Daily Technical Report

October 22, 2012

Sensex (18682) / NIFTY (5684)

On Friday, our benchmark indices pared their previous days gains on the back of profit booking and sharp depreciation in currency. However, indices still remained in the same range of 5630 5730 and closed below 5700 mark. Sectors like Power, Metal and Consumer Goods ended as major losers whereas defensive counters like FMCG and Consumer Durables closed in green. The advance to decline ratio was in favor of declining counters (A=1275 D=1586) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 18617/ 5654 and 17919/ 5434 levels, respectively. The monthly RSI oscillator is moving higher from the 50 mark and the positive in ADX (9) indicator is intact. The negative crossover in weekly Stochastic oscillator is still intact. At present, the value of Daily RSI oscillator is 56.38. The RSI trading above the 50 mark shows strength of the current up trend. The 38.2% and 50% Fibonacci Retracement levels of the rise from 17250 to 19138 / 5216 to 5815 are placed at 18416 / 5586 and 18194 / 5515, respectively.

Source: Falcon:

Actionable points:
View for the day Resistance Levels Neutral 5729 - 5757 5633

Trading strategy:
Broadly speaking, at this juncture the markets are in a narrow trading range of 18886 to 18535 / 5729 to 5633. Only a sustainable breakout / breakdown on either side would give clarity of the near term trend. During the week, we observed that indices have a strong support zone of 20day EMA, which also coincides with the lower level of mentioned trading range. Going forward, the impact of negatively poised weekly Stochastic oscillator would be seen if indices sustain below 18535 / 5633. This may trigger near term pessimism in the market and as a result, Indices may slide towards 18416 / 5586 and 18194 / 5515, which are 38.2% and 50% Fibonacci Retracement levels of the rise from 17250 to 19138 / 5216 to 5815. On the flip side, the daily RSI oscillator is consistently moving above the 50 mark. This signifies strength in the current intermediate degree trend, which is bullish.

Support Levels

A fresh set of buyers would enter the market only if our indices sustain above 18886 / 5729. In this scenario, we can expect our indices to move towards 18973 19138 / 5757 5816. A move beyond 19138 / 5816 would negate the negative implication of the "Bearish Engulfing" candlestick pattern and further optimistic targets open up.

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Daily Technical Report

October 22, 2012

Bank Nifty Outlook - (11491)

On Friday, Bank Nifty opened on a flat note and trimmed some gains of Thursdays session to close with a loss of nearly 1%. Since the past four weeks we are witnessing a consolidation in the range of 11745 11245. Going forward, clarity of trend will emerge only when the Bank Nifty moves out of the mentioned trading range. Within the range 11515 11536 levels are likely to act as resistance and 11418 11364 levels are likely to act as support in coming trading session. We advise positional traders to wait for a few sessions before a clear pattern or a trading opportunity can be spotted. Actionable points:
View for the day Resistance Levels Support Levels Neutral 11515 11745 11418 - 11364

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon:

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Daily Technical Report

October 22, 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 18,530 5,634 11,326 1,376 201 3,845 1,175 1,746 773 259 236 331 325 353 349 200 1,679 348 3,346 582 742 622 1,796 112 559 1,035 148 2,351 287 398 91 619 1,605 566 811 1,352 165 272 808 118 529 793 497 2,211 166 678 677 263 103 401 1,265 1,972 339 S1 18,606 5,659 11,408 1,392 204 3,863 1,189 1,759 785 263 239 335 330 356 351 203 1,692 354 3,379 594 748 625 1,823 114 563 1,046 150 2,367 292 403 92 624 1,619 569 817 1,361 165 276 816 119 534 798 503 2,235 168 683 686 266 104 404 1,277 1,991 342 PIVOT 18,688 5,685 11,507 1,413 206 3,893 1,200 1,777 797 265 244 341 335 360 356 206 1,703 362 3,434 601 755 630 1,839 116 568 1,061 153 2,382 296 410 94 630 1,635 575 828 1,371 167 278 826 120 544 804 510 2,257 169 689 693 270 106 409 1,294 2,021 346 R1 18,764 5,711 11,590 1,429 209 3,912 1,213 1,790 809 270 247 346 339 363 358 209 1,716 369 3,467 613 760 633 1,866 117 572 1,072 155 2,398 301 415 95 635 1,650 579 834 1,380 168 282 833 120 550 809 515 2,280 171 693 702 273 107 412 1,307 2,040 348 R2 18,846 5,737 11,688 1,451 211 3,942 1,224 1,808 821 272 251 352 345 368 362 211 1,727 376 3,521 620 767 638 1,882 119 578 1,087 158 2,413 304 422 97 641 1,666 585 845 1,391 169 284 843 121 559 815 523 2,303 173 699 709 277 108 416 1,324 2,069 352

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Daily Technical Report

October 22, 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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