Daily Technical Report
September 04, 2012
Sensex (17384) / NIFTY (5254)
Exhibit 1: Nifty Daily Chart
Monday’s session opened with a minor upside gap in-line
with positive global cues. However, indices were unable to
sustain at higher levels and pared all their early gains to
close marginally above 5250 mark. Once again Realty, Oil
& Gas, Banking and Metal sectors ended on a losing side;
whereas Capital Goods and Consumer Durables closed in
the positive territory. The advance to decline ratio was in
favor of advancing counters (A=1424 D=1392) (Source -
Formation
The ’20-day EMA’ and the ’200-day SMA’ are placed at
17560 / 5316 and 16920 / 5120 levels, respectively.
Looking at the “Line Chart” it is clear that indices have
now confirmed the ‘Higher Top
- Higher Bottom’
formation on the weekly chart after August 28, 2009.
The weekly momentum oscillators viz., the RSI and the
Stochastic are signaling a negative crossover.
Source: Falcon:
Actionable points:
Trading strategy:
View
Neutral
At this juncture, looking at the daily chart it is clear that our
Resistance Levels
5316 - 5360
benchmark indices are facing strong resistance around ’20-
Support Levels
5240 - 5190
day EMA’ placed at 17560 / 5316 level. Hence, only a
sustainable move above this level is likely to change the
underlying negative sentiment. In this case, indices may rally
up to next resistance level of 17712 / 5360. Conversely,
Friday’s low of 17338 / 5239 is likely to act as a key support
for the markets. A breach of this level may attract further
selling pressure and as a result, the markets may slide
towards 17123 / 5190 level.
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Daily Technical Report
September 04, 2012
Bank Nifty Outlook - (9963)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on a flat note and traded with
extreme volatility throughout the session. We had mentioned
in our report that the coming 5-7 trading sessions are likely
to be volatile in nature. As there is no major change in the
chart structure we reiterate our view that the index is likely to
trade in the range of 10330 - 9914. In the mentioned range
10082 - 10131 is likely to act as resistance and 9940 -
9914 is likely to act as support in coming trading session.
Actionable points:
View
Neutral
Resistance Levels
10082 - 10131
Support Levels
9940 - 9914
Source: Falcon:
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Daily Technical Report
September 04, 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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