Daily Technical Report
June 27, 2012
Exhibit 1: Nifty Daily Chart
Sensex (16907) / NIFTY (5121)
Yesterday, once again indices opened on a flat note
in-line with other Asian bourses and subsequently
traded in a narrow range throughout the session. The
bias remained positive as indices traded in positive
territory for most part of the session. On sectoral
front, Oil & Gas, Power and PSU stocks bounced
during yesterday’s session; whereas Consumer
Durables and FMCG sectors remained under
pressure. The advance to decline ratio was marginally
in favor of advancing counters (A=1380 D=1346
Formation
The 200-day SMA (Simple Moving Average) and
20-day EMA (Exponential Moving Average) have
now shifted to 16803 / 5075 and 16691 /
5061, respectively.
The ‘20-Week EMA’ is placed at 16854 / 5108
level.
Source: Falcon
On the daily chart, indices are trading well
Actionable points:
above the upper range of ‘Downward Sloping
Channel’ drawn by joining two highs of February
22, 2012 - April 19, 2012 and low of March 7,
View
Bullish Above 5135
2012.
Expected Target
5195
Support Levels
5093 - 5041 - 5015
The positive crossover in weekly ‘RSI’ momentum
oscillator and weekly ‘3 & 8 EMA’ is still intact.
Also, the weekly ‘RSI-Smoothened’ is now
positively poised.
Trading strategy:
Despite, extremely negative cues from US and
European bourses, our markets opened on a flat note
and traded with positive bias almost throughout the
session. There is no significant change in chart
formation and thus we continue to mention 16799 /
5093 level as a crucial intraday support for the
market. Only a sustainable move below this level may
reinforce selling pressure and indices may then
correct towards 16553 - 16636 / 5041 - 5015
levels. On the upside, 16147 - 17131 / 5135 - 5195
levels are likely to act as immediate intraday
resistance in coming trading session.
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Daily Technical Report
June 27, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (9970)
Yesterday, Bank Nifty opened on a flat note in line
with our benchmark indices and traded in a narrow
range throughout the session. Similar to the
Benchmark indices, there was no significant change in
the chart formation for the Bank Nifty. We are of the
opinion that the index is likely to trade in the range of
9760 - 10230. Only a sustainable move outside the
said range will dictate a clear direction of the trend.
Within the mentioned range 10080 - 10130 is likely
to act as resistance and 9873 - 9800 is likely to act
as support in coming trading session. Positional
traders holding long positions can hold with a stop
loss of 9800 level (Closing basis) on Bank Nifty spot.
Actionable points:
View
Neutral
Resistance Levels
10080 - 10130
Support Levels
9873 - 9800
Source: Falcon
2
Daily Technical Report
June 27, 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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