Daily Technical Report
July 04, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17426) / NIFTY (5288)
Yesterday, our benchmark indices opened on a
positive note on the back of positive global clues.
However, we witnessed a choppy trading session
throughout the day and finally indices closed
marginally in the positive territory. On sectoral front,
Consumer Durables, Realty and PSU counters were
among the major gainers whereas; FMCG, IT and
Power remained under pressure. The advance to
decline ratio was strongly in favor of advancing
counters
(A=1728 D=1139) (Source
-
Formation
The 200-day SMA (Simple Moving Average) is
placed at 16810/ 5078 level.
The weekly ‘RSI-Smoothened’ oscillator and ‘5 &
20 EMA’ are now signaling a positive crossover.
Markets have taken support at the Monthly
‘Upward Sloping Trend Line’ and have formed a
‘Bullish Engulfing’ Pattern.
Source: Falcon
Actionable points:
Trading strategy:
Yesterday, once again we witnessed a choppy trading
View
Bullish Above 5317
session where; our indices were unable to sustain
Expected Target
5340 - 5386
above 17500 / 5300 level. Our markets traded in a
Support Levels
5263 - 5240 - 5215
narrow range throughout the day to close near the
opening levels to form another ‘Doji” Candlestick
pattern similar to the previous session. Therefore,
there are no major changes in the chart structure and
we reiterate our view that recent low of 17363 / 5263
remains intermediate intraday support for the
markets. Below 17363 / 5263 level, we may witness
some profit booking and indices may test 5240 -
5215 levels. On the upside, if indices sustain above
17527 / 5317 level then are likely to rally further
towards 17530 - 17687 / 5340 - 5386.
1
Daily Technical Report
July 04, 2012
Bank Nifty Outlook - (10481)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on a positive note and
traded in a narrow range throughout the session. As
expected, the zone of 10501 - 10555 has acted as
immediate resistance level for the index. For the
second consecutive session the index has formed a
narrow range body formation which indicates
indecisiveness
prevailing
at
current
levels.
Considering the broader picture on the weekly chart
and since there is hardly any significant change on
the Daily chart, we continue to remain optimistic on
the index. We reiterate our view that a sustainable
move above 10555 levels would trigger a fresh up
move and the index is then likely to test 10645 -
10830 levels. On the downside 10300 - 10250 levels
is likely to act as support in coming trading session.
Actionable points:
View
Neutral
Resistance Levels
10501 - 10555
Source: Falcon
Support Levels
10300 - 10250
2
Daily Technical Report
July 04, 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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