Daily Technical Report
November 01, 2012
Exhibit 1: Nifty Daily Chart
Sensex (18505) / NIFTY (5620)
Yesterday, once again indices opened flat and tested the
mentioned support level of 18400 / 5589 in the first half of
the session. However, buying interest in banking, pharma
and few metal stocks in the later half led the indices to close
in green above 5600 mark. Sectors like Healthcare, Auto
and Realty were among the major gainers. FMCG, Oil &
Gas and Consumer Goods counters remained under
pressure during yesterday’s trading session. The advance to
decline ratio was in favor of advancing counters (A=1483
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
18650 / 5667 and 17986 / 5456 levels, respectively.
The monthly ‘RSI’ oscillator is moving higher from the 50
mark and the positive in the ADX (9) indicator is intact.
The negative crossover in the weekly ‘Stochastic’
oscillator is still intact.
The 38.2% and 50% Fibonacci Retracement levels of the
rise from 17250 to 19138 / 5216 to 5815 are placed at
Source: Falcon:
18416 / 5586 and 18194 / 5515, respectively.
Trading strategy:
Actionable points:
Yesterday, our benchmark indices gained strength in the
later half and managed to close on positive note. On
View for the day
Bearish below 5583
technical front, this was mainly due to the ‘Positive
Expected targets
5550 - 5515
Divergence’ in ‘RSI’ momentum oscillator on the hourly
Resistance levels
5624 - 5649
chart. At this juncture, we are witnessing that yesterday,
indices faced resistance near hourly ’20 EMA’. In addition,
the negative crossover in daily ‘5 & 20 EMA’ and the ADX (9)
indicator mentioned in our previous report are still intact.
Hence, going forward the short term pessimism in the
market could continue if indices sustain below yesterday’s
low of 18398 / 5583. In this scenario, indices may slide
towards 18194 / 5515 level, which is the 50% Fibonacci
Retracement level of the rise from 17250 to 19138 / 5216 to
5815 levels. On the upside, 18522 - 18594 / 5624 - 5649
levels would now act as resistance in coming trading
sessions.
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Daily Technical Report
November 01, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11269)
Yesterday, Bank Nifty opened on a flat note and yet again
traded in a narrow range throughout the session. As
expected the index consolidated after Tuesday’s fall. The
momentum oscillators on the daily chart continue with
their sell signal. However we are witnessing a positive
crossover in “RSI- Smoothened” oscillator on the hourly
chart. Hence, we expect the index to further consolidate in
the early part of today’s session. On the upside 11328 -
11391 levels are likely to act as resistance and 11163 -
11125 levels are likely to act as support levels for the day.
A fall below 11125 may trigger a further downside and
the Index may then test the11000 mark.
Actionable points:
View for the day
Neutral
Resistance Levels
11328 - 11391
Support Levels
11163 - 11125
Source: Falcon:
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Daily Technical Report
November 01, 2012
Research Team Tel: 022 - 39357800
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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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