Daily Technical Report, 13.06.2013

Daily Technical Report
June 13, 2013
Sensex (19041) / NIFTY (5760)

Yesterday, our benchmark indices opened slightly lower, in line with global peers. The bears continue to have an upper hand and pessimism was seen in case of individual index counters. Overall, the markets ended the session with a half a percent cut. During the session, the Consumer Durables counters corrected heavily along with the Metal and IT stocks; whereas the Health Care and Oil & Gas sectors defended the market. The advance to decline ratio was in favor of declining counters. (Sourcewww.bseindia.com) (A=967 D=1398)
Exhibit 1: Nifty Daily Chart
Formation
The 20-week EMA and the 20-day EMA are placed at 19378/ 5875 and 19754/ 5991 levels, respectively. The 89-day EMA and the 200-day SMA are placed at 19443/ 5897 and 19095 / 5790, respectively. The weekly RSI and Stochastic momentum oscillators are still negatively poised.
Source: Falcon:
The weekly Bearish Engulfing and the monthly

Shooting Star Japanese candlestick patterns are still intact.
Actionable points:
View Bearish below 5732 5669 - 5650 5793 5830
Trading strategy:
For the third consecutive session, our benchmark indices posted a closing in the negative territory. During the session, indices breached the 61.8% Fibonacci retracement level of 19022 / 5764 and corrected towards the mentioned support level of 18870 / 5732. This level provided a decent support and as a result, indices bounced to eventually close near 19022 / 5764. Yesterdays price action has resulted in formation of candlestick pattern, which resembles a Spinning Top. An occurrence of such pattern near support level indicates uncertainty among market participants. Hence, any sustainable move beyond yesterdays high of 19143 / 5793 may attract intraday buying interest in the market. In this scenario, indices may rally towards 19271 19395 / 5830 5869 levels. On the flipside, if indices sustain below 18870 / 5732, then it may slide towards 18673 5669.
Expected Targets Resistance levels
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June 13, 2013
Bank Nifty Outlook - (11815)

Yesterday, the Bank Nifty opened slightly lower but traded in a range throughout the session. At present, the Bank Nifty has closed marginally below the 61.8% Fibonacci retracement level of 11853. Further, similar to the benchmark indices, the current daily candle resembles a Spinning Top pattern. Hence, only a sustainable move beyond yesterdays high of 11899 may attract intraday optimism. In this case the Bank Nifty may bounce towards the next resistance levels of 12032 12184. Conversely, a breach of yesterdays low of 11732 would negate the pattern and the Bank Nifty then may correct towards 11590 / 11330. It must be noted that the overall chart structure of the Bank nifty is significantly weaker than the benchmark indices and selling pressure may intensify going forward in the next few sessions.
Exhibit 2: Bank Nifty Daily Chart
Actionable points:
View Expected Targets Resistance Levels
Bearish below 11732 11590 - 11330 12032 12184
Source: Falcon:

June 13, 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 18,877 5,710 11,649 1,161 170 4,406 1,238 1,689 636 271 175 350 1,453 284 378 294 182 2,150 301 2,736 745 808 650 1,545 90 592 1,059 136 464 2,353 325 210 60 733 1,372 746 908 110 147 304 730 106 367 775 330 1,944 140 961 287 77 267 1,442 1,813 S1 18,959 5,735 11,732 1,187 172 4,451 1,256 1,716 644 274 177 356 1,472 287 381 299 186 2,164 303 2,758 754 815 657 1,578 91 593 1,070 139 478 2,387 328 223 61 740 1,384 758 928 111 149 307 742 107 374 783 337 1,975 142 971 290 78 271 1,455 1,827 PIVOT 19,051 5,764 11,815 1,221 174 4,485 1,285 1,750 651 278 180 362 1,481 289 383 304 189 2,179 306 2,782 762 822 665 1,621 93 594 1,080 142 488 2,447 331 232 62 747 1,397 767 946 113 151 310 752 108 380 790 350 2,002 146 981 293 81 276 1,475 1,844 R1 19,133 5,789 11,898 1,246 176 4,531 1,303 1,777 659 281 183 368 1,500 292 386 309 193 2,194 308 2,804 771 829 672 1,653 94 595 1,091 145 502 2,481 334 245 64 754 1,409 780 965 114 153 312 764 109 386 798 357 2,033 148 991 297 82 279 1,488 1,858 R2 19,225 5,818 11,982 1,281 178 4,565 1,332 1,811 666 285 186 374 1,509 295 388 314 197 2,209 311 2,828 779 837 680 1,696 96 596 1,100 148 512 2,540 337 254 65 761 1,422 789 983 116 154 316 774 110 392 805 370 2,060 151 1,001 300 85 284 1,508 1,874

June 13, 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

June 13, 2013

Sensex (19041) / NIFTY (5760)

Exhibit 1: Nifty Daily Chart

The weekly Bearish Engulfing and the monthly

Expected Targets Resistance levels