Daily Technical Report
March 05, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18878) / NIFTY (5699)
The week opened on a quiet note in-line with muted global
cues. Subsequently, indices slipped immediately during the
initial hour to test last week’s low of 5672. However, a gentle
recovery post midsession led indices to close marginally in
the negative territory. During the day, mostly all the sectors
ended on a losing side except for Banking which ended with
marginal gains. The advance to decline ratio was strongly in
favor of declining counters (A=860 D=1958) (Source -
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19372 / 5863 and 19175 / 5813 levels, respectively.
The monthly chart exhibits a ‘Bearish Engulfing’ pattern.
The monthly momentum oscillators are signaling a
negative crossover.
Source: Falcon:
The level of the weekly ‘RSI’ momentum oscillator has
now dropped below the 50 mark.
Actionable points:
Indices have closed marginally above the ‘Downward
Sloping Trend Line’, drawn by joining two significant
View
Neutral
highs of 21109 / 6339 (high of November 05, 2010
Support levels
5663 -5648
weekly candle) and 19137 / 5816 (high of October 05,
Resistance levels
5712 - 5766
2012 weekly candle).
Trading strategy:
After a flat opening, indices immediately slipped during the
initial hour of the trade. However, post midsession indices
recovered partially and closed with marginal loss. The daily
chart now depicts a 'Bullish Hammer' Japanese candlestick
pattern but needs further confirmation in the form of closing
above yesterday's high of 18931 / 5712. Thus a move
beyond 18931 / 5712 levels may lead the market higher to
test 18989 / 5740 level. On the flipside, yesterday's low
would act as a key support for our market. Any sustainable
move below this level would negate the pattern and indices
may slide towards the next support levels of 18450 - 18255
/ 5600 - 5548 levels.
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Daily Technical Report
March 05, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11576)
Yesterday, Bank Nifty opened on a flat note in line with
our benchmark indices and traded with positive bias
throughout the session. As there is no major change in the
chart structure we reiterate our view that creation of fresh
short positions at current level is not advisable. The
momentum oscillators on the daily chart continue to be
oversold territory and hence further consolidation or a
relief rally in the index cannot be ruled out. For the day
11593 - 11810 levels are likely to act as resistance and
11392 - 11256 levels are likely to act as support. Traders
holding short position in the index should maintain a stop
loss of 11810.
Actionable points:
View
Neutral
Resistance Levels
11593 - 11810
Support levels
11392 - 11256
Source: Falcon:
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Daily Technical Report
March 05, 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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