Daily Technical Report
August 09, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17601) / NIFTY (5338)
Yesterday, indices opened with a marginal upside gap
in-line with mixed global cues and then gradually
headed towards the mentioned resistance level of
17687 / 5386. However, our markets faced a strong
resistance near day’s high during the latter part of the
session, which dragged indices to close marginally
below 5350 mark. On sectoral front, Auto, PSU and
Metal counters stood firmly during yesterday’s session;
whereas a minor profit booking was seen in Realty,
Teck and Banking sectors. The advance to decline
ratio was in favor of declining counters (A=1259
Formation
The weekly
50% and
61.8% Fibonacci
retracement levels of the rise from 15748 /
4770 (June 08, 2012) to 17631 / 5349 (July 13,
2012) are seen at 16690 / 5059 and 16467 /
4991 levels, respectively.
On the weekly chart, we are witnessing a
Source: Falcon
“Downward Sloping Trend Line” resistance near
17450 / 5300 formed by joining the highs of
21109 / 6339 (November 5, 2010) - 18524 /
5630 (February 24, 2012).
Actionable points:
The ’20-day EMA’ and
’200-day SMA’ are
placed at 17183 / 5212 and 16892 / 5109
View
Bearish Below 5331
levels, respectively.
Expected Targets
5290 - 5260
The daily candle resembles a ‘Shooting Star’
Resistance Levels
5378 - 5450
pattern.
Trading strategy:
After a flat opening, indices gradually moved towards
the immediate resistance level of 17687 / 5386.
Subsequently, indices fell sharply during the last hour
of the session to register a close below 17631 / 5349
level. The current daily candle resembles a ‘Shooting
Star’. This pattern is a bearish pattern and would
indicate a reversal of sentiment in case of a breach of
yesterday’s low
(17582
/
5331) In this scenario
indices are likely to drift towards the next support
levels of 17450 - 17313 / 5290 - 5260. The said
pattern would be negated if indices close above
yesterday’s high of 17727 / 5378.
1
Daily Technical Report
August 09, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (10529)
Yesterday, Bank Nifty opened on a positive note and
traded in a narrow range during the first half of trade.
However, during the last hour we witnessed selling
pressure which led the index to close near day’s low.
At this juncture the index has formed a “Dark Cloud
Cover” near 78.6% retracement of the fall from July
11, 2012 - July 26, 2012. The mentioned pattern
requires confirmation in the form of closing below
yesterday’s low of 10511. In this scenario the index is
likely to drift towards 10424 - 10374 levels. On the
upside 10617 - 10641 levels are likely to act as
resistance in coming trading session.
Actionable points:
View
Bearish below 10511
Expected Targets
10424- 10374
Resistance Levels
10617 - 10641
Source: Falcon
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Daily Technical Report
August 09, 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
Angel Broking Pvt. Ltd.
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