Daily Technical Report
April 09, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18438) / NIFTY (5543)
The opening session of the week started off on a flat note
considering quiet mood across the globe. Indices then
oscillated within very narrow trading range throughout the
session. Volumes were extremely poor and lack of interest of
market participants was clearly visible. Consumer Durables,
FMCG and Health Care stocks continued their gaining streak
whereas IT, Capital Goods and Banking sectors ended on a
losing side. The advance to decline ratio was in marginally in
favor of declining counters (A=799 D=906) (Source-
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19030 / 5755 and 18893 / 5700 levels, respectively.
The ’89-week EMA’ and ‘200 Day SMA’ are placed at
18200 / 5500 and 18556 / 5640, respectively.
Source: Falcon:
The ‘Lower Top Lower Bottom’ formation on weekly
chart is still intact.
Actionable points:
Trading strategy:
Yesterday indices opened on a flat note and remained range
View
Neutral
bound for the whole trading session. In technical term this
Resistance levels
5577 - 5605
can be explained as an ‘Inside day’ as prices oscillated
Support levels
5500
within the previous day's price range. As there is no major
change in the price structure, we continue to mention that
Friday's low remains to be an important support level. Any
move below this level may drag indices towards the strong
support zone of weekly
’89-Week EMA’ placed around
18200 / 5500 level. However, on the long side, one must
remember that to time the expected bounce will be difficult;
traders looking to initiating long positions should wait for the
indices to cross the Friday’s high of 18525 / 5577. Only a
sustainable move beyond this level may push markets higher
to test the next resistance levels placed at 18727 / 5645.
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Daily Technical Report
April 09, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11013)
Yesterday, the index opened on a flat note and traded in a
narrow range throughout the session. The spinning top
candlestick pattern mentioned in our previous report has
been negated as the index closed marginally below the
11021 level. At this juncture traders are advised not to
create fresh short positions as the risk - reward ratio
remains unfavorable. Moreover the ‘RSI - Smoothened’
oscillator on the hourly chart is placed well inside the
oversold territory and possibility of a bounce back in the
index cannot be ruled out. For the day 10970 - 10935
levels are likely to act as support and on the upside 11105
- 11168 levels are likely to act as resistance.
Actionable points:
View
Neutral
Resistance Levels
11105 - 11168
Support Levels
10970 - 10935
Source: Falcon:
2
Daily Technical Report
April 09, 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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