Daily Technical Report
September 05, 2012
Sensex (17441) / NIFTY (5274)
Exhibit 1: Nifty Daily Chart
Yesterday, once again indices opened on a flat note
considering the mixed global cues and slipped into the
consolidation mode during the first half of the session.
However, post midsession, buying in selective large caps
eventually led indices to close at the highest point of the day.
During yesterday’s session Realty, Oil & Gas and Power were
among the major gainers. The advance to decline ratio was
in favor of advancing counters (A=1538 D=1210) (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
As mentioned in our weekly report, the 50% Fibonacci
Resistance Levels
5316 - 5360
Retracement level of 17285 / 5240 is providing a decent
Support Levels
5240 - 5190
support for our markets. Resembling last couple of trading
sessions, yesterday also, our benchmark indices bounced
sharply after posting a low 17308 / 5233 and closed near
day’s high. Going forward, we reiterate our view that only a
sustainable move beyond ’20-day EMA’ (placed at 17560 /
5316 level) would attract strong buying interest among
market participants. In this case, indices may rally to test the
next resistance level of
17712
/
5360. Conversely,
yesterday’s low of 17308 / 5233 may provide a decent
support in coming trading session.
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Daily Technical Report
September 05, 2012
Bank Nifty Outlook - (10021)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on a flat note and drifted
lower to test the support level of 9914 during the first half of
trade. However, during the second half strong buying near
this support level lead the index to close near day’s high. As
mentioned in previous reports, high volatility in expected
during the day. Going forward, within the mentioned range
of 10330 - 9914 we expect the index to face resistance near
10131 - 10185 levels. On the downside 9937 - 9914 levels
are likely to act as support in coming trading session.
Actionable points:
View
Neutral
Resistance Levels
10131 - 10185
Support Levels
9937 - 9914
Source: Falcon:
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Daily Technical Report
September 05, 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
Angel Broking Pvt. Ltd.
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