Daily Technical Report
April 05, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18510) / NIFTY (5575)
Yesterday, indices opened with half a percent downside gap
as indicated by the SGX Nifty. Indices slipped lower during
the initial hour of the trade and oscillated within a narrow
trading range. However, post midsession, selling pressure
intensified and markets ended the session with nearly a 2%
loss. All the sectors ended on a losing side among which
Realty, IT and Teck counters were among the major losers.
The advance to decline ratio was strongly in favor of
declining
counters
(A=907 D=1850) (Source-
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
18992 / 5734 and 19098 / 5779 levels, respectively.
The ‘200 Day SMA’ is placed at 18556 / 5627.
Source: Falcon:
The momentum oscillators viz, ‘RSI’ and ‘Stochastic’ are
now signaling a negative crossover.
Actionable points:
Trading strategy:
Wednesday’s weak closing was followed by a gap down
View
Neutral
opening in our benchmark indices. During the first half the
Resistance levels
5644
bulls made a valiant effort to move upwards but failed to do
Support levels
5548 - 5500
so as indices plunged sharply from the day’s high
immediately post midsession. Selling pressure remained
unabated as indices could not hold on to their strong support
levels of 18525 / 5600 and eventually closed well below it.
Going forward, indices may slide towards the immediate
support level of 18255 / 5548. Any move below this level
may trigger extreme pessimism in the market. In this
scenario, indices may slide further to test 18200 / 5500
level. On the flipside, yesterday’s high of 18734 / 5645
would act as a strong resistance in coming trading session.
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Daily Technical Report
April 05, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11126)
Yesterday, Bank Nifty opened with a downside gap in line
with our benchmark indices and selling pressure
throughout the day led the index to close well inside the
negative territory. The momentum oscillators on the daily
chart have turned negative. Indices are now approaching
the recent swing low of 11048. A breach of this support
will intensify selling pressure in the index. In this scenario
the index is further likely to drift lower towards 10970 -
10887 levels. On the upside 11300 - 11330 levels are
likely to act as resistance for the day.
Actionable points:
View
Neutral
Resistance Levels
11300 - 11330
Support Levels
11048 - 10970
Source: Falcon:
2
Daily Technical Report
April 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
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