Daily Technical Report

July 02 , 2013

Sensex (19577) / NIFTY (5899)

The opening session of the week started off on a muted note considering mixed cues in other Asian bourses. Subsequently, indices continued to inch higher on the positive momentum in Fridays session to eventually close at the highest point of the day. Except the IT and Teck stocks, all other sectors ended in the positive territory. The Realty, Power and Capital Goods counters contributed heavily in yesterdays up move. The advance to decline ratio was strongly in favor of advancing counters. (A=1538 D=858) (Sourcewww.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 89-day EMA and the 89-Week EMA are placed at 19323 / 5851 and 18501/ 5598 levels, respectively. The 20-Day EMA and the 20-Week EMA are placed at 19169/ 5790 and 19338 / 5854, respectively. The 50% and 61.8% Fibonacci retracement levels of the fall from 20444 / 6229 to 18467/ 5566 are placed at 19455/ 5898 and 19689 / 5976, respectively. The weekly chart now depicts a Bullish Engulfing but the monthly chart shows a 'Bearish Engulfing" Japanese candlestick pattern.
Source: Falcon:

Actionable points:
View Resistance Level Support Levels Neutral 5905 - 5932 5823

Trading strategy:
The week commenced on a subdued note but eventually indices resumed with Friday's positive momentum and managed to cross the importance resistance of 19455 / 5864. This price action has resulted in violation of daily 'Lower Top Lower Bottom' formation. In addition, we are observing that the Nifty has penetrated the 'Downward Sloping Trendline' drawn by joining 6230 (high on May 20, 2013) and 6134 (high on May 30, 2013) (The Sensex is trading below this Trendline). The Nifty has now tested the 50% Fibonacci retracement level and has closed exactly at this mark, while the Sensex is significantly above this level. Going forward if the Indices can cross yesterday high of 19598 / 5905 then further upside momentum may be seen. In this scenario, we expect the market to move towards the 61.8% Fibonacci retracement level (19689 / 5976) of the fall from 20444 / 6229 to 18467/ 5566. On the flipside, yesterday's low of 19347 / 5823 would act as a key support level in the coming session.

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Daily Technical Report

July 02, 2013

Bank Nifty Outlook - (11715)

On Friday, the Bank Nifty too opened higher on the back of positive domestic events and a cheerful mood across the globe. As the day progressed, the index gathered further positive momentum and closed at the highest point of the day. We are now observing that the daily 'RSI-Smoothened' oscillator is signaling a positive crossover. However the Bank Nifty faces significant resistance at the gap area in the range of 11677 11738. Hence, going forward if the bulls manage to push the index beyond the 11738 mark, then the Bank Nifty may move towards its next resistance of 11867 / 11950. Conversely, Fridays low of 11367 would act as a decent support for the day.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:

View Resistance Levels Support Level

Neutral 11677 11738 11367 Source: Falcon:

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Daily Technical Report

July 02, 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 INDUSINDBK INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT LUPIN M&M MARUTI NMDC NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SBIN SESAGOA SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS ULTRACEMCO S2 19,257 5,793 11,546 1,191 184 4,544 1,307 1,866 564 286 173 355 285 386 301 176 2,187 303 2,742 741 851 660 1,647 96 581 1,052 127 456 2,423 321 209 52 705 1,389 765 936 1,474 104 142 319 644 109 303 844 339 1,931 141 986 272 87 268 1,464 1,847 S1 19,417 5,846 11,631 1,205 186 4,628 1,328 1,894 577 291 176 365 289 392 303 183 2,226 314 2,772 750 870 664 1,673 99 584 1,060 128 464 2,437 323 216 54 714 1,420 771 961 1,540 105 145 323 656 111 314 865 353 1,973 145 995 281 88 274 1,478 1,890 PIVOT 19,508 5,875 11,682 1,227 189 4,684 1,341 1,915 586 296 178 370 292 395 305 186 2,255 321 2,791 765 881 669 1,691 101 586 1,067 129 473 2,455 325 221 55 725 1,439 779 976 1,581 106 147 331 664 112 320 876 360 1,997 147 1,011 286 88 279 1,497 1,919 R1 19,668 5,928 11,766 1,241 191 4,769 1,362 1,943 599 301 181 380 297 401 308 193 2,294 332 2,822 774 900 674 1,717 104 590 1,075 131 481 2,469 328 229 57 734 1,470 785 1,001 1,647 107 150 336 676 114 331 897 374 2,039 151 1,021 295 89 285 1,512 1,962 R2 19,759 5,957 11,817 1,263 194 4,825 1,375 1,964 608 306 183 385 300 405 310 196 2,323 340 2,841 789 911 678 1,736 106 592 1,082 132 490 2,488 329 234 58 745 1,489 794 1,015 1,688 108 152 344 684 115 337 909 382 2,063 154 1,037 300 90 289 1,531 1,992

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Daily Technical Report

July 02, 2013
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