Daily Technical Report
January 03, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19714) / NIFTY (5993)
Yesterday, once again indices opened with an upside gap
and then traded in narrow range throughout the session.
Almost all the sectors ended in the positive territory, except
the FMCG and IT sectors which ended with very nominal
loss. Out of all the positive sectors, the Consumer Durables,
Capital Goods and Oil & Gas sectors have outperformed
during the session. The advance to decline ratio was strongly
in favor of advancing counters (A=1797 D=1166) (Source -
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19346 / 5883 and 18740 / 5693 levels, respectively.
On the weekly chart, we are witnessing a breakout from
‘Downward Sloping Trend Line’ joining two significant
swing highs of 19811 / 5944 (April 2011) and 19137 /
5815 (Oct 2012) at 19050 / 5800 level.
The 38.20% and 50% Fibonacci retracement levels of
the rise from 18255 / 5548 (low on November 20,
2012) to 19612 / 5965 (high on December 11, 2012)
are at 19100 - 18930 / 5806 - 5755, respectively.
Source: Falcon:
Trading strategy:
For the second consecutive session we witnessed a gap up
Actionable points:
opening in our market. Yesterday’s session was the replica of
Tuesday’s session as indices opened higher and then traded
View for the day
Positive above 6006
in a narrow range and the upside gap remained intact. In
Expected targets
6025 - 6070
the process, indices have finally broken out from the
Support Levels
5935 - 5919
previously mentioned trading range of 19613 / 5965 -
19149 / 5823. Also in line with our expectations, the Nifty
met with our immediate target of 6000 during the session.
Going forward, considering the optimism across the globe,
we see a possibility of the Nifty moving towards 6070 if it
manages to sustain above yesterday’s high of
6006.
Conversely, 19687 - 19624 / 5982 - 5960 levels may now
provide decent support in coming trading session.
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Daily Technical Report
January 03, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12787)
Yesterday In line with our benchmark indices, the Bank Nifty
too traded with a strong positive bias and closed with more
than a percent gain, marginally below the 12800 mark.
Yesterday Bank Nifty almost tested the mentioned target of
12827 and later on consolidated in a narrow range during
the second half of the session. Going forward, if the index
trades and sustain above the 12827 level then we may
witness further rally towards the 13000 mark. Although the
bias remains positive, since the momentum oscillators on the
hourly chart are in overbought condition, a consolidation or a
minor pullback from current levels cannot be ruled out. In this
scenario, yesterday’s gap area of 12749 - 12664 may act as
support for the day.
Actionable points:
View for the day
Neutral
Resistance Levels
12827 - 13000
Source: Falcon:
Support Levels
12749 - 12664
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Daily Technical Report
January 03, 2013
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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