Daily Technical Report
July 16, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17214) / NIFTY (5227)
On Friday, our benchmark indices opened on a
strong note and rallied higher in the morning trade
but lost momentum during the second half to close
near day’s low. On the sectoral front, Consumer
Durables, Realty and Metal counters were among the
major losers; whereas FMCG and Oil & Gas sector
ended with nominal gain. The advance to decline
ratio was marginally in favor of declining counters
Formation
The weekly 61.8% Fibonacci retracement of the
fall from 18524 /5630 (February 22, 2012) -
15749 / 4770 (June 4, 2012) is seen at 17464 /
5302.
On the weekly chart, we are witnessing a
“Downward Sloping Trend Line” resistance near
17687 / 5386 formed by joining the highs of
21109 / 6339 (November 5, 2010) - 18524 /
5630 (February 24, 2012).
A horizontal consolidation band is observed in
Source: Falcon
the range of 17034 / 5159 and 17635 / 5350.
Actionable points:
The ‘20 day EMA’ is placed at 17200 / 5218
level.
View
Neutral
Resistance Levels
5262 - 5300
Trading strategy:
Support Levels
5217 - 5189 - 5159
On the back of few domestic events and global
Considering the chart structure of the major stocks
uncertainties during the week, we witnessed sideways
within the Index, and the fact that the weekly
consolidation in our markets. At this juncture, we are
stochastic oscillator is in the overbought zone, we are
observing that our markets have taken support
of the opinion that a similar consolidation phase is
precisely at ‘20-day EMA’ during the last two trading
likely over the next few days. The current ongoing
sessions of the week. A sustainable move below this
uptrend is likely to resume once the indices close
level may drag the Indices lower towards the gap
above 17635 / 5350 level. In this scenario, we
area (17135 - 17034 / 5189 - 5159 levels) formed
expect indices to march towards the levels of 17687 -
on 29thJune 2012. A fall towards the mentioned gap
18041 / 5386 - 5500. As mentioned in our previous
area would mean that the index is likely to
reports, we advise Positional traders to book partial
consolidate further within the range of 17034 / 5159
profits on a rise towards 5350 and hold balance
and
17635
/
5350. This could also mean a
positions in Nifty by keeping a trailing stop loss at
prolonged phase of lackluster activity within the
5090 (Nifty spot).
mentioned range. One may note that the markets
consolidated for the entire month of April within the
very same range before a decisive move could be
seen.
1
Daily Technical Report
July 16, 2012
Bank Nifty Outlook - (10594)
Exhibit 2: Bank Nifty Weekly Chart
On Friday, Bank Nifty opened on a flat note and
traded in a narrow range during first half of the
session. However, during the second half selling
pressure in select banking heavyweights led the index
to close near the lowest point of the day. The
momentum oscillators on the daily chart continue with
their sell signal. Moreover, we are witnessing a
“Bearish Harami” candlestick pattern on the weekly
chart near 78.6% Fibonacci retracement of the fall
from February
24,
2012
- May
18,
2012. The
mentioned pattern requires confirmation in the form
of daily closing below the 10524 mark. Thus going
forward a fall below 10524 level is likely to attract
further selling pressure and the Index may drift lower
to test 10440 - 10338 levels. On the upside 10715 -
10740 levels may act as resistance levels in coming
trading session. Broadly we expect the index to trade
in the range of 10782 - 10303 for the coming week.
Actionable points:
View
Bearish Below 10524
Source: Falcon
Expected Targets
10440 - 10365
Resistance Levels
10670 - 10700
2
Daily Technical Report
July 16, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,086
17,150
17,246
17,310
17,407
NIFTY
5,187
5,207
5,237
5,257
5,287
BANKNIFTY
10,480
10,537
10,626
10,683
10,773
ACC
1,252
1,258
1,266
1,272
1,279
AMBUJACEM
166
167
169
170
172
ASIANPAINT
3,661
3,685
3,718
3,742
3,775
AXISBANK
1,011
1,023
1,042
1,054
1,074
BAJAJ-AUTO
1,476
1,488
1,496
1,507
1,515
BANKBARODA
707
713
723
728
738
BHARTIARTL
305
306
308
310
311
BHEL
228
230
231
233
235
BPCL
380
383
388
392
397
CAIRN
313
314
316
317
319
CIPLA
323
326
329
332
335
COALINDIA
351
352
355
356
359
DLF
204
206
209
211
215
DRREDDY
1,624
1,635
1,650
1,661
1,676
GAIL
358
361
364
367
370
GRASIM
2,608
2,623
2,647
2,662
2,685
HCLTECH
479
481
485
488
492
HDFC
672
674
677
679
682
HDFCBANK
578
583
587
591
596
HEROMOTOCO
2,056
2,071
2,081
2,096
2,106
HINDALCO
117
119
122
123
126
HINDUNILVR
438
439
442
444
447
ICICIBANK
915
921
929
934
942
IDFC
135
136
138
139
140
INFY
2,195
2,212
2,236
2,253
2,276
ITC
249
251
253
255
257
JINDALSTEL
412
422
436
445
460
JPASSOCIAT
76
77
78
79
80
KOTAKBANK
594
599
604
609
614
LT
1,388
1,397
1,410
1,418
1,431
M&M
712
716
720
724
729
MARUTI
1,157
1,170
1,189
1,203
1,221
NTPC
157
159
160
161
162
ONGC
279
282
284
287
289
PNB
814
829
844
859
874
POWERGRID
111
112
112
113
114
RANBAXY
486
488
491
493
496
RELIANCE
709
714
720
725
732
RELINFRA
535
541
550
556
565
SAIL
92
92
93
93
94
SBIN
2,132
2,155
2,194
2,218
2,257
SESAGOA
186
188
192
194
198
SIEMENS
683
691
702
709
720
STER
101
102
104
105
107
SUNPHARMA
610
613
617
621
625
TATAMOTORS
232
234
236
238
240
TATAPOWER
96
97
99
101
103
TATASTEEL
418
422
427
431
436
TCS
1,218
1,234
1,259
1,275
1,300
WIPRO
352
356
360
363
368
3
Daily Technical Report
July 16, 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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