Daily Technical Report
May 10, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19939) / NIFTY (6050)
Yesterday, indices opened marginally higher in-line with
global cues and traded within a narrow range during the first
half. Subsequently, a correction during the last hour of trade
led the index to close in the red. During the session,
Healthcare, Metal and Realty sectors were among the major
losers; whereas the IT and Teck counters outperformed our
benchmark indices. The advance to decline ratio was in
favor of declining counters. (A=1079 D=1322) (Source-
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19170/ 5809 and 19371/ 5879 levels, respectively.
The weekly ADX (9) indicator and the ‘RSI-Smoothened’
Source: Falcon:
oscillator have signaled a positive crossover.
Trading strategy:
Actionable points:
During yesterday’s session, indices traded within a narrow
range and remained lackluster for most part of the session.
View
Bearish Below 6024
In our previous report, we had mentioned a ‘Hanging Man’
Expected Targets
5980 - 5930
Japanese candlestick pattern, which is still intact and there is
Resistance Levels
6072 - 6111
no significant change in the overall chart structure. Hence,
we reiterate our view that if indices sustain below
Wednesday’s low of 19851 / 6024, then we may witness a
corrective move towards 19743 - 19542 / 5993 - 5930
levels. Conversely, any sustainable close beyond yesterday’s
high of 20058 / 6085 would negate the pattern and indices
may then rally towards 20204 / 6112. We continue to advise
positional traders to book at least partial profits and
maintain strict stop losses for remaining long positions.
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Daily Technical Report
May 10, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12596)
Yesterday, Bank Nifty opened on a flat note in line with
our benchmark indices and traded in a narrow range
throughout the session to close with a loss of 0.37%. As
there is no major change in the chart structure we reiterate
our view that only a sustainable move below 12514 levels
would lead to a short term loss of momentum in the index.
In this scenario the index is likely to drift lower towards
12400 - 12330 levels. On the upside 12720 - 12780
levels are likely to act as resistance for the day.
Actionable points:
View
Bearish below 12514
Expected Targets
12400 - 12330
Resistance Levels
12720 - 12780
Source: Falcon:
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Daily Technical Report
May 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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