Daily Technical Report
August 03, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17224) / NIFTY (5228)
Once again indices opened quietly in-line with mixed
global cues and yet again traded in a narrow range
throughout the session. Volumes were significantly
lower as market participants refrained from initiating
positions prior to the ECB meet. On the sectoral front,
Consumer Durables, Power and Capital Goods
closed in the positive territory; whereas Oil & Gas,
Banking and Metal counters remained under pressure
during yesterday’s session. The advance to decline
ratio was strongly in favor of advancing counters
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:
Emulating Wednesday’s session, yesterday also our
View
Neutral
markets traded in a narrow range and only stock
Resistance Levels
5257 - 5300
specific action was observed during the day. Going
Support Levels
5154 - 5129
forward, we continue to mention 17004 / 5154 level
as a key support for the markets. A fall below this
level may trigger negative sentiments in the market. In
this case, indices may slip towards 16865 - 16760 /
5110 - 5077 levels. The candlestick pattern on the
daily chart represents a narrow range body formation
reflecting the indecisiveness at current levels. 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.
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Daily Technical Report
August 03, 2012
Bank Nifty Outlook - (10380)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, for the second consecutive session we
witnessed a range bound activity. The momentum
oscillator “Stochastic” on the daily chart has entered
the overbought zone and signals that further
consolidation is likely. Thus, we reiterate our view that
the index is likely to trade in the range of 10500 -
10150. Only a sustainable move outside the
mentioned range will give us clear direction of the
trend. In the mentioned range 10416 - 10468 levels
are likely to act as resistance and 10290 - 10235
levels are likely to act as support in coming trading
session.
Actionable points:
View
Neutral
Resistance Levels
10416 - 10468
Support Level
10290 - 10235
Source: Falcon
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Daily Technical Report
August 03, 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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