Daily Technical Report
July 04 , 2013
Exhibit 1: Nifty Daily Chart
Sensex (19178) / NIFTY (5771)
Yesterday, our benchmark indices opened substantially lower
as indicated by the SGX Nifty and maintained their early
momentum throughout the session to close with a loss of
nearly one and half percent. During the session, the Realty,
Metal and Consumer Durables counters dragged indices
lower; whereas the classical defensive counters in the FMCG
and Health Care space ended with minor gains. The
advance to decline ratio was strongly in favor of declining
Formation
The ’89-day EMA’ and the ’89-Week EMA’ are placed at
19323 / 5850 and 18493/ 5596 levels, respectively.
The ’20-Day EMA’ and the ‘20-Week EMA’ are placed
at 19196/ 5794 and 11299 / 5842, respectively.
The 50% and 61.8% Fibonacci retracement levels of the
fall from 20444 / 6229 to 18467/ 5566 are placed at
19455/ 5898 and 19689 / 5976, respectively.
Source: Falcon:
The weekly chart depicts a ‘Bullish Engulfing’ pattern in
the previous week but the monthly chart shows a 'Bearish
Actionable points:
Engulfing" Japanese candlestick pattern.
View
Bearish below 5760
Resistance Level
5815
Trading strategy:
Expected Targets
5699 - 5630
For the second consecutive session, markets opened lower
and closed well inside the negative territory. The benchmark
indices have now tested the hourly ’89-EMA’ level at 5770.
Also the momentum oscillator “Stochastic” has given a
negative crossover in yesterday’s session. Going forward, we
are of the view that if indices sustain below yesterday’s low of
19147 / 5760, then they are likely to move towards the gap
area of 18926 to 19093 / 5699 to 5749 created on June
28, 2013. On the upside, yesterday’s high would act as
important intraday resistance for the market. We advise
traders to adopt stock specific approach and trade with strict
stop losses.
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Daily Technical Report
July 04, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11358)
Yesterday, the Bank Nifty too opened lower in-line with
benchmark indices and ended the session with more than 2%
loss. We have been mentioning in our previous reports that
the Bank Nifty charts are weaker than those of the Nifty. At
present, the Bank Nifty has closed slightly above the 61.8%
Fibonacci retracement level of the rise from 11035 to 11728.
Hence, going forward, a sustainable move below this support
level of 11300 would augment pessimism in the index. In this
scenario the index may test lower levels of 11277 / 11164.
On the upside, only a move beyond 11506 would warrant
buying interest among market participants.
Actionable points:
View
Bearish below 11300
Expected Targets
11277 - 11164
Resistance Levels
11506
Source: Falcon:
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Daily Technical Report
July 04, 2013
Research Team Tel: 022 - 30940000
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
Angel Broking Pvt. Ltd.
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