Daily Technical Report
June 21, 2012
Exhibit 1: Nifty Daily Chart
Sensex (16897) / NIFTY (5121)
Yesterday, once again markets opened on a flat note
in-line with mixed global cues. We witnessed a range
bound activity in the first half and then indices
eventually managed to close well above 5100 mark.
On sectoral front, Metal, Capital Goods and Health
Care counters were among the major gainers;
whereas IT and Teck sectors remained under
pressure. The advance to decline ratio was strongly in
favor of advancing counters (A=1614 D=1081)
Formation
The 200-day SMA (Simple Moving Average) and
20-day EMA (Exponential Moving Average) have
now shifted to 16800 / 5070 and 16550 /
5019, respectively.
The ‘20-Week EMA’ is placed at 16830 / 5100
level.
Source: Falcon
On the daily chart, indices are trading near the
upper range of ‘Downward Sloping Channel’
drawn by joining two highs of February 22,
Actionable points:
2012 - April 19, 2012 and low of March 7,
2012.
View
Bullish above 5146
The positive crossover in weekly ‘RSI’ momentum
Expected target
5190
oscillator is still intact. Also, the weekly ‘3 & 8
Support Levels
5100 - 5041
EMA’ is signaling a positive crossover.
Trading strategy:
Broadly speaking, indices have traded in a narrow
range of nearly
1% during yesterday’s session.
However, bias remained positive considering strong
intraday rally on Tuesday’s session and the Indices
managed to test resistance level of 16968 / 5146
mentioned in our previous report. Going forward, we
continue to mention 16968 / 5146 level as an
immediate resistance for the market. A sustainable
move above this level may push indices higher to test
its importance resistance level of 17110 / 5190.
Conversely, the support is seen at 16840 - 16636 /
5100 - 5041 levels.
1
Daily Technical Report
June 21, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (9832)
Yesterday, Bank Nifty opened on a positive note and
traded in a narrow range throughout the session. We
reiterate our view that index is likely to trade in a
broad range of
10225 -
9595. Traders with a
positional perspective can consider long positions
near the lower end of the range but should place a
strict stop loss below 9550 (closing basis). Looking at
the momentum oscillators on the daily and hourly
chart we believe the ongoing volatility is likely to
continue. Within the mentioned range 9915 - 10000
levels are likely to act as intermediate resistances and
9764 - 9661 are likely to act as support levels.
Actionable points:
View
Neutral
Resistance Levels
9915 - 10000
Support Levels
9610 - 9595
Source: Falcon
2
Daily Technical Report
June 21, 2012
Research Team Tel: 022 - 39357800
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,
nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,
compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have
investment positions in the stocks recommended in this report.
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.
Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.
Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 3952 6600
Sebi Registration No: INB 010996539
4
