Daily Technical Report

June 03, 2013

Sensex (19760) / NIFTY (5986)

On Friday, we witnessed a quiet opening on the back of flat Asian bourses. Subsequently, indices tumbled sharply on the back of immense selling pressure near all intraday resistance levels. As a result, indices corrected more than two percent during the session. The correction was mainly led by the Realty, Oil & Gas and Banking counters; whereas only IT sector ended in the positive territory. The advance to decline ratio was strongly in favor of declining counters. (A=791 D=1591) (Sourcewww.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 20-week EMA and the 20-day EMA are placed at 19410/ 5874 and 19900/ 6041 levels, respectively. The 89-day EMA and the 200-day SMA are placed at 19443/ 5895 and 19048 / 5776, respectively. The weekly RSI and Stochastic momentum oscillators are negatively poised. The Bearish Engulfing Japanese candlestick pattern on weekly chart is still intact. The monthly chart now depicts a Shooting Star Japanese candlestick pattern.
Source: Falcon:

Actionable points:
View Expected Targets Resistance levels Bearish below 5975 5936 5895 6012 6031

Trading strategy:
This week, our benchmark indices traded with positive bias in four out of five trading sessions. However, the bears marred all bullish advances and have significantly damaged the overall chart structure. While moving higher during the week, indices faced strong resistance near the 61.8% Fibonacci retracement level of the fall from 20444 / 6230 to 19569 / 5936. This level was placed at 20256 / 6118, which almost coincides with this weeks high. The Bearish Engulfing pattern mentioned in our previous report is still intact. In addition, we are now observing a Japanese candlestick pattern on monthly chart which resembles a Shooting Star. This pattern too is a bearish pattern but requires confirmation in the form of close below the low (19451 / 5910). This is also supported by the negative crossover in weekly RSI as well as Stochastic momentum oscillator.

Considering all these technical evidences, we are of the opinion that any sustainable move below 19568 / 5936 may trigger pessimism in the market and in the process; it would also confirm the monthly Shooting Star pattern. In this scenario, we may witness a slide towards next support levels of 19360 19022 / 5850 5764. On the flipside, 19963 20254 / 6055 6134 levels would act as resistance in coming week.

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Daily Technical Report

June 03, 2013

Bank Nifty Outlook - (12476)

On Friday, Bank Nifty too opened on a subdued note and then in-line with our benchmark indices started correcting right from the first trade. The selling pressure was so intense that index could not hold its important support level of 12582. This has resulted in a breakdown from the trend line and also has confirmed a Lower Top Lower Bottom formation on daily chart. In addition, the weekly momentum oscillators are negatively poised. Considering these evidences, we expect further correction in the near term. In this scenario, index may slide towards the immediate support levels of 12266 12144. However, in case of extreme pessimism, this may even slide towards 11850, which is the 61.8% Fibonacci retracement level of the rise from 10888 to 13414. On the flipside, 12582 12690 may act as a strong resistance for Bank Nifty. These levels can be used for exiting long positions or creating fresh short positions. Actionable points:

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon: View Expected Targets Resistance Levels Bearish below 12453 12266 12144 12582 12690

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Daily Technical Report

June 03, 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 19,433 5,892 12,256 1,188 170 4,801 1,399 1,771 621 286 195 368 277 358 320 186 2,058 288 2,779 734 859 683 1,713 98 587 1,123 136 505 2,303 330 273 63 766 1,382 708 931 1,564 115 150 319 728 111 364 781 345 2,012 153 1,017 308 87 282 1,462 1,770 S1 19,597 5,939 12,366 1,203 176 4,832 1,415 1,796 636 294 198 372 281 364 322 190 2,075 297 2,816 739 875 692 1,725 100 590 1,139 141 511 2,358 335 279 65 775 1,392 723 949 1,585 116 152 323 744 112 370 794 353 2,030 158 1,030 310 88 287 1,480 1,824 PIVOT 19,894 6,023 12,563 1,224 184 4,881 1,427 1,817 659 305 202 380 284 374 325 198 2,102 312 2,881 745 899 706 1,738 103 594 1,164 146 519 2,396 343 289 66 785 1,407 745 979 1,619 118 155 329 771 114 379 815 368 2,059 163 1,051 315 90 295 1,495 1,909 R1 20,058 6,070 12,673 1,239 190 4,912 1,442 1,842 674 313 204 384 289 380 327 202 2,119 321 2,918 751 915 715 1,750 106 597 1,180 151 525 2,450 348 295 67 794 1,416 760 997 1,640 120 157 333 787 115 385 827 376 2,076 168 1,064 318 91 300 1,513 1,963 R2 20,355 6,153 12,870 1,260 198 4,961 1,454 1,863 696 325 208 392 291 390 330 210 2,147 336 2,983 757 940 729 1,763 109 601 1,205 157 533 2,489 356 305 69 804 1,432 782 1,027 1,674 122 159 339 815 116 394 848 390 2,106 172 1,085 322 93 309 1,527 2,048

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Daily Technical Report

June 03, 2013
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