Daily Technical Report
July 12, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17489) / NIFTY (5306)
Yesterday, markets opened lower and traded within
the range of the previous trading session. Eventually,
markets closed in the negative territory and
marginally above 5300 mark. On the sectoral front,
Realty, FMCG, Auto and Metal counters were among
the major losers; whereas only Capital Goods sector
ended with nominal gain. The advance to decline
ratio was strongly in favor of declining counters
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
5350 - 5380
5630 (February 24, 2012).
Support Levels
5285 - 5258
Trading strategy:
Despite strong closing on Tuesday's session, our
markets could not sustain around 5350 mark. Selling
pressure near this level dragged indices lower to close
marginally above
5300 mark. Going forward,
Monday’s low of 17344 / 5258 would now act as a
key intraday support level. A violation of this level
may reinforce selling pressure and indices may slide
towards 17135 / 5189 level. On the upside, positive
momentum is likely to resume above 17631 / 5350
level. In this case indices may test next resistance level
of 17664 / 5380. We expect today’s trading session
to be volatile on account of the Infosys results and the
IIP data.
1
Daily Technical Report
July 12, 2012
Bank Nifty Outlook - (10713)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on a flat note and
traded in a narrow range throughout the session to
close near the initial opening level. We had
mentioned in our previous report that momentum
oscillators on the daily and hourly chart are placed in
overbought conditions and volatility is likely to
increase. We are now witnessing a negative crossover
in “RSI - Smoothened” oscillator on the hourly chart.
The impact of the mentioned tool will be seen if the
index sustains below 10692. In such a scenario the
index is likely to drift towards 10615 - 10524 levels.
However, on the flip side a move above yesterday’s
high of 10783 is likely to trigger a rally towards
10910 - 11040 levels. Positional traders holding
long positions can further trail their stop loss to 10300
level (Closing basis) on Bank Nifty Spot.
Actionable points:
View
Neutral
Expected Targets
10783 - 10910
Support Levels
10615 - 10524
Source: Falcon
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Daily Technical Report
July 12, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,397
17,443
17,513
17,559
17,629
NIFTY
5,278
5,292
5,314
5,328
5,351
BANKNIFTY
10,640
10,677
10,730
10,766
10,819
ACC
1,244
1,254
1,271
1,281
1,297
AMBUJACEM
168
169
170
172
173
ASIANPAINT
3,650
3,672
3,697
3,719
3,744
AXISBANK
1,051
1,059
1,070
1,078
1,089
BAJAJ-AUTO
1,491
1,501
1,511
1,521
1,530
BANKBARODA
722
729
733
740
745
BHARTIARTL
311
313
317
319
323
BHEL
229
231
233
234
237
BPCL
752
764
776
789
800
CAIRN
310
311
312
313
314
CIPLA
321
323
325
327
330
COALINDIA
348
351
353
355
357
DLF
207
208
211
213
216
DRREDDY
1,617
1,631
1,648
1,661
1,678
GAIL
349
353
357
361
366
GRASIM
2,593
2,614
2,643
2,664
2,692
HCLTECH
486
490
495
498
503
HDFC
670
675
680
684
689
HDFCBANK
580
583
589
592
597
HEROMOTOCO
2,003
2,020
2,049
2,065
2,094
HINDALCO
121
122
125
126
128
HINDUNILVR
434
438
442
446
450
ICICIBANK
926
931
936
941
945
IDFC
137
139
140
141
143
INFY
2,415
2,443
2,473
2,501
2,530
ITC
250
251
255
257
260
JINDALSTEL
444
448
453
458
463
JPASSOCIAT
75
76
77
77
79
KOTAKBANK
589
598
606
615
622
LT
1,389
1,413
1,427
1,451
1,465
M&M
722
726
733
737
743
MARUTI
1,189
1,196
1,207
1,214
1,225
NTPC
157
159
160
162
163
ONGC
273
275
278
280
282
PNB
846
855
864
873
882
POWERGRID
112
113
114
115
115
RANBAXY
485
489
494
498
503
RELIANCE
713
720
728
734
743
RELINFRA
545
550
559
565
574
SAIL
92
93
94
94
95
SBIN
2,185
2,202
2,227
2,244
2,270
SESAGOA
193
195
199
201
204
SIEMENS
707
713
724
730
741
STER
104
105
107
108
110
SUNPHARMA
613
618
623
629
633
TATAMOTORS
236
239
243
245
249
TATAPOWER
99
99
100
101
102
TATASTEEL
430
433
438
441
446
TCS
1,241
1,250
1,262
1,271
1,283
WIPRO
363
369
377
382
390
3
Daily Technical Report
July 12, 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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