Daily Technical Report

December 07, 2012

Sensex (19487) / NIFTY (5931)

Yesterday, once again our benchmark indices opened marginally higher as suggested by the SGX Nifty. However, indices failed to sustain at higher level and shed nearly 1.50% from the days high during the initial hour of trade. Post mid-session, we witnessed tremendous recovery from the days low and indices eventually closed in the positive territory. The Realty, Banking and Power sectors contributed heavily in yesterdays rally; whereas for the second consecutive session, the IT and Teck counters underperformed the market. The advance to decline ratio was strongly in favor of advancing counters (A=1601 D=1297) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 18702 / 5687 and 18281/ 5552 levels, respectively. On the weekly chart, we are witnessing a breakout from Downward Sloping Trend Line joining two significant swing high of 19811 / 5944 (April 2011) and 19137 / 5815 (Oct 2012) at 19050 / 5800 level. The target of the daily Channel pattern breakout comes around 19500 / 5950 level. The weekly Stochastic and the RSI oscillators are now signaling a positive crossover.

Source: Falcon:

Actionable points:
View for the day Resistance Level Support Levels Neutral 5945 - 6000 5854 5800

Trading strategy:
After correcting sharply during the initial hour, we witnessed unexpected buying in our market post mid-session. BSP President Mayawati's statement that she would back the government on the FDI-in-retail vote in the Rajya Sabha triggered a blitzkrieg by the bulls. Yesterday's price action can be best described as the 'Tug of War' between the bulls and bears. Although, yesterdays session ruled in favor of bulls, the daily chart now depicts a price pattern, which resembles a 'Hanging Man'. The said pattern has an extremely negative implication but needs a confirmation like any other Japanese Candlestick pattern. Thus, a closing below yesterdays low of 19205 / 5833 would trigger short term pessimism in the market and as a result, indices may slide towards 19000 18900 / 5800 5750 levels. On the other hand, a sustainable move and close above the high of the Hanging Man would negate the pattern. In this scenario, we may witness continuation of current bullish momentum. The markets are then likely to move further higher up to 20050 20218 / 6000 6070 levels.

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Daily Technical Report

December 07, 2012

Bank Nifty Outlook - (12428)

Yesterday, In line with the benchmark indices, the Bank Nifty opened on a positive note but corrected lower in the initial part of the session. However, buying near the support level of 12106 led the index to close in the positive territory during the second half. The negative divergence in RSI momentum oscillator on the hourly chart coupled with overbought condition on momentum oscillator Stochastic on daily chart mentioned in our previous reports is still intact. Hence, although the underlying bias remains positive, positional traders are advised not to create any fresh long positions in the index at this juncture as the risk reward ratio is unfavorable. Any further up move in the index would be seen only if it sustains above yesterdays high of 12481. In this scenario the index may rally towards 12535 12568 levels. On the downside 12359 12236 levels are likely to act as support for the day.

Exhibit 2: Bank Nifty Hourly Chart

Actionable points:
View for the day Resistance Levels Support Levels Neutral 12481 12535 12359 - 12236 Source: Falcon:

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Daily Technical Report

December 07, 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 LUPIN M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SBIN SESAGOA SIEMENS SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS ULTRACEMCO WIPRO S2 19,062 5,800 12,012 1,383 201 4,309 1,310 1,910 765 314 231 350 328 402 353 217 1,801 346 3,199 602 826 674 1,785 116 517 1,086 167 2,269 292 395 99 645 1,625 580 903 1,449 154 261 793 118 496 813 484 2,210 184 665 686 271 104 387 1,256 1,895 372 S1 19,274 5,866 12,220 1,401 204 4,333 1,337 1,930 778 319 236 355 331 407 358 222 1,824 350 3,245 614 835 684 1,805 120 526 1,111 171 2,304 297 402 102 655 1,650 588 916 1,466 158 265 808 119 503 829 498 2,259 188 674 694 276 107 393 1,268 1,937 376 PIVOT 19,399 5,904 12,350 1,419 206 4,359 1,358 1,945 787 327 240 359 333 412 363 225 1,837 352 3,272 628 841 691 1,822 122 532 1,127 174 2,349 300 406 103 662 1,666 593 927 1,476 160 267 817 120 510 837 507 2,288 190 680 702 279 108 399 1,282 1,964 379 R1 19,611 5,969 12,558 1,437 209 4,383 1,385 1,965 800 332 246 364 336 417 368 229 1,860 356 3,318 640 850 702 1,842 125 541 1,152 178 2,384 304 412 106 673 1,691 600 940 1,493 163 271 832 121 518 853 521 2,337 194 689 710 284 110 405 1,294 2,007 384 R2 19,736 6,008 12,688 1,455 211 4,409 1,406 1,981 808 340 249 368 338 422 373 232 1,873 359 3,345 654 856 709 1,860 127 546 1,168 181 2,429 307 416 108 680 1,708 606 951 1,504 166 273 841 122 524 861 529 2,366 196 695 718 287 112 410 1,308 2,033 387

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Daily Technical Report

December 07, 2012
Research Team Tel: 022 - 39357800 E-mail: research@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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