Daily Technical Report
May 02, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19504) / NIFTY (5930)
On Tuesday, indices opened with nearly half a percent
upside gap on the back of the Hindustan Unilever purchase
offer. However, post the initial hour of trade Indices
corrected sharply from the day’s high to register a low of
19317 / 5867. A decent recovery towards the fag end led
indices to eventually close in the positive territory. For the
session most of the sectors ended in the green, amongst
which FMCG and Metal counters were among the major
gainers, whereas Realty and Banking stocks ended with
loses. The advance to decline ratio was in favor of declining
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19083/ 5783 and 19001/ 5764 levels, respectively.
The ‘Lower Top - Lower Bottom’ formation on the weekly
chart is still intact.
The 61.8% and 78.6% Fibonacci retracement levels of
the fall from 20204 / 6112 to 18144 / 5477 are placed
Source: Falcon:
at 19416 / 5870 and 19765 / 5976.
Trading strategy:
Actionable points:
On Tuesday, our benchmark indices opened higher; but the
optimism was very short lived as indices came off the day’s
View
Bearish Below 5867
high and slipped inside the negative territory. The daily chart
Expected Target
5791 - 5760
candlestick pattern now resembles a ‘Long Legged Doji’. The
Resistance Levels
5971
said pattern signifies uncertainty when it occurs at an
important resistance level. Hence, any sustainable move
below Tuesday’s low of 19317 / 5867 would result in near
term pessimism in the market. As a result, indices may slide
towards the next support level of 19225 - 18941 / 5791 -
5760. On the higher side, a strong resistance level remains
at 19762 / 5976.
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Daily Technical Report
May 02, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12562)
On Tuesday, Bank Nifty opened on a flat note unlike our
benchmark indices and traded with extreme volatility
throughout the session to close with a loss of 0.38%. From
the past few sessions we are witnessing that the index is
trading in a narrow range of 12330 - 12680. Only a break
of the mentioned range on either side will trigger strong
move in Bank Nifty. In view of the ‘RBI’ monetary policy on
Friday we expect the index to be highly volatile over the next
two sessions. Thus, traders are advised to trade with strict
stop losses.
Actionable points:
View
Neutral
Resistance levels
12680
Support Levels
12330
Source: Falcon:
2
Daily Technical Report
May 02, 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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