Daily Technical Report
May 08, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19889) / NIFTY (6044)
Yesterday, our benchmark indices opened slightly higher as
indicated by the SGX Nifty and then continued to climb up
gradually as the day progressed. As a result, we witnessed a
decent intraday rally, which eventually led indices to close at
a new 3 month high. For the day all the sectors ended on a
winning streak amongst which FMCG, Banking and Realty
stocks were among the major gainers. The advance to
decline ratio was in favor of advancing counters (A=1353
D=1064)
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19166/ 5809 and 19241/ 5839 levels, respectively.
The weekly ADX (9) indicator and the ‘RSI-Smoothened’
oscillator have signaled a positive crossover.
Source: Falcon:
Actionable points:
Trading strategy:
Finally, indices came out of the range bound activity seen
View
Neutral
during past two trading sessions. Nifty has now closed above
Support levels
5980
the psychological level of 6000 for the first time after January
Resistance Levels
6072 - 6111
31, 2013. As mentioned in our earlier report, indices surged
towards 19792 / 6020 level after crossing Monday’s high of
19695 / 5977. Strong momentum in the latter half of the
session resulted in a further up move. Going forward, we
expect indices to test next resistance levels of 20074 - 20204
/ 6072 - 6112 if they manage to sustain above 19918 /
6051 level. On the flipside, 19792 / 5977 level would now
act as intraday support for our market.
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Daily Technical Report
May 08, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12632)
Yesterday, Bank Nifty opened on an optimistic note and
gained strength as the day progressed to close near day’s
high. The buying interest was witnessed in most of the large
cap counters. The ‘Spinning Top’ candlestick pattern
mentioned in our previous report has been confirmed as the
index closed significantly above the 12396 mark. Thus if the
index sustains above yesterday’s high of 12650 then it is
likely to rally towards
12780 - 12850 levels. On the
downside 12470 - 12364 levels are likely to act as support
for the day.
Actionable points:
View
Bullish Above 12650
Expected Target
12780 - 12850
Support Levels
12470 - 12364
Source: Falcon:
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Daily Technical Report
May 08, 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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