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    Technical Format With Stock 03.09

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    Angel Broking
    The daily technical report provides an analysis of key Indian stock indices and the Bank Nifty index for September 3, 2012. It notes that benchmark indices closed lower due to selling pressure in the second half of trading. Metals, power, and auto sectors declined. The indices have confirmed a "higher top-higher bottom" weekly formation but momentum oscillators are signaling a negative crossover. The report provides resistance and support levels and maintains a neutral short-term view. It also notes the possibility of a bounce in indices due to oversold conditions before a potential decline to key support levels.

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    Technical Format With Stock 03.09

    Uploaded by

    Angel Broking
    323 views4 pages
    The daily technical report provides an analysis of key Indian stock indices and the Bank Nifty index for September 3, 2012. It notes that benchmark indices closed lower due to selling pressure in the second half of trading. Metals, power, and auto sectors declined. The indices have confirmed a "higher top-higher bottom" weekly formation but momentum oscillators are signaling a negative crossover. The report provides resistance and support levels and maintains a neutral short-term view. It also notes the possibility of a bounce in indices due to oversold conditions before a potential decline to key support levels.

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    The daily technical report provides an analysis of key Indian stock indices and the Bank Nifty index for September 3, 2012. It notes that benchmark indices closed lower due to selling pressure in the second half of trading. Metals, power, and auto sectors declined. The indices have confirmed a "higher top-higher bottom" weekly formation but momentum oscillators are signaling a negative crossover. The report provides resistance and support levels and maintains a neutral short-term view. It also notes the possibility of a bounce in indices due to oversold conditions before a potential decline to key support levels.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    323 views4 pages

    Technical Format With Stock 03.09

    Uploaded by

    Angel Broking
    The daily technical report provides an analysis of key Indian stock indices and the Bank Nifty index for September 3, 2012. It notes that benchmark indices closed lower due to selling pressure in the second half of trading. Metals, power, and auto sectors declined. The indices have confirmed a "higher top-higher bottom" weekly formation but momentum oscillators are signaling a negative crossover. The report provides resistance and support levels and maintains a neutral short-term view. It also notes the possibility of a bounce in indices due to oversold conditions before a potential decline to key support levels.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    Daily Technical Report

    September 03, 2012

    Sensex (17381) / NIFTY (5259)


    On Friday, our benchmark indices opened on a flat note and consolidated sideways during first part of the session. However, during second half selling pressure resumed which led the index to close well below the 5300 mark. Metal, Power and Auto sectors ended on a losing side and the advance to decline ratio was in favor of declining counters (A=1380 D=1419) (Source www.bseindia.com). Formation The 20-day EMA and the 200-day SMA are placed at 17560 / 5316 and 16920 / 5120 levels, respectively. Looking at the Line Chart it is clear that indices have now confirmed the Higher Top - Higher Bottom formation on the weekly chart after August 28, 2009. The weekly momentum oscillators viz., the RSI and the Stochastic are signaling a negative crossover.

    Exhibit 1: Nifty Daily Chart

    Source: Falcon

    Actionable points:

    View

    Neutral 5300 5330 5240

    Trading strategy: After posting four consecutive positive weekly closings, we witnessed a correction in our markets during the last week. The bellwether indices (Sensex / Nifty) tested support level of 17285 / 5240. We are now observing a negative crossover in the weekly momentum oscillators. The impact of these tools can be seen if our indices sustain below this weeks low of 17338 / 5239. In such a scenario, the markets may test 17123 16892 / 5190 5120 levels which are the 61.8% and 78.6% Fibonacci Retracement levels of the rise from 16598 / 5032 to 17972 / 5449, respectively. However, the weekly Higher Top Higher Bottom formation mentioned in our earlier report is still intact.

    Resistance Levels Support Levels

    The said formation would be negated only if indices break the important weekly swing low of 16598 / 5032. Also, looking at the extreme oversold condition of Stochastic momentum oscillator on the daily chart, the possibility of a bounce towards 17712 / 5360 levels cannot be ruled out. Under normal circumstances, this bounce should be treated as a corrective up move. However, in case we see some positive global news flow on the back of the Jackson Hole meeting and if the US Fed commits to more quantitative easing, then a close beyond 17712 / 5360 level in the initial part of the week would indicate a strong reversal of current pessimism. The Sensex / Nifty may rally towards 17972 / 5449 levels.

    www.angelbroking.com

    Daily Technical Report


    September 03, 2012

    Bank Nifty Outlook - (9991)


    On Friday, Bank Nifty opened on a flat note and traded with extreme volatility throughout the session to close with a loss of nearly 1%. The index has taken support in the support zone of 9964 9914. The positive divergence in momentum oscillator RSI on hourly chart mentioned in our previous reports is still intact. However, looking at the mixed signal in momentum oscillators on the daily and weekly chart we expect the Index to trade in a broad range of 10330 9914 for the next 5 to 7 sessions. Within the mentioned range 10130 10250 are likely to act as resistance and 9948 9914 levels are likely to act as support levels.

    Exhibit 2: Bank Nifty Daily Chart

    Actionable points:

    View Resistance Levels Support Levels

    Neutral 10130 10250 9948 - 9914 Source: Falcon

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    Daily Technical Report


    September 03, 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 M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 17,205 5,203 9,841 1,290 180 3,548 972 1,591 619 237 207 322 327 366 343 189 1,648 346 2,943 537 719 584 1,700 101 504 879 129 2,336 264 339 62 560 1,313 750 1,122 166 266 661 117 541 749 432 76 1,807 165 666 91 653 227 98 352 1,321 353 S1 17,293 5,231 9,916 1,299 183 3,594 982 1,604 625 242 210 328 334 371 347 192 1,663 351 2,967 541 727 590 1,732 102 510 891 131 2,349 266 345 63 567 1,328 756 1,133 167 271 669 118 547 758 438 77 1,822 168 672 94 661 231 99 357 1,333 358 PIVOT 17,425 5,267 10,023 1,313 186 3,677 998 1,617 632 246 215 339 342 377 353 196 1,683 355 2,983 544 733 595 1,783 104 520 907 135 2,367 268 352 65 579 1,342 766 1,141 169 275 677 120 550 771 448 78 1,844 171 679 96 668 234 99 363 1,346 365 R1 17,513 5,295 10,098 1,322 189 3,723 1,008 1,630 638 251 218 345 348 382 358 199 1,698 359 3,007 548 741 600 1,815 106 525 918 138 2,380 270 358 66 586 1,357 772 1,151 170 280 685 121 556 780 454 79 1,859 175 685 99 676 238 100 367 1,357 370 R2 17,645 5,331 10,206 1,336 193 3,806 1,025 1,643 645 254 223 356 356 388 364 202 1,718 363 3,023 552 747 606 1,866 107 535 934 141 2,399 272 365 67 598 1,372 781 1,159 172 284 694 123 560 793 464 80 1,880 178 692 101 683 242 101 373 1,370 377

    www.angelbroking.com

    Daily Technical Report


    September 03, 2012
    Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

    DISCLAIMER
    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 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 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 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 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 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 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 Limited and its affiliates may have investment positions in the stocks recommended in this report.

    Research Team
    Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Mehul Kothari Ankur Lakhotia Head Technicals Technical Analyst Technical Analyst Technical Analyst Technical Analyst

    For any Queries, Suggestions and Feedback kindly mail to [email protected]

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