Daily Technical Report
August 02, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17257) / NIFTY (5241)
Yesterday, our benchmark indices opened flat in-line
with mixed global cues and subsequently traded with
choppiness throughout the session. However, the
underlying bias remained positive and we observed
lot of stock specific moves. Buying was seen mainly in
Healthcare, Capital Goods and Realty; whereas
Metal, Oil & Gas and IT counters ended with a
nominal loss. The advance to decline ratio was
strongly in favor of advancing counters (A=1723
Formation
On the weekly chart, we are witnessing a
“Downward Sloping Trend Line” resistance near
17500 / 5325 formed by joining the highs of
21109 / 6339 (November 5, 2010) - 18524 /
5630 (February 24, 2012).
The ’20-day EMA’ and
’200-day SMA’ are
placed at 17042 / 5169 and 16879 / 5100
Source: Falcon
levels, respectively.
We are now observing a positive crossover in
daily ‘RSI - Smoothened’.
Actionable points:
Trading strategy:
View
Bullish Above 5257
Broadly speaking, yesterday’s session was mainly
Expected Targets
5300
dominated by some individual stocks as indices
Support Level
5154 - 5129
maintained their positive undertone throughout the
day to close marginally in the positive territory. The
positive placement of momentum oscillators along
with moving averages is still intact. Therefore, the
outlook remains positive for coming trading session.
The immediate resistance is seen at 17318 / 5257
level. A move beyond this level may push indices
higher to test 17466 - 17575 / 5300 - 5335 levels.
On the downside, 17004 / 5154 level would act as
key support in coming trading sessions.
1
Daily Technical Report
August 02, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (10420)
Yesterday, Bank Nifty opened on a flat note and
traded in a narrow range throughout the session. The
momentum oscillators on the daily chart continue to
remain positive. However as mentioned in the
previous report the index is currently facing resistance
near 61.8% Fibonacci retracement level of the fall
from July 11, 2012 - July 26, 2012. Thus, we
reiterate our view that the index is likely to trade in the
range of 10500 - 10150. In the mentioned range
10468 level is likely to act as immediate resistance
and 10290 - 10235 levels are likely to act as support
in coming trading session.
Actionable points:
View
Neutral
Expected targets
10468 - 10500
Source: Falcon
Support Level
10290 - 10235
2
Daily Technical Report
August 02, 2012
Research Team Tel: 022 - 39357800
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
Mehul Kothari
-
Technical Analyst
Ankur Lakhotia
-
Technical Analyst
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