Daily Technical Report
April 01, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18836) / NIFTY (5683)
On Thursday, our benchmark indices opened on a flat note
and nearly tested the 5600 mark during the first half of the
session. However, a short covering rally during the latter half
led the indices to close in the positive territory. Most of the
sectors ended on a gaining side except for Auto counters
which ended with marginal losses. The advance to decline
ratio was in favor of advancing counters (A=1625 D=1149)
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19094 / 5766 and 19161 / 5801 levels, respectively.
The ‘200 Day SMA’ is placed at 18556 / 5627.
The ‘Lower Top Lower Bottom’ formation on weekly
chart is still intact.
We are witnessing a ‘Downward Sloping’ trend line
support drawn by joining the lows of December 18,
Source: Falcon:
2012 and March 04, 2013.
The daily momentum oscillators viz, the ‘RSI’ and
‘Stochastic’ are signaling a positive crossover.
Actionable points:
Trading strategy:
This week, we witnessed a very narrow trading range for the
View
Bullish Above 5693
benchmark indices. As mentioned in our earlier report, the
Expected Target
5766
‘Downward Sloping Trend Line’ and
‘200-day SMA’
Support levels
5655 - 5600
provided decent support to our benchmark indices. Despite a
couple of decent attempts, the bears were unsuccessful in
violating the strong support level of 18525 / 5600. In fact,
indices managed to bounce sharply during the last hour of
the week to register a weekly close marginally in the positive
territory. We are now observing that the daily ‘RSI’ and
‘Stochastic’ oscillators have signaled a positive crossover.
Hence, a move beyond Thursday’s high of 18883 / 5693
may push indices higher to test next resistance levels of
19094 - 19210 / 5766 - 5820. On the flipside, we
maintain our view that only a sustainable move below 18525
/ 5600 would justify a bear case scenario and may drag
indices lower to test 18255 - 17800 / 5548 - 5441 levels.
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Daily Technical Report
April 01, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11362)
On Thursday, Bank Nifty opened on a positive note and
gained strength on account of short covering to close with
a gain of 1.78%. The index has bounced back after
taking support at the trend line formed by joining the
significant lows of December 18, 2012 and February 28,
2013. In addition we are witnessing a positive crossover
in ‘RSI’ momentum oscillator on the daily chart coupled
with ‘Bullish Harami’ candlestick pattern on the weekly
chart. The effect of the above mentioned technical tools
will be seen if the index sustains above 11413 level. In
this scenario the BakNifty is likely to rally towards 11510
- 11555 levels. On the downside 11198 - 11117 levels
are likely to act as support for the day.
Actionable points:
View
Bullish Above 11413
Expected Target
11510 - 11555
Support Level
11198 - 11117
Source: Falcon:
2
Daily Technical Report
April 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
Ankur Lakhotia
-
Technical Analyst
Angel Broking Pvt. Ltd.
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