Daily Technical Report

December 24, 2012

Sensex (19242) / NIFTY (5848)

On Friday, our benchmark indices traded with negative bias throughout the day to close with a loss of more than a percent. This was primarily on the back of negative sentiment in global markets. Realty was the most beaten down sector, followed by Metal and Healthcare counters. Unfortunately not even a single sector closed in green territory. The advance to decline ratio was strongly in favor of declining counters (A=979 D=1939) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 19212 / 5845 and 18552 / 5636 levels, respectively. On the weekly chart, we are witnessing a breakout from Downward Sloping Trend Line joining two significant swing highs of 19811 / 5944 (April 2011) and 19137 / 5815 (Oct 2012) at 19050 / 5800 level. The 38.20% and 50% Fibonacci retracement levels of the rise from 18255 / 5548 (low on November 20, 2012) to 19612 / 5965 (high on December 11, 2012) are at 19100 18930 / 5806 5755, respectively.
Source: Falcon:

The daily RSI oscillator, 3 & 8 day EMA and the daily ADX (9) indicator are negatively poised.

Trading strategy:
The price movement during the week was mainly driven by few domestic as well as global events. Our benchmark indices tested both the upper as well as the lower band of the trading range 19613 / 5965 19193 / 5839 mentioned in our previous report. Similar to last week, indices have closed precisely at the strong support of 20 Day EMA. However, this time the price structure along with few technical tools, such as the daily momentum oscillators, 3 & 8 EMA and the ADX (9), indicate a relatively higher probability of a short term correction in the market. The said possibility will be confirmed only if indices sustain below last weeks low of 19149 / 5823. In this scenario, we may witness a downward corrective move towards 19100 18930 / 5806 5755. These levels are the 38.20% and 50% Fibonacci retracement levels of the rise from 18255 / 5548 (low on November 20, 2012) to 19612 / 5965 (high on December 11, 2012), respectively. On the flipside, last weeks high of 19612 / 5965 would act as a strong resistance in the coming trading sessions.

Actionable points:
View for the day Resistance Level Support Levels Neutral 5888 - 5906 5823 - 5806

A move beyond this level would result in an extended rally towards 20050 20218 / 6000 6070 levels. Considering the overall weekly chart structure we continue to remain positive on the market and any corrective move towards 19000 18900 / 5800 5750 levels should be used by positional traders as a buying opportunity. Generally, it is observed that during the last week of the December month, the volume activity is very low and hence, markets trading range becomes narrower towards the year end. However any adverse developments in the US, with regards to the Fiscal Cliff may result in enhanced volatility in the market.

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Daily Technical Report

December 24, 2012

Bank Nifty Outlook - (12315)

On Friday, Bank Nifty opened on a pessimistic note in line with our benchmark indices and selling pressure throughout the session led the index to close near days low. The impact of negative divergence in RSI momentum oscillator on the daily chart was seen once the index slipped below 11385 mark. We reiterate our view that the index is likely to trade in the range of 12568 12197 level. Within the mentioned range, 12413 12457 levels are likely to act as intermediate resistance levels and 12238 12197 may act as support for the day.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View for the day Resistance Levels Support Levels Neutral 12413 - 12457 12238 - 12197 Source: Falcon:

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Daily Technical Report

December 24, 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 19,112 5,813 12,202 1,375 195 4,282 1,289 2,048 829 300 224 338 304 411 348 213 1,791 341 3,148 619 814 669 1,882 125 520 1,105 165 2,267 278 438 94 638 1,560 586 924 1,487 152 257 815 114 496 815 506 2,297 188 651 713 295 104 419 1,227 1,949 373 S1 19,177 5,830 12,259 1,386 198 4,319 1,305 2,069 836 304 226 341 308 415 350 216 1,806 345 3,179 625 822 673 1,891 127 523 1,114 167 2,282 283 446 95 644 1,575 592 931 1,496 152 259 824 114 500 820 510 2,316 191 655 721 297 105 425 1,243 1,969 376 PIVOT 19,286 5,859 12,345 1,394 201 4,378 1,323 2,100 845 309 228 345 314 423 352 222 1,827 348 3,214 632 828 677 1,903 130 529 1,127 170 2,302 286 459 98 653 1,597 602 941 1,509 153 262 836 115 506 827 515 2,346 196 661 737 300 106 431 1,254 1,993 380 R1 19,351 5,877 12,402 1,406 203 4,415 1,340 2,121 853 313 230 348 318 427 355 225 1,842 353 3,245 637 836 681 1,912 132 533 1,136 172 2,317 291 467 99 658 1,612 608 948 1,518 154 264 844 115 510 832 519 2,365 200 666 745 303 107 436 1,270 2,013 383 R2 19,459 5,905 12,489 1,414 207 4,473 1,358 2,152 862 318 232 353 323 435 357 231 1,863 356 3,279 644 841 685 1,924 135 538 1,149 176 2,336 294 480 102 667 1,634 618 959 1,531 155 267 857 116 517 840 524 2,395 205 672 760 306 109 442 1,280 2,037 387

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Daily Technical Report

December 24, 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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