Daily Technical Report, 22.07.2013

Daily Technical Report
July 22 , 2013
Sensex (20150) / NIFTY (6029)

Yesterday, our benchmark indices opened slightly on the higher side considering mixed global cues. During the first half, indices traded within a narrow band. However, we witnessed minor profit booking towards the fag end of the session, which led to a close in negative territory. During the session, the IT, Auto and Oil & gas counters remained in the positive territory; whereas the Capital Goods, Banking and Realty sectors once again ended on a pessimistic note. The Advance to Decline ratio was in favor of declining counters. (A=1009 D=1331) (Sourcewww.bseindia.com )
Exhibit 1: Nifty Daily Chart
Formation
The 89-day EMA and the 89-week EMA are placed at 19423/ 5870 and 18568 / 5616 levels, respectively. The 20-day EMA and the 20-week EMA are placed at 19632 / 5906 and 19462 / 5882, respectively. The weekly momentum oscillators are still positively poised. The 78.60% Fibonacci retracement level of the fall from 20444 / 6229 to 18467/ 5566 is placed at 20021 / 6088.
Source: Falcon:
Actionable points:
View Resistance Levels Support Levels Neutral 6067 6088 6020 5974
Trading strategy: The market has ended in the positive territory for the fourth consecutive week, although the movement was slightly range bound as compared to the previous week. In-line with our expectation mentioned in the previous weekly report, our benchmark indices have almost met our mentioned targets of the 78.60% Fibonacci retracement level of the fall from 20444 / 6229 to 18467 / 5566 which is placed at 20021 / 6088 (the Sensex has even crossed the 20021 level). Considering the current momentum and the positive placement of weekly momentum oscillators, we expect our benchmark indices to test 20308 20444 / 6134 6230 if they sustain above this weeks high of 20257 / 6067. On the flipside, the concluded weeks low of 19649 / 5910 would act as a crucial support in the coming trading sessions. Any sustainable move below this level would apply brakes on the current optimism. The bellwether indices might then test the daily 89-EMA level of 19423 / 5870. Traders should take note that the benchmark indices are being led by a small list of stocks which have a significant weight on the benchmark indices.
The banking counters have corrected significantly and are no longer a lead indicator of the index movement. Also, the broader market has shown little optimism while the Nifty and the Sensex moved higher. Hence, we advise traders to adopt a stock specific approach and avoid taking undue risks.
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July 22, 2013
Bank Nifty Outlook - (10974)

On Friday, the Bank Nifty too opened marginally higher inline with our benchmark indices. However, the index could not manage to hold its previous days gains and immediately headed lower to end the session with more than two percent loss. The Bank Nifty chart structure is quite contradictory to our benchmark indices. Any attempt of a recovery by the bulls is met with supply pressure. Going forward, Wednesdays low of 10829 is the key support for the Bank Nifty. Any sustainable move below this level may open up the possibilities for new 52Week Lows. In this scenario, it may initially test 10782 10640 levels. On the flip side, the Bank Nifty must first close above 11264 to indicate any signs of recovery.
Exhibit 2: Bank Nifty Daily Chart
Actionable points:
View Resistance Level Support Levels
Neutral 11264 10829 10782 Source: Falcon:

July 22, 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 20,128 6,038 11,188 1,275 211 5,213 1,238 1,897 567 324 190 344 304 413 291 171 2,340 325 2,805 859 829 684 1,732 104 688 984 128 465 2,801 369 216 51 712 985 890 875 1,446 105 147 315 637 111 337 917 386 1,824 150 1,118 287 93 245 1,660 1,924 S1 19,866 5,945 10,688 1,255 201 4,927 1,125 1,865 534 311 179 337 291 402 283 164 2,298 315 2,735 841 807 645 1,661 101 642 938 123 447 2,707 361 209 48 659 960 862 848 1,387 101 143 296 606 110 326 905 353 1,775 144 1,098 278 90 237 1,617 1,899 PIVOT 19,997 5,991 10,938 1,265 206 5,070 1,182 1,881 550 317 184 340 298 408 287 168 2,319 320 2,770 850 818 665 1,696 103 665 961 125 456 2,754 365 213 49 685 973 876 861 1,417 103 145 305 622 110 331 911 369 1,800 147 1,108 282 92 241 1,639 1,912 R1 20,087 6,021 11,087 1,279 209 5,149 1,215 1,900 561 321 187 344 301 412 291 170 2,333 323 2,790 864 826 677 1,721 104 692 976 127 463 2,786 368 217 51 705 981 891 876 1,436 105 147 311 631 111 335 915 380 1,815 150 1,120 285 93 243 1,666 1,925 R2 20,218 6,068 11,337 1,289 215 5,293 1,271 1,916 577 328 193 347 308 418 295 173 2,354 328 2,825 873 838 696 1,756 106 715 1,000 130 472 2,833 372 220 52 732 993 905 889 1,465 107 148 320 647 112 340 922 396 1,840 152 1,131 290 94 247 1,687 1,938

July 22, 2013
Research Team Tel: 022 - 30940000 E-mail: sameet.chavan@angelbroking.com Website: www.angelbroking.com
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This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have investment positions in the stocks recommended in this report.
Research Team
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Head Technicals Technical Analyst Technical Analyst
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Daily Technical Report

Sensex (20150) / NIFTY (6029)

Exhibit 1: Nifty Daily Chart