Daily Technical Report
July 09, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19325) / NIFTY (5812)
The week commenced on an extremely pessimistic note with
negative global clues and a depreciating Indian Rupee.
Subsequently, indices slipped further during the initial hour
and posted a low of 19185 / 5775. A minor recovery in the
second half led to a close with less than a percent loss. The
OIL & GAS, PSU and Realty counters corrected sharply
during the session; whereas the FMCG, TECK & IT sectors
traded with a positive bias. The advance to decline ratio was
marginally in favor of declining counters. (A=1016
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19329 / 5849 and 18518 / 5602 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19251/ 5806 and 19329 / 5847, respectively.
The weekly ‘RSI’ and ‘Stochastic’ oscillators are positively
poised.
The 61.8% and 78.60% Fibonacci retracement levels of
Source: Falcon:
the fall from 20444 / 6229 to 18467/ 5566 are placed
at 19689 / 5976 and 20021 / 6088, respectively.
Actionable points:
The weekly chart now depicts a ‘Bullish Engulfing’
pattern but the monthly chart shows a 'Bearish Engulfing"
View
Neutral
Japanese candlestick pattern.
Support Levels
5760 - 5700
Resistance Level
5833 - 5900
Trading strategy:
After a strong negative opening, our benchmark indices
managed to recover half a percent during the session. Going
forward, we continue to mention the trading range of 19640
- 19147 / 5904 - 5760. Only a decisive move below 19147
/ 5760 would enable indices to resume its intermediate
trend, which is bearish. In this scenario, we can expect a
correction towards the next support levels of 18925 - 18688
/ 5700 - 5630. On the flipside, 19640 / 5904 level remains
to be a strong resistance in the near term. Considering the
ongoing weakness in rupee, we advise traders to remain
light on positions and avoid taking undue risks.
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Daily Technical Report
July 09, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11283)
Yesterday, the Bank Nifty too opened substantially lower
on the back negative opening in our benchmark indices.
During the latter half, the index managed to recover from
its early losses after testing 78.6% Fibonacci retracement
level (11187) of the rise from 11034 to 11753. Eventually
index closed with more than a percent loss. Going
forward, Friday’s high of 11530 levels remains to be an
important resistance for the index. Conversely, the Bank
Nifty may go back to test its recent low of 11035 if it
sustains below yesterday’s low of 11176.
Actionable points:
View
Bearish below 11176
Expected Targets
11035 - 10900
Resistance Levels
11350 - 11530
Source: Falcon:
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Daily Technical Report
July 09, 2013
Research Team Tel: 022 - 30940000
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Research Team
Shardul Kulkarni
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Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
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