Daily Technical Report
August 08, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17602) / NIFTY (5337)
Yesterday after a gap up opening, our benchmark
indices rallied 1% for the second consecutive session
ahead of monsoon parliament session. Indices tested
the major resistance level of 17631 / 5349 and
closed marginally below the same. On sectoral front,
IT, Auto and Teck counters contributed heavily during
yesterday’s rally; whereas Healthcare and Consumer
Durables closed with a nominal loss. The advance to
decline ratio was in favor of advancing counters
Formation
The weekly
50% and
61.8% Fibonacci
retracement levels of the rise from 15748 /
4770 (June 08, 2012) to 17631 / 5349 (July 13,
2012) are seen at 16690 / 5059 and 16467 /
4991 levels, respectively.
On the weekly chart, we are witnessing a
“Downward Sloping Trend Line” resistance near
17450 / 5300 formed by joining the highs of
Source: Falcon
21109 / 6339 (November 5, 2010) - 18524 /
5630 (February 24, 2012).
The ’20-day EMA’ and
’200-day SMA’ are
Actionable points:
placed at 17183 / 5212 and 16892 / 5109
levels, respectively.
View
Bullish Above 5350
The positive crossover in daily ‘RSI
-
Expected Targets
5386 - 5450
Smoothened’ oscillator and ‘5 & 20 EMA’ is still
Support Levels
5300 - 5260
intact.
Trading strategy:
Yesterday, yet again our markets opened higher and
maintained their early gains throughout the day. We
observed that indices opened above the mentioned
'Downward Trend Line' resistance level and rallied to
test the expected level of 17631 / 5349. As a result,
the breakout from the trend line has been confirmed.
However, we reiterate that a close beyond 17631 /
5349 level with strong volumes would signal the start
of a fresh rally. In this scenario, we may witness a
sharp rally to test next resistance levels of 17687 -
17900 / 5386 - 5450. On the downside, 17450 -
17313 / 5300 - 5260 levels may provide decent
support for the day.
1
Daily Technical Report
August 08, 2012
Bank Nifty Outlook - (10592)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on an optimistic note
and gained strength as the day progressed to close in
the positive territory. We had been mentioning in our
previous reports, the range of 10500 - 10150. In
yesterday’s session we witnessed an upward breakout
from the said range, hence we believe that the
optimistic sentiment is likely to continue. The
momentum oscillators on the daily chart have turned
positive. Thus, if the index sustains above 10617 then
it is likely to rally towards 10710 - 10756. On the
downside 10464 level is likely to act as support in
coming trading session.
Actionable points:
View
Bullish Above 10617
Expected Targets
10710- 10756
Source: Falcon
Support Level
10537 - 10464
2
Daily Technical Report
August 08, 2012
Research Team Tel: 022 - 39357800
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
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
Mehul Kothari
-
Technical Analyst
Ankur Lakhotia
-
Technical Analyst
Angel Broking Pvt. Ltd.
Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.
Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 3952 6600
Sebi Registration No: INB 010996539
4
