Technical Research | September 05, 2011

Daily Technical Report

Sensex (16821) / Nifty (5040)
Markets opened higher for the Third consecutive session on Fridays session and traded in a narrow range throughout the day to register a weekly close well above 5000 mark. On the sector front, Metal, Consumer Durables and Oil & Gas counters were among the major gainers whereas IT counters ended on a losing side. The advance decline ratio was in favor of advancing counters (A=1660 D=1157). (Source www.bseindia.com)

Exhibit 1: Sensex Daily Chart

Formation
The Weekly chart depicts a positive crossover in RSI momentum oscillator. The 20 EMA on the Daily chart is placed at 16825 /

5052 level.

Trading strategy:
Our benchmark indices opened with a decent upside gap on Mondays session and continued to surge higher to give a close well above 5000 mark. As expected, the RSI Smoothened turned upwards from its oversold territory and gave a positive crossover on Mondays session which led indices to give enormous bounce of 6% in spite of truncated week. We are now observing that indices have closed marginally below 20 EMA on Fridays session which is placed at 16825 / 5052 level. Generally, the 20 EMA is considered as a decent support / resistance. Therefore, going forward, indices may face some resistance near 16825 / 5052 level on a closing basis.

Source: Falcon

On the positive front, the RSI momentum oscillator on the Weekly chart has given a positive crossover which indicates a possibility of a further bounce if indices manage to sustain above Fridays high of 16990 / 5114. In this case, they are likely to rally towards17100 - 17250 / 5150 5200 levels. On the downside, if indices breaks 16688 / 4993 then they are likely to drift towards 16250 - 16550 / 4950 4870 levels. Therefore, we advise our traders to stick to a stock centric approach and avoid heavy trading on a positional basis.

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Technical Research | September 05, 2011

Daily Pivot Levels For Nifty 50 Stocks

SCRIPS SENSEX NIFTY ACC AMBUJACEM AXISBANK BAJAJ-AUTO BHARTIARTL BHEL BPCL CAIRN CIPLA DLF DRREDDY GAIL HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK IDFC INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RCOM RELCAPITAL RELIANCE RELINFRA RPOWER SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA SUZLON TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 16,531 4,929 985 132 1,018 1,564 399 1,651 657 274 270 184 1,461 404 383 634 459 2,007 147 306 864 103 2,217 192 504 58 426 1,570 730 1,056 159 253 884 94 470 77 368 779 428 82 107 1,931 223 844 124 493 36 732 962 450 974 314 S1 16,676 4,984 1,000 134 1,049 1,596 404 1,695 670 279 275 196 1,484 409 390 647 466 2,040 151 313 876 107 2,268 198 515 60 435 1,590 747 1,068 163 259 897 97 475 81 388 792 440 83 108 1,962 228 857 129 499 37 743 991 470 998 324 PIVOT 16,833 5,049 1,017 137 1,079 1,618 411 1,758 679 285 282 203 1,521 417 399 667 475 2,081 154 322 888 112 2,327 202 532 61 447 1,607 759 1,078 169 266 918 101 480 83 401 803 447 85 109 1,992 232 878 133 505 38 753 1,036 481 1,036 339 R1 16,978 5,105 1,032 138 1,111 1,650 416 1,802 691 290 287 215 1,544 422 407 680 482 2,114 158 329 899 116 2,378 208 543 63 455 1,627 776 1,090 172 271 931 103 485 87 420 816 459 86 111 2,023 236 892 138 512 39 765 1,065 502 1,061 349 R2 17,135 5,169 1,049 141 1,141 1,671 424 1,865 700 296 295 222 1,580 430 416 699 491 2,154 161 338 911 122 2,436 212 561 65 467 1,645 788 1,100 178 279 952 108 491 89 433 827 467 88 112 2,052 240 913 142 517 39 775 1,110 513 1,099 363

Technical Research Team

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Technical Research | September 05, 2011 Technical Report

RESEARCH TEAM
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Mehul Kothari Ankur Lakhotia Head - Technicals Technical Analyst Technical Analyst Technical Analyst Technical Analyst

For any Queries, Suggestions and Feedback kindly mail to mehul.kothari@angelbroking.com Research Team: 022-3935 7600 Website: www.angelbroking.com

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