Daily Technical Report
March 01, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18862) / NIFTY (5693)
Yesterday, our benchmark indices opened higher in-line with
positive global cues. Subsequently, indices traded with
immense volatility just prior to the announcement of Union
Budget 2013. However, post the announcement markets
corrected on the back of budget below expectations.
Eventually, markets closed well below the psychological level
of 19000 / 5700. During the day, most of the sectors ended
on a losing side except for Consumer Durables and IT
counters. The advance to decline ratio was strongly in favor
of declining counters (A=857 D=1973) (Source
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Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19514 / 5898 and 19203 / 5820 levels, respectively.
The Nifty has broken down from the ‘Upward Sloping
Trend Line’ (as shown in the chart).
Source: Falcon:
The weekly ‘RSI Smoothened’ and ‘3 & 8 EMA’ are
signaling a negative crossover.
Actionable points:
Trading strategy:
The Budget day turned out to be a nightmare for the bulls. In
View
SELL BELOW 5672
line with our expectations markets corrected significantly post
Expected target
5600
breaching the low of 5748. The hourly chart continues to
Resistance levels
5766
remain in a strong ‘Lower top Lower bottom’ cycle. Going
forward, indices may even fall towards 18600 / 5600 levels,
if the current negative momentum continues in coming
trading session. On the flipside, 19075 / 5766 would act as
resistance in coming trading session.
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Daily Technical Report
March 01, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11487)
Yesterday, Bank Nifty opened on a positive in line with our
benchmark indices and pared down all its early gains post
Union Budget announcement to close with a significant
intraday loss of over 3%. Selling pressure was witnessed in
all the heavyweight and midcap banks. The ‘Bullish
Harami’ pattern mentioned in our previous report has
been negated. However, looking at the oversold conditions
of momentum oscillators on the daily chart creation of
fresh short positions at current levels in the index is not
advisable. Moreover the index has achieved its ‘Bearish
Head & Shoulder’ target of 11600. On the downside
11256 - 11185 levels are likely to act as support for the
day. Traders holding short positions in the index can
further trail their stop loss to 11810 level.
Actionable points:
View
Bearish Below 11401
Expected Target
11256 - 11185
Source: Falcon:
Resistance levels
11810
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Daily Technical Report
March 01, 2013
Research Team Tel: 022 - 30940000
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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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