Daily Technical Report

January 18, 2013

Sensex (19964) / NIFTY (6039)

Yesterday's session opened marginally on the higher side inline with mixed global cues. Markets remained choppy in the first half but the Governments decision to allow small price increases in diesel was seen as positive. As a result, indices closed well inside the positive territory. Oil & Gas counters were the biggest gainers followed by Realty and Teck sectors. The Capital Goods and Healthcare counters remained under pressure. The advance to decline ratio was marginally in favor of declining counters (A=1101 D=1137) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 19655 / 5965 and 18942 / 5750 levels, respectively. On the daily chart, the benchmark indices are facing resistance near the Upward Sloping Trend Line drawn by joining the highs of October 5, 2012 and December 11, 2012. The daily RSI Smoothened is negatively poised. We are also observing a Negative Divergence in the daily RSI momentum oscillator.
Source: Falcon:

Actionable points:
View Resistance Levels Neutral 6070 - 6125 5992 - 5941

Trading strategy:
Considering the corrective session on Wednesday, it was very surprising to have a positive closing yesterday. The rally was mainly led by the index major heavyweight Reliance Industries along with all OMC companies. Going forward, considering a strong resistance near the 'Upward Sloping Trend Line' (Please refer exhibit 1) and the 'Negative Divergence' in daily 'RSI' momentum oscillator, we continue to remain cautious on market and any bounce towards 20037 - 20210 / 6070 - 6125 should be used to exit long positions. The support is seen at 19783 / 5992. Markets are likely to remain volatile as major index heavyweights such as Reliance, HDFC Bank, and ITC declare their earnings for the quarter in todays session.

Support Levels

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Daily Technical Report

January 18, 2013

Bank Nifty Outlook - (12650)

Yesterday, Bank Nifty opened on a pessimistic note and traded in a narrow range throughout the session. Despite the positive closing on the Benchmark Index, the Bank Nifty remained subdued. We continue to witness Negative divergence on the daily charts and expect further consolidation / correction in the index. A breach of the 12582 level, which coincides with the 20 day moving average, would trigger short term pessimism in the index and we may witness a fall towards the 12477 / 12394 levels. On the upside 12715 12784 levels are likely to act as resistance for the day.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Targets Resistance Levels Bearish Below 12582 12477 12394 12715 12784 Source: Falcon:

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Daily Technical Report

January 18, 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 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 19,695 5,962 12,518 1,326 195 4,251 1,382 2,006 855 331 219 369 330 400 347 244 1,914 358 2,972 673 796 647 1,778 118 493 1,140 167 2,767 279 417 89 616 1,505 574 884 1,465 155 291 865 111 478 847 516 2,399 185 643 708 321 104 404 1,330 1,871 416 S1 19,830 6,000 12,584 1,343 198 4,292 1,394 2,029 861 342 222 382 334 404 350 251 1,926 367 3,026 689 802 657 1,798 120 497 1,151 170 2,783 282 424 90 622 1,516 580 892 1,480 156 303 878 112 483 869 521 2,434 187 647 712 325 105 412 1,346 1,891 423 PIVOT 19,918 6,027 12,649 1,363 199 4,316 1,407 2,070 870 350 225 395 337 410 353 255 1,937 374 3,058 705 811 664 1,822 122 501 1,169 173 2,795 285 430 92 626 1,533 584 901 1,501 157 312 886 112 491 881 529 2,458 190 655 717 328 106 416 1,359 1,910 430 R1 20,052 6,066 12,715 1,379 202 4,357 1,419 2,093 876 361 228 409 341 414 355 262 1,949 383 3,112 720 817 674 1,842 124 505 1,180 176 2,810 288 437 93 632 1,544 591 909 1,515 158 324 899 113 497 902 534 2,494 192 659 722 332 107 423 1,375 1,929 437 R2 20,140 6,092 12,780 1,400 204 4,381 1,431 2,134 885 368 230 422 344 421 358 266 1,960 390 3,144 737 827 681 1,865 126 509 1,198 179 2,822 290 442 95 636 1,561 595 918 1,536 159 334 908 114 505 915 541 2,518 194 666 726 335 108 428 1,388 1,948 444

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Daily Technical Report

January 18, 2013
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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