Technical Research | February 01, 2012
Daily Technical Report
Sensex (17194) / NIFTY (5199)
Exhibit 1: Nifty Daily Chart
Yesterday, unexpectedly our benchmark indices opened
significantly higher in-line with strong cues from other Asian
markets. This positive momentum stayed throughout the day
to close almost at the highest point of the day. On the
sectoral front, Banking, Realty and Auto counters
contributed heavily in yesterday’s strong up move. There
was no sector in the negative territory. The advance to
decline ratio was strongly in favor of advancing counters.
Formation:
• The 200-day SMA is placed at 17332 / 5202 level.
• The negative crossover in “RSI” momentum oscillator is
still intact.
• The “20-day EMA” is placed around 16493 / 4964.
Source: Falcon
Trading strategy:
Actionable points:
View
Neutral
Markets opened on an optimistic note mainly due to strong
Resistance levels
5220 - 5326
global cues and traded with positive bias as rupee
Support level
5120
continued to appreciate till the end of the session. As a
result, indices closed almost at the highest point of the day.
Going forward, if indices manage to sustain above 17384 /
5220 level, then they are likely to rally towards the next
resistance zone of 17702 - 17908 / 5326 - 5400. On the
other hand, 16965 / 5120 level may act as support in
coming trading sessions. Traders are advised to adopt stock
specific approach and follow strict stop losses.
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1
Technical Research | February 01, 2012
Bank Nifty Outlook - (9919)
Exhibit 2: Bank Nifty Daily Chart
In yesterday’s session, Bank Nifty opened on an optimistic
note in line with our benchmark indices and gained
strength as the day progressed to close near the highest
point of the day. Positive results from ICICI BANK
provided further fillip and the index surged even higher.
Bank Nifty is now very near to its resistance zone of 9970
- 10080. Hence we expect some consolidation or minor
correction as the index approaches these levels. On the
downside 9703 - 9625 levels are likely to act as support
in coming trading session.
Actionable points:
View
Neutral
Resistance Levels
9970 - 10080
Support Levels
9703 - 9625
Source: Falcon
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Technical Report
RESEARCH TEAM
Shardul Kulkarni
Head - Technicals
Sameet Chavan
Technical Analyst
Sacchitanand Uttekar
Technical Analyst
Mehul Kothari
Technical Analyst
Ankur Lakhotia
Technical Analyst
Research Team: 022-3952 6600
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