Daily Technical Report
July 20, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17279) / NIFTY (5243)
Yesterday, our benchmark indices opened higher on
the back of strong rally in the US and European
markets but remained in narrow range throughout the
day to close well above 5200 mark. On the sectoral
front, the buying interest was seen in IT, Consumer
Durables and Oil & Gas counters; whereas Auto
sector ended with a marginal loss. The advance to
decline ratio was in favor of advancing 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.
The ‘20 day EMA’ is placed at 17200 / 5218
level.
Actionable points:
Trading strategy:
Yesterday, indices opened higher and maintained
View
Bullish above 5267
their early gains throughout the day. Our markets
Expected Targets
5300 - 5336
have now convincingly closed above '20-day EMA'.
Support Levels
5189 - 5159
This gives a slight hint of optimism. Indices are now
approaching their immediate intraday resistance of
17343 / 5267 level. A sustainable move above this
level may attract enhanced buying interest among
market participants. In this scenario, indices are likely
to rally towards 17467 - 17583 / 5300 - 5336. On
the downside, the gap area of (17135 - 17034 /
5189
-
5159 levels) formed on
29thJune
2012
remains to be an important support zone for our
markets.
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Daily Technical Report
July 20, 2012
Bank Nifty Outlook - (10622)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened with an upside gap in
line with our benchmark indices but selling pressure at
higher levels led the index to close near day’s low.
The momentum oscillators on the daily chart and
hourly chart are painting a mixed picture. Thus we
expect volatility to increase in coming trading session.
At present the index is hovering around its hourly “20
EMA” which coincides with yesterday’s low of 10606.
A move below the 10606 mark would lead to a
further fall and the Index is likely to drift lower to test
10544 - 10500 levels. On the upside 10666 -
10690 levels are likely to act as resistance in coming
trading session.
Actionable points:
View
Neutral
Resistance Levels
10666 - 10690
Support Level
10544 - 10500
Source: Falcon
2
Daily Technical Report
July 20, 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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