Daily Technical Report
July 24, 2012
Exhibit 1: Nifty Daily Chart
Sensex (16877) / NIFTY (5118)
Yesterday, our markets opened significantly lower on
the back of extreme negative cues from other global
markets. Concerns regarding the European debt crisis
added fuel to fire and the Index closed marginally
above 5100 mark. On the sectoral front, Metal, Realty
and Power corrected sharply during yesterday’s
session. There was no sector on the positive side. The
advance to decline ratio was strongly in favor of
advancing counters (A=992 D=1791) (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 /
Source: Falcon
5630 (February 24, 2012).
The ’20-day EMA’ and
’20-week EMA’ are
Actionable points:
placed at 17200 / 5218 and 17000 / 5155
level, respectively.
View
Neutral
Resistance
5164 - 5197
Trading strategy:
Support Levels
5098 - 5041
We have been mentioning a gap area of 17135 -
17034 / 5189 - 5159 levels formed on June 29,
2012. During yesterday’s session, our markets
opened below 17034 / 5159 level and continued to
fall throughout the session to close almost at the
lowest point of the day. Indices have now approached
their next support level of 16808 / 5098, which also
coincides with the ‘200-day SMA’. Going forward, if
indices sustain below this level then they may slide
further down to test 16636 / 5041. On the upside,
yesterday’s high of 17048 / 5164 would act as an
immediate resistance in coming trading session. Only
a sustainable move above this level may lead to some
upside and indices may move upwards to test 17142
- 17205 / 5197 - 5219 level.
1
Daily Technical Report
July 24, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (10275)
Yesterday, Bank Nifty opened with a downside gap
and fell further as the day progressed to close near
the lowest point of the day. As expected we witnessed
selling pressure on a breach of 10463 level. The
index has managed to give a close well below its “20
- day EMA” indicating weakness in the short term time
frame. The momentum oscillators on the daily chart
are negatively poised. However, the momentum
oscillators on the hourly chart are placed in extreme
oversold conditions. Hence, a possibility of
consolidation or minor pullback cannot be ruled out.
In this case the index may rally towards 10380 -
10411 levels. On the downside 10160 - 10060 levels
are likely to act as support in coming trading session.
Traders are advised to refrain from taking long
positions in the Bank Nifty at this juncture.
Actionable points:
View
Neutral
Resistance Levels
10350 - 10411
Source: Falcon
Support Level
10160 - 10060
2
Daily Technical Report
July 24, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
16,726
16,802
16,925
17,000
17,123
NIFTY
5,074
5,096
5,130
5,152
5,186
BANKNIFTY
10,162
10,218
10,310
10,367
10,459
ACC
1,234
1,244
1,258
1,267
1,281
AMBUJACEM
165
166
168
169
171
ASIANPAINT
3,535
3,569
3,624
3,658
3,714
AXISBANK
1,016
1,022
1,029
1,035
1,043
BAJAJ-AUTO
1,536
1,549
1,569
1,581
1,602
BANKBARODA
667
674
684
691
701
BHARTIARTL
291
298
307
313
323
BHEL
214
217
221
224
229
BPCL
366
370
376
380
385
CAIRN
315
318
322
325
329
CIPLA
322
325
327
330
332
COALINDIA
352
354
357
359
362
DLF
195
197
200
201
204
DRREDDY
1,575
1,602
1,618
1,645
1,661
GAIL
329
334
343
348
358
GRASIM
2,578
2,595
2,621
2,639
2,664
HCLTECH
472
475
477
480
481
HDFC
671
674
678
681
686
HDFCBANK
566
569
575
578
584
HEROMOTOCO
2,020
2,036
2,060
2,076
2,100
HINDALCO
113
115
118
119
123
HINDUNILVR
439
441
443
445
448
ICICIBANK
897
905
917
925
938
IDFC
129
130
133
135
138
INFY
2,167
2,178
2,194
2,205
2,221
ITC
247
248
250
251
253
JINDALSTEL
408
412
416
420
424
JPASSOCIAT
71
73
75
76
79
KOTAKBANK
540
546
553
559
566
LT
1,327
1,352
1,372
1,397
1,417
M&M
681
687
696
702
711
MARUTI
1,054
1,067
1,087
1,100
1,120
NTPC
151
152
154
156
158
ONGC
272
277
281
285
289
PNB
790
798
807
815
824
POWERGRID
108
109
110
111
112
RANBAXY
466
471
478
483
490
RELIANCE
707
713
719
725
732
RELINFRA
493
500
510
517
528
SAIL
89
90
91
92
94
SBIN
2,064
2,079
2,101
2,116
2,138
SESAGOA
178
181
186
188
193
SIEMENS
645
656
671
682
697
STER
96
98
101
103
106
SUNPHARMA
604
610
617
624
631
TATAMOTORS
211
214
217
220
223
TATAPOWER
95
96
98
100
102
TATASTEEL
389
394
403
409
418
TCS
1,188
1,201
1,214
1,227
1,240
WIPRO
348
352
357
361
366
3
Daily Technical Report
July 24, 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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