Daily Technical Report
November 09, 2012
Exhibit 1: Nifty Daily Chart
Sensex (18846) / NIFTY (5739)
Yesterday, most of the Asian bourses including SGX Nifty
were trading negative. Considering these global factors, our
benchmark indices too opened lower. However, a significant
recovery from the lows was seen during the day. Most of the
Realty and the Auto sectors rallied during the session along
with some PSU banks; whereas the Capital Goods, Health
Care and Oil & Gas sectors remained under pressure during
the session. The advance to decline ratio was in favor of
declining counters (A=1366 D=1462) (Source
-
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
18650 / 5684 and 18134 / 5502 levels, respectively.
The negative crossover in the weekly ‘Stochastic’
oscillator is still intact.
The 38.2% and 50% Fibonacci Retracement levels of the
rise from 17250 to 19138 / 5216 to 5815 are placed at
18416 / 5586 and 18194 / 5515, respectively.
Source: Falcon:
Trading strategy:
Actionable points:
Despite, a massive sell off in US and European markets, our
benchmark indices showed tremendous resilience as we
View for the day
Bearish Below 5715
opened nearly 1% lower and eventually managed to close
marginally in the negative territory. Going forward, the
Expected Target
5679
hourly support level of 5715 would act as a key support for
Resistance Levels
5749- 5778
Nifty. A sustainable move below this level may result into
intraday pessimism in the market. As a result, we may
witness a slide towards the next important support level of
5679. Conversely, the resistance levels are seen at 5749 -
5778 levels.
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Daily Technical Report
November 09, 2012
Exhibit 2: Bank Nifty Hourly Chart
Bank Nifty Outlook - (11614)
Yesterday, Bank Nifty opened lower in line with our
benchmark indices and traded in a narrow range
throughout the session to close in the negative territory.
The index however managed to give a close above the
hourly “20 - EMA”. The coming session is likely to witness
high volatility due to result of the banking heavyweight SBI.
In addition we are witnessing a positive crossover in
“Stochastic” momentum oscillator on the hourly chart
coupled with overbought condition of “Stochastic”
oscillator on the daily chart. For the day 11728 - 11785
are likely to act as resistance levels whereas 11533 -
11468 levels are likely to act as support.
Actionable points:
View for the day
Neutral
Resistance Levels
11728 - 11785
Support Levels
11533 - 11468
Source: Falcon:
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Daily Technical Report
November 09, 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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