Daily Technical Report
October 05, 2012
Exhibit 1: Nifty Daily Chart
Sensex (19058) / NIFTY (5788)
Yesterday’s session began on a cheerful note in-line with
positive cues from other Asian bourses. This positive
momentum stayed for the whole trading session, which led
to a convincing close well above the mentioned resistance
level of 5741. This up move was mainly led by huge intraday
rally in Realty sector along with Consumer Durables, Banking
and Capital Goods; whereas the Health Care, IT and Auto
counters remained under pressure throughout the day. The
advance to decline ratio was strongly in favor of advancing
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
18265 / 5535 and 17625 / 5340 levels, respectively.
The monthly ‘RSI’ oscillator is moving higher from the 50
mark and the ADX (9) indicator is now signaling a
positive crossover.
Source: Falcon:
Trading strategy:
Actionable points:
Finally, we have witnessed the much awaited closing above
the stiff resistance level of 5741. Moreover, Nifty managed
View
Bullish Above 5807
to cross the psychological level of 5800 during the session.
Expected Target
5850
As mentioned in our previous reports we now expect the
Support Levels
5741 - 5715
markets to move higher and test 19542 - 19812 / 5850 -
5945 levels. Conversely, 5741 - 5715 would act as decent
support for the market. We are witnessing fresh breakout in
index heavyweights such as ICICI Bank, Reliance, SBI and
HDFC Bank. Considering the charts of these constituents,
coupled with reforms passed by the government, we expect
the bulls to dominate in the next few sessions.
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Daily Technical Report
October 05, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11636)
Yesterday, Bank Nifty opened on a positive note and
surged higher during the initial hour of trade. However,
during the rest of the session the index consolidated in a
narrow range and closed with a gain of nearly 2%. After
consolidating in the range of 11320 - 11537 for five
consecutive sessions the index has finally given a breakout
on the upside. This breakout can be construed as a
“Bullish Flag” breakout and has potentional target near to
the 12000 mark. Traders are advised to use every decline
towards 11537 to buy in the banknifty. The stoploss for the
trade should be placed at 11320 levels.
Actionable points:
View
Bullish
Expected Target
12100
Source: Falcon:
Support Levels
11360 - 11320
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Daily Technical Report
October 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
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