Daily Technical Report
February 07, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19640) / NIFTY (5959)
Yesterday, indices opened higher considering overnight rally
in US as well as European bourses but struggled to sustain at
higher levels. As a result, all the early gains got wiped out
and eventually the session closed on a flat note. On sectoral
front, Capital Goods, PSU and Power counters were among
the top losers. The Realty, IT and Teck sectors outperformed
during the session. The advance to decline ratio was in just
marginally favor of advancing counters (A=1165 D=1017)
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19820 / 6006 and 19178 / 5819 levels, respectively.
On the daily chart, the benchmark indices are facing
resistance near the ‘Upward Sloping Trend Line’ drawn
by joining the highs of October 5, 2012 and January
18, 2012.
The weekly ‘RSI’ momentum oscillator as well as the
Daily ‘ADX (9)’ indicator are now signaling a negative
Source: Falcon:
crossover.
The ‘Hanging Man’ Japanese Candlestick pattern on the
weekly chart has been confirmed.
Actionable points:
View
Bearish Below 5940
Trading strategy:
Expected Target
5897
Indices opened higher and precisely tested hourly ’20-EMA’,
Resistance Levels
5972 - 6039
which acted as a strong resistance for the entire trading
session. Eventually traders pared down all their opening
gains. Going forward, we continue to mention possibility of
further down move if indices sustain below 19596 / 5940. In
this case, our indices may slide towards their next support
level of 19406 / 5897. On the flipside, yesterday’s high of
19765 / 5990 would act as immediate resistance in coming
trading session. Any move beyond this level is likely to attract
short covering by market participants.
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Daily Technical Report
February 07, 2013
Exhibit 2: Bank Nifty Weekly Chart
Bank Nifty Outlook - (12418)
In line with our benchmark indices, the Bank Nifty too closed
flat near the support level of 12415 during yesterday’s
trading session. Along with the daily chart, the momentum
oscillators (‘RSI’ & ‘RSI-Smoothened’) on the weekly chart too
are signaling negative crossovers and a possibility of further
decline in the index in coming trading sessions. Hence, we
continue to mention that the index may test the lower levels
of
12265
-
12140
-
12000 once it sustains below
yesterday’s low of
12397. However, due to oversold
condition of momentum oscillators on hourly charts, the
possibility of some sideways consolidation or a minor
pullback from current levels cannot be ruled out. On the
upside, 12525 - 12633 levels, are likely to act as resistance
for the day.
Actionable points:
View
Bearish Below 12397
Expected Targets
12265 - 12140 - 12000
Resistance Levels
12525 - 12633
Source: Falcon:
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Daily Technical Report
February 07, 2013
Research Team Tel: 022 - 30940000
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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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