19128 / 5804 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 January 18, 2012. The weekly RSI momentum oscillator as well as the Daily ADX (9) indicator are now signaling a negative crossover. The Hanging Man Japanese Candlestick pattern on the weekly chart has been confirmed.

Source: Falcon:

Actionable points:
View Expected Targets Bearish below 5983 5940 - 5897 6053 6112

Resistance Levels

Trading strategy:
Last week, despite a favorable outcome from the RBIs Monetary Policy, indices struggled to sustain at higher levels. Strong selling pressure near the weeks high ultimately dragged indices lower to close marginally below last weeks low 19884 / 6007. This has confirmed the bearish implication of the Hanging Man Japanese candlestick pattern mentioned in our previous report. Also, our benchmark indices have also managed to close below the 20-day EMA for the first time after November 26, 2012. This is also a sign of weakness. In addition there is a negative crossover in weekly RSI momentum oscillators and the daily ADX (9) indicator. Considering all the negative technical evidences, we expect continuation of the negative momentum in the coming week as well. In this scenario, indices are likely to slide towards their next support levels of 19596 19406 / 5940 5897. Conversely, this weeks high of 20204 / 6112 would now act as resistance in the coming trading session. Only a sustainable move above this level would negate the bearish implication of the Hanging Man pattern. We advise traders to trade with strict stop losses and any intraweek bounce can be used as exit opportunity for existing long positions.

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Daily Technical Report

February 04, 2013

Bank Nifty Outlook - (12606)

On Friday, the index opened on a pessimistic note and selling pressure throughout the day led the index to close at the mentioned support level of 12606. However the index continues to trade in the mentioned range of 12500 13000 since the past few sessions. At this juncture the momentum oscillators on the hourly chart are placed in extreme oversold zone and a minor positive move in the first half of the session cannot be ruled out. Within the mentioned range, 12550 12509 levels are likely to act as support and 12703 12775 are likely to act as resistance for the day.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Resistance levels Support Levels Neutral 12703 - 12775 12550 - 12509 Source: Falcon:

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Daily Technical Report

February 04, 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 19,598 5,942 12,481 1,305 193 4,484 1,475 2,008 856 314 211 405 323 404 345 256 1,905 337 2,973 674 764 632 1,779 110 458 1,145 165 2,725 303 407 80 657 1,512 595 871 1,562 155 322 880 109 444 876 509 2,371 179 629 713 251 100 392 1,338 1,611 403 S1 19,690 5,970 12,544 1,312 196 4,513 1,493 2,032 862 322 218 414 325 409 351 262 1,925 340 2,992 681 771 636 1,795 112 461 1,158 166 2,748 306 412 82 664 1,522 603 878 1,586 156 327 890 110 446 885 513 2,392 181 636 716 266 101 396 1,343 1,724 405 PIVOT 19,828 6,012 12,643 1,322 201 4,534 1,504 2,054 869 334 224 420 327 412 355 270 1,942 344 3,006 689 781 640 1,810 115 467 1,181 169 2,775 308 418 84 675 1,539 614 889 1,604 157 335 903 111 450 892 518 2,422 185 647 720 283 102 404 1,347 1,826 409 R1 19,920 6,040 12,706 1,329 204 4,563 1,521 2,078 875 342 231 429 328 417 361 276 1,962 347 3,026 696 787 645 1,825 116 471 1,194 170 2,798 311 423 86 683 1,550 622 897 1,628 158 340 913 111 452 901 522 2,443 188 654 724 299 103 409 1,353 1,939 412 R2 20,058 6,081 12,806 1,340 208 4,584 1,532 2,101 882 354 237 435 330 420 365 284 1,979 351 3,040 704 797 649 1,840 119 476 1,216 173 2,825 313 429 89 693 1,566 633 907 1,646 160 348 926 112 456 909 527 2,473 192 664 728 316 104 416 1,357 2,040 416

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Daily Technical Report

February 04, 2013
Research Team Tel: 022 - 30940000 E-mail: advisory@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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