Daily Technical Report
July 19, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17185) / NIFTY (5216)
We witnessed yet another flat opening during
yesterday’s session on the back of mixed global cues
but a minor up move during the second half led
indices to close above 5200 mark. On the sectoral
front, the buying interest was seen in Metal, Capital
Goods and Realty counters; whereas Oil & Gas and
Health Care ended with a marginal loss. The advance
to decline ratio was marginally in favor of advancing
counters
(A=1407 D=1372) (Source
-
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).
Source: Falcon
A horizontal consolidation band is observed in
the range of 17034 / 5159 and 17635 / 5350.
Actionable points:
The ‘20 day EMA’ is placed at 17200 / 5218
level.
View
Bullish above 5223
Expected Targets
5247 - 5267 - 5300
Support Levels
5159
Trading strategy:
Yesterday, after a flat opening our benchmark indices
drifted lower to test the gap area of (17135 - 17034 /
5189 - 5159 levels) formed on 29thJune 2012. As
expected and mentioned in our previous report,
indices found support near the gap area in the later
half and witnessed smart recovery from the day’s low
to close above 5200 mark. Going forward, on the
upside Monday’s high of 17282 / 5247 may act as
an immediate intraday resistance level. A sustainable
move above this mark may push indices higher to test
17343 - 17467 / 5267 - 5300 levels. On the
downside,
17034
/
5159 now remains crucial
support for the markets.
1
Daily Technical Report
July 19, 2012
Bank Nifty Outlook - (10607)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on a flat note and
drifted lower during the first half of trade. However,
during second half buying emerged near the support
level which led the index to close higher. We had
mentioned in our previous report that “RSI
-
Smoothened” oscillator on the hourly chart is placed
in oversold condition and a pullback cannot be ruled
out. On the upside, the Index now faces resistance at
the 10673 mark. A move beyond this resistance may
lead the Index to rise further to 10721 - 10782 levels.
On The downside, 10500 may act as support for the
coming trading sessions.
Actionable points:
View
Bullish Above 10673
Expected targets
10721 - 10782
Support Level
10500
Source: Falcon
2
Daily Technical Report
July 19, 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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