Daily Technical Report
August 10, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17561) / NIFTY (5323)
Yesterday, we witnessed a flat opening in-line with
mixed global bourses and eventually indices closed
marginally in the negative territory. On sectoral front,
Auto and Metal counters stood firmly for yet another
session along with defensive sector like FMCG;
whereas Oil & Gas, Teck and Banking remained
under pressure throughout the day. The advance to
decline ratio was in favor of declining counters
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
“Downward Sloping Trend Line” resistance near
17450 / 5300 formed by joining the highs of
21109 / 6339 (November 5, 2010) - 18524 /
Source: Falcon
5630 (February 24, 2012).
The ’20-day EMA’ and
’200-day SMA’ are
placed at 17183 / 5212 and 16892 / 5109
Actionable points:
levels, respectively.
The daily candle resembles a ‘Shooting Star’
View
Bearish Below 5312
pattern.
Expected Targets
5290 - 5260
Resistance Levels
5378 - 5450
Trading strategy:
Yesterday, indices opened quietly and breached
Wednesday’s low of 17582 / 5331 during the second
half of the session. Also, a closing below this level has
confirmed a ‘Shooting Star’ pattern mentioned in our
previous report. Hence, a sustainable move below
17702 / 5312 is likely to result in further selling
pressure and indices then may slip towards the
mentioned support levels of 17450 - 17313 / 5290 -
5260. On the higher side, Wednesday’s high of
17727 / 5378 remains a strong resistance in coming
trading session.
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Daily Technical Report
August 10, 2012
Bank Nifty Outlook - (10446)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on a flat note and
selling pressure throughout the day led the index to
close in the negative territory. The “Dark Cloud cover”
candlestick pattern mentioned in our previous report
has been confirmed as the index has managed to
give a close well below 10511 mark. We are now
witnessing a negative crossover in momentum
oscillator “RSI” and “Stochastic” on the daily chart.
The impact of the negative positioning of the
momentum oscillators would be seen if the index
sustains below yesterday’s low of 10425. In this case
the index is likely to drift towards 10335 - 10240
levels. On the upside 10520 - 10574 levels are likely
to act as resistance in coming trading session.
Actionable points:
View
Bearish below 10425
Expected Targets
10335- 10240
Resistance Levels
10520 - 10574
Source: Falcon
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Daily Technical Report
August 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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