Daily Technical Report
July 10 , 2013
Exhibit 1: Nifty Daily Chart
Sensex (19439) / NIFTY (5859)
Yesterday, our markets opened with half a percent up side
gap in-line with positive Asian bourses. Subsequently,
benchmark indices oscillated within a narrow trading range
for the entire session to close in the positive territory. The
Consumer Durables, Realty, Capital Goods & Banking
counters contributed heavily in yesterday’s up move. There
was no sector in the negative territory. The advance to
decline ratio was in favor of advancing counters. (A=1306
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19331 / 5849 and 18521 / 5604 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
19269/ 5811 and 19340 / 5852, 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
5834 - 5760
Trading strategy:
Resistance Level
5904
Although our markets opened higher yesterday, the actual
price action was lackluster and range bound. We are now
observing that indices have precisely filled Monday’s
downside gap and closed near that price zone. Considering
the hourly chart, it is clearly seen that indices have been
moving within the ‘Channel’ pattern since last 5 - 6 trading
session. The trading band is similar to the range mentioned
in our earlier report i.e. 19640 - 19147 / 5904 - 5760. As
there is no major change in the chart structure, we continue
to wait for a decisive move beyond the upper or the lower
price of the channel. In bullish scenario, any sustainable
move beyond 19640 / 5904 would push indices higher to
test 19688 / 5976. On the lower side, 19147 / 5760 is a
critical support level for the market. We advise traders to shift
their focus towards the individual stocks and avoid taking
undue risks.
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Daily Technical Report
July 10, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11442)
Yesterday, the Bank Nifty too opened higher in-line with
our benchmark indices and traded with positive bias
throughout the session. During the session, some of the
individual banks gave a decent move. The Bank Nifty is
now once again hovering below the hourly ’89-EMA’
which is placed at
11465. Hence, going forward, a
sustainable move beyond this level would reinforce the
upward momentum. In this scenario, the Index may move
towards their next resistance levels of 11530 - 11590. On
the downside, 11353 - 11176 would act as immediate
support levels.
Actionable points:
View
Bullish above 11465
Expected Targets
11530 - 11590
Support Level
11353 - 11176
Source: Falcon:
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Daily Technical Report
July 10, 2013
Research Team Tel: 022 - 30940000
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
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