Technical Research | April 25, 2012
Daily Technical Report
Sensex (17207) / NIFTY (5223)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark indices opened on a flat note
and traded with choppiness throughout the day. A minor
bounce towards the latter part of the session led indices to
close near day’s high. On sectoral front, IT and TECK
counters were among the major gainers, whereas
Consumer Goods counter ended with a marginal loss. The
advance to decline ratio was in marginally favour of
declining counters (A=1330 D=1398) (Source
-
Formation:
• The 200-day SMA (Simple Moving Average) and 20-day
EMA (Exponential Moving Average) have now shifted to
17050 / 5135 and 17400 / 5300, respectively.
Source: Falcon
• The ‘20-Week EMA’ is placed at 17200 / 5180 level.
Actionable points:
Trading strategy:
View
Neutral
Resistance level
5232 - 5311
Yesterday, we witnessed a flat opening in-line with global
Support Levels
5180 - 5135
cues. Subsequently, indices moved in a very narrow range
of 17047 - 17247 / 5180 - 5232. Going forward, we
reiterate our view that 17047 / 5180 levels are likely to
provide decent support for the market. Only a fall below
these levels on the back of strong volumes may reinforce
negative momentum and indices then may slide to test
16920 / 5135 level. On the upside, Monday's high of
17445 / 5311 may act as immediate resistance for the
markets. A move beyond this may push indices higher to
test 17664 / 5380 levels.
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Technical Research | April 25, 2012
Bank Nifty Outlook - (10215)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on a flat note traded in a
narrow range throughout the session. The index tested the
mentioned support level of 10150 and bounced back.
The negative crossover in “RSI - Smoothened” momentum
oscillator on the daily chart mentioned in our previous
report is still intact. On the contrary, the momentum
oscillator “RSI - Smoothened” on the hourly chart is
placed in an extreme oversold condition and possibility of
a bounce back cannot be ruled out. The trading range of
10600 - 10150 mentioned in our previous reports is still
intact. On the upside 10325 - 10375 level is likely to act
as resistance in coming trading session. On the downside
support is likely act 10125 - 10060.
Actionable points:
View
Neutral
Resistance Levels
10325 - 10375
Support Levels
10125 - 10060
Source: Falcon
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Technical Report
RESEARCH TEAM
Shardul Kulkarni
Head - Technicals
Sameet Chavan
Technical Analyst
Sacchitanand Uttekar
Technical Analyst
Mehul Kothari
Technical Analyst
Ankur Lakhotia
Technical Analyst
Research Team: 022-3952 6600
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