Daily Technical Report
July 10, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17392) / NIFTY (5275)
Yesterday, the week started with a minor gap down
opening on the back of negative clues from global
markets. As the day progressed, selling pressure
dragged the indices to test the mentioned support
level of 17350 / 5260. Within the index, all sectors
were on the losing side with Metal, Power and
Consumer goods counters being the major losers. The
advance to decline ratio was strongly in favor of
declining counters (A=1096 D=1772) (Source
-
Formation
The 200-day SMA (Simple Moving Average) is
placed at 16824 / 5083 level.
Markets have taken support at the Monthly
‘Upward Sloping Trend Line’ and have formed a
‘Bullish Engulfing’ Pattern.
We are witnessing a narrow range body
formation near 61.8% Fibonacci retracement of
the fall from 18524 / 5630 (February 22, 2012)
- 15749 / 4770 (June 4, 2012). This level is at
Source: Falcon
17464 / 5302.
On the weekly chart we are witnessing a
Actionable points:
“Downward Sloping Trend Line” resistance near
17780 / 5420 formed by joining the highs of
View
Neutral
21109 / 6339 (November 5, 2010) - 18524 /
Resistance Levels
5301 - 5334
5630 (February 24, 2012).
Support Levels
5258 - 5240 - 5189
Trading strategy:
However, at this juncture the undertone still remains
Yesterday, after five days of consolidation, our
bullish and therefore we consider this drift as a
benchmark indices traded in a bigger range of almost
pullback in a broader up trend. Going forward,
a percent. Profit booking in the later part of the
positive momentum may resume once the markets
trading session dragged the indices to test the
manage to close above 5340.
mentioned support level of 17350 / 5260 and close
marginally above the same. Now, on the daily chart
we are witnessing a negative crossover in ‘RSI’ and
‘Stochastic’ momentum oscillator. Thus a fall below
yesterday’s low of 17344 / 5258 would lead to a
further decline and in such a scenario, markets may
test the support levels of 17277 - 17135 / 5240 -
5189.
1
Daily Technical Report
July 10, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (10588)
Yesterday, Bank Nifty opened on a pessimistic note
and traded in a narrow range throughout the day to
close near the initial opening level. For yet another
session we witnessed a lackluster activity which led the
index to form a “Doji” candlestick pattern. We had
mentioned in our previous report that momentum
oscillators on daily chart are placed in “over bought”
conditions and a consolidation or minor pullback
cannot be ruled out. We are now witnessing a
“negative crossover” in stochastic momentum
oscillator on the daily chart. Thus, if the index sustains
below yesterday’s low of 10524, it is likely to drift
towards 10440 - 10285 levels. On the upside 10636
- 10690 levels are likely to act as resistance in
coming trading session. Positional traders holding
long positions should maintain stop loss of 10050
(Closing Basis) on Bank Nifty spot.
Actionable points:
View
Neutral
Resistance Levels
10636 - 10690
Source: Falcon
Support Levels
10524 - 10440
2
Daily Technical Report
July 10, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,265
17,328
17,407
17,471
17,549
NIFTY
5,235
5,255
5,278
5,298
5,321
BANKNIFTY
10,472
10,530
10,583
10,641
10,694
ACC
1,251
1,266
1,279
1,294
1,307
AMBUJACEM
164
166
169
171
174
ASIANPAINT
3,635
3,659
3,684
3,708
3,733
AXISBANK
1,017
1,026
1,034
1,044
1,052
BAJAJ-AUTO
1,467
1,486
1,510
1,530
1,554
BANKBARODA
698
704
714
720
730
BHARTIARTL
310
313
317
320
324
BHEL
230
232
234
236
238
BPCL
754
758
764
768
774
CAIRN
303
306
311
314
319
CIPLA
318
320
324
327
331
COALINDIA
344
347
350
353
356
DLF
207
211
213
216
218
DRREDDY
1,609
1,624
1,636
1,651
1,663
GAIL
341
346
354
359
367
GRASIM
2,559
2,597
2,634
2,672
2,709
HCLTECH
478
483
487
491
495
HDFC
663
670
677
684
691
HDFCBANK
564
571
576
584
589
HEROMOTOCO
1,983
2,005
2,044
2,066
2,104
HINDALCO
119
121
124
126
129
HINDUNILVR
441
442
445
446
449
ICICIBANK
914
922
932
941
951
IDFC
137
139
140
142
144
INFY
2,369
2,404
2,436
2,471
2,503
ITC
248
250
252
254
257
JINDALSTEL
430
436
446
452
462
JPASSOCIAT
73
74
75
76
78
KOTAKBANK
587
592
596
601
605
LT
1,369
1,379
1,390
1,400
1,412
M&M
721
725
731
736
742
MARUTI
1,166
1,177
1,195
1,206
1,224
NTPC
156
158
159
161
162
ONGC
274
276
278
280
282
PNB
824
830
835
842
847
POWERGRID
112
112
113
113
114
RANBAXY
477
484
495
502
514
RELIANCE
723
727
731
735
738
RELINFRA
540
545
553
559
566
SAIL
91
92
93
94
95
SBIN
2,181
2,195
2,207
2,221
2,233
SESAGOA
192
194
196
198
200
SIEMENS
708
715
724
731
740
STER
104
105
106
107
108
SUNPHARMA
616
621
628
632
639
TATAMOTORS
236
238
241
243
246
TATAPOWER
99
100
102
103
105
TATASTEEL
429
434
439
443
449
TCS
1,235
1,247
1,256
1,268
1,277
WIPRO
380
383
387
390
395
3
Daily Technical Report
July 10, 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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