Daily Technical Report
August 14, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17633) / NIFTY (5348)
The week started on a flat note in-line with mixed
global cues but a sharp up move during the last hour
of the session pushed indices significantly higher to
close marginally below
5350 mark. The Realty,
Consumer Durables and capital Goods sectors
contributed heavily during yesterdays up move;
whereas only Auto sector ended with a marginal loss.
The advance to decline ratio was in favor of
advancing counters (A=1474 D=1280) (Source -
Formation
On the weekly chart, the indices have precisely
tested the “Downward Sloping Trend Line”
resistance near 17727 / 5386 formed by joining
the highs of 21109 / 6339 (November 5, 2010)
- 18524 / 5630 (February 24, 2012).
The ’20-day EMA’ and the ’200-day SMA’ are
placed at 17284 / 5242 and 16900 / 5100
levels, respectively.
Source: Falcon
A weekly closing above 17727 / 5386 level
would confirm a ‘Higher Top - Higher Bottom’
Actionable points:
formation on the weekly chart after August 28,
2009.
View
Neutral
The candlestick pattern on the daily chart
Resistance Levels
5354 - 5386
resembles a “Shooting star” and signifies
Support Levels
5294 - 5260
resistance near 17727 / 5386 levels.
Trading strategy:
After a flat opening, indices once again found a
decent support around 5300 mark and strong buying
during the last hour of the trade pushed indices
higher to close near days high. Going forward,
17727 / 5386 level remains to be a strong and
important resistance for the market. We continue to
mention that a move beyond this level may attract
enhanced buying interest of market participants. As a
result, indices may rally higher to test 17900 - 18050
/ 5450 - 5500 levels. Conversely, 17450 / 5290 level
remains to be an important support for the market.
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Daily Technical Report
August 14, 2012
Bank Nifty Outlook - (10401)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, similar to the benchmark indices, the Bank
Nifty opened on a flat note but closed near day’s high
due to a surge in the last hour of trade. However
there is no significant change in the chart structure of
the daily chart. On the upside a move beyond 10456
is likely to push the indices further higher to test
10511- 10615 levels. We reiterate our view that
10240 is an important support level for the index and
only a breach of this support level will confirm a
further decline in the index.
Actionable points:
View
Neutral
Resistance Levels
10456- 10511
Support Levels
10306 - 10270
Source: Falcon
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Daily Technical Report
August 14, 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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