Daily Technical Report
April 02, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18865) / NIFTY (5704)
The opening session of the week started off on a quiet note
in-line with mixed global cues. Subsequently, indices lingered
in very narrow trading range to end the session marginally in
the positive territory. Most of the sectors ended on a gaining
side except for Metal and Auto counters which ended with
marginal losses. The advance to decline ratio was strongly in
favor of advancing counters (A=1874 D=869) (Source-
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19072 / 5760 and 19161 / 5801 levels, respectively.
The ‘200 Day SMA’ is placed at 18556 / 5627.
We are witnessing a ‘Downward Sloping’ trend line
support drawn by joining the lows of December 18,
2012 and March 04, 2013.
The daily momentum oscillators viz, the ‘RSI’ and
Source: Falcon:
‘Stochastic’ are signaling a positive crossover.
Actionable points:
Trading strategy:
Indices opened quietly and immediately during the initial
View
Bullish Above 5726
hour of the session moved higher to test hourly '89 EMA'
Expected Target
5766 - 5820
level. However, this moving average proved to be a
Support levels
5675
significant resistance for the bulls. As a result, indices slipped
marginally and moved around the hourly '20 EMA', which
provided decent support for the day. Going forward,
yesterday's high of
18960
/
5723 remains to be an
immediate resistance for the market. A move beyond this
level may attract strong buying interest among market
participants. In this case, indices may test next resistance
levels of 19094 - 19210 / 5766 - 5820. On the flipside,
yesterday's low of 18797 / 5675 would act as a key support
for the coming trading session.
1
Daily Technical Report
April 02, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11426)
Yesterday, Bank Nifty opened on a positive note and
traded in a narrow range throughout the session to close
near the initial opening level. 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. The positive crossover in ‘RSI’
momentum oscillator on the daily and ‘Bullish Harami’
candlestick pattern on the weekly chart is still intact. The
effect of the above mentioned technical tools will be seen
if the index sustains above the 11460 level. In this
scenario the Bank Nifty is likely to rally towards 11510 -
11580 levels. On the downside 11330 - 11296 levels are
likely to act as support for the day.
Actionable points:
View
Bullish Above 11460
Expected Target
11510 - 11580
Support Level
11330 - 11296
Source: Falcon:
2
Daily Technical Report
April 02, 2013
Research Team Tel: 022 - 30940000
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,
nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Broking Limited endeavors to update on a reasonable basis the information discussed in this material, there may be regulatory,
compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have
investment positions in the stocks recommended in this report.
Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
Ankur Lakhotia
-
Technical Analyst
Angel Broking Pvt. Ltd.
Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.
Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 30940000
Sebi Registration No: INB 010996539
4
