Daily Technical Report: Sensex (19997) / NIFTY (5897)

Daily Technical Report
September 11, 2013
Sensex (19997) / NIFTY (5897)

After an extended weekend, the opening session of the week started off on a cheerful note on the back of strong global cues. The bulls managed to add on to the rally and posted a mammoth single day gain of nearly four percent. All the sectors ended convincingly in the positive territory with the Auto, Capital Goods, FMCG and Consumer Durables leading the way. The advance to decline ratio was strongly in favor of advancing counters. (A=1502 D=829) (Source www.bseindia.com)
Exhibit 1: Nifty Daily Chart
Formation
The 89-day EMA and the 89-week EMA are placed at 19124 / 5715 and 18624/ 5615 levels, respectively. The 20-day EMA and the 20-week EMA are placed at 18715 / 5522 and 19192/ 5737 levels, respectively. The monthly RSI-Smoothened oscillator is negatively Source: Falcon: poised; whereas the weekly momentum oscillators are contradictory and signaling a positive crossover. The 61.8% and 78.6% Fibonacci retracement levels of the fall from 6094 (high on July 23, 2013) and 5118 (low on August 28, 2013) are placed at 5730 and 5890, respectively. The Lower Top - Lower Bottom formation in weekly chart is still intact. .
Actionable points:
View Resistance Levels Support levels Neutral 5905 5950 6000 5850 5812
Trading strategy:
The bulls made a grand comeback last week and the added on to their momentum during yesterday's session. In our previous report, we had mentioned that the extended bounce towards 5890 is quite possible. This level is the 78.6% Fibonacci retracement level of the recent fall from 6093 to 5118 and can be normally considered as a strong resistance level. However, taking into account the current strong optimism, the nifty may further extend gains towards 5950 - 6000 if the index manages to sustain above 5905. On the flipside, the intraday support levels are seen at 5850 5808. From a positional traders perspective, keeping in mind the weekly 'Lower Top Lower Bottom' formation and the overall Elliot wave count, we suggest that the bulls should look to book their profits and lighten positions as the markets move towards the 6000 / 6100 levels.
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September 11, 2013
Bank Nifty Outlook - (10188)

Yesterday, the Bank Nifty too opened substantially higher in-line with our benchmark index and posted a strong closing, but significantly underperformed the benchmark Nifty. As mentioned in our previous report, the Bank Nifty attained our target of 10219 and has even moved beyond it. The index has now tested the 38.2% Fibonacci retracement level of the fall from 13414 to 8366 level. Considering the overall sentiments across the globe, the index may move towards 10500 if it sustains above yesterday's high of 10305. On the other hand, the intraday support levels are seen around 10084 9900. From an overall chart perspective, we are of the view that traders should consider booking their profits and moving out of banking counters as the Index approaches the 10300 10500 zone. We are of the view that these stocks will significantly underperform the markets in the next 4 to 6 weeks.
Exhibit 2: Bank Nifty Daily Chart
Actionable points:
Source: Falcon: View Resistance Levels Support Levels Neutral 10300 10500 10084 9900

September 11, 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 19,250 5,680 9,971 948 165 419 952 1,892 461 307 609 133 290 316 432 277 137 2,227 294 2,353 987 760 610 1,872 105 950 86 384 2,970 312 228 38 673 755 812 749 1,279 115 133 280 451 97 434 856 361 1,576 168 519 308 71 290 1,960 1,541 S1 19,624 5,788 10,080 985 176 432 975 1,936 472 323 631 138 294 322 436 283 140 2,247 298 2,402 1,025 785 624 1,972 108 960 88 397 3,065 324 233 39 691 781 823 781 1,308 117 136 286 458 100 443 873 367 1,605 177 534 329 71 295 1,974 1,624 PIVOT 19,818 5,847 10,192 1,008 182 441 1,000 1,962 488 337 645 142 299 329 441 286 143 2,277 302 2,430 1,049 801 632 2,036 110 971 89 416 3,126 331 237 40 703 796 838 799 1,329 120 138 293 463 102 451 883 374 1,650 183 544 341 72 299 1,995 1,687 R1 20,192 5,955 10,301 1,045 193 455 1,024 2,007 498 353 668 147 303 335 446 292 146 2,296 307 2,479 1,087 825 647 2,136 112 981 91 429 3,221 343 241 42 720 822 849 831 1,358 123 140 299 469 104 460 901 380 1,679 193 559 362 73 304 2,009 1,770 R2 20,386 6,013 10,413 1,067 199 464 1,049 2,033 515 367 682 152 308 342 451 295 148 2,326 311 2,507 1,111 841 655 2,200 114 992 92 449 3,282 351 246 43 732 837 863 849 1,379 126 142 306 475 106 468 911 387 1,724 199 568 374 74 307 2,031 1,833

September 11, 2013
Research Team Tel: 022 - 30940000 E-mail: [email protected] Website: www.angelbroking.com
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Research Team
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Head Technicals Technical Analyst Technical Analyst
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Daily Technical Report

September 11, 2013

Sensex (19997) / NIFTY (5897)

Exhibit 1: Nifty Daily Chart