Daily Technical Report
April 10, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18226) / NIFTY (5495)
Yesterday, indices opened on a positive note as suggested by
the SGX Nifty. During the first half, indices maintained their
positive bias to register a high of 18566 / 5603 to give some
hints of optimism. However, post midsession markets yet
again tumbled from their highs to eventually close well inside
negative territory. Almost all the sectors ended on a losing
side except for Auto counters which ended with nominal
gains. The advance to decline ratio was strongly in favor of
declining
counters
(A=561 D=1133) (Source-
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19010 / 5750 and 18829 / 5681 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:
The second session of the week started off on a positive note.
View
Neutral
In the process, indices precisely tested March 28, 2013 low
Resistance levels
5605
of 18566 / 5604. This level also coincides with the daily
Support levels
5485 - 5441
trend line (drawn by joining low of November 19, 2012 and
March 28, 2013) and proved to be a stiff resistance for the
market. As a result, indices pared down all their gains and
corrected by nearly 2% from the day's high. Nifty has now
sneaked marginally below the psychological level of 5500.
This indicates that the downtrend is now getting
strengthened. Hence, considering current negative
momentum, possibility of testing 17976 / 5441 is quite high.
On the upside, yesterday's high of 18857 / 5603 would act
as a resistance in coming trading session.
1
Daily Technical Report
April 10, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (10929)
Yesterday, the index opened on a positive note in line with
our benchmark indices and eventually headed higher
during the initial part. However, during the second half the
index pared down all its gains to eventually close in the
negative territory. The index for the third consecutive time
has taken support on the downward sloping trend line
formed by joining the lows of December 24, 2012 -
February
28,
2012. Moreover, the ‘RSI’ momentum
indicator has not confirmed the low and is showing
positive divergence on daily and hourly chart. Therefore,
we advise traders not form fresh short positions in the
index. For the day 10887 - 10797 levels are likely to act
as support and on the upside 11105 - 11210 levels are
likely to act as resistance.
Actionable points:
View
Neutral
Resistance Levels
11105 - 11210
Support Levels
10887 - 10797
Source: Falcon:
2
Daily Technical Report
April 10, 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
Angel Broking Pvt. Ltd.
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