Daily Technical Report
July 05, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17463) / NIFTY (5303)
We witnessed yet another lackluster trading session
yesterday where our benchmark indices traded in a
narrow range to close marginally above 5300 mark.
On sectoral front, Metal, Realty and Consumer
Durable counters were among the major gainers
whereas; Oil & Gas, FMCG and IT sector remained
under pressure. The advance to decline ratio was
strongly in favor of advancing counters (A=1770
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 for the third consecutive
View
Bullish Above 5318
session we witnessed a lackluster activity, and the
Expected Target
5340 - 5386
index closed marginally above the 5300 mark. The
Support Levels
5263 - 5240 - 5215
candlestick pattern formed on the chart is another
narrow range body ( Doji ) indicating indecisiveness
at current levels. 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. At
present indices are testing the
61.8% Fibonacci
retracement of the fall from February 22, 2012 - June
4,
2012. In addition the “ADX (14)” indicator has
moved above 25 indicating that the undertone is
positive and is gradually gaining strength. Thus on the
upside, once indices sustain above 17527 / 5318
level then are likely to rally further towards 17530 -
17687 / 5340 - 5386.
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Daily Technical Report
July 05, 2012
Bank Nifty Outlook - (10529)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, for the third consecutive session we
witnessed a positive opening, followed by lackluster
movement throughout the session. We are witnessing
a narrow “Doji” candlestick pattern after two
consecutive narrow range body formations, indicating
a lack of clarity of trend. We reiterate our view that
the zone of 10501 - 10555 levels is likely to act as
immediate resistance zone. A sustainable move above
10555 levels would trigger a fresh up move and the
index is then likely to test 10645 - 10700 levels. On
the downside 10480 - 10440 levels may act as
support in coming trading session. Considering the
broader picture on the weekly chart and as there is
hardly any significant change on the daily chart we
continue to remain optimistic on the index. Positional
traders holding long positions can hold with stop loss
of 10050 level (Closing basis) on Bank Nifty spot.
Actionable points:
View
Neutral
Source: Falcon
Resistance Levels
10501 - 10555
Support Levels
10480 - 10440
2
Daily Technical Report
July 05, 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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