Daily Technical Report
April 11, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18414) / NIFTY (5559)
Yesterday, indices opened with a decent upside gap in-line
positive global cues but failed to sustain at higher level and
corrected lower in the first half. Post midsession, indices
registered a low of 18173 / 5477 and then bounced back
sharply to close well inside the positive territory. Almost all
the sectors ended on the gaining side except for FMCG
counters which ended with marginal losses. The advance to
decline ratio was in favor of declining counters (A=1154
D=1213)
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19028 / 5756 and 18790 / 5669 levels, respectively.
The ’89-week EMA’ and ‘200 Day SMA’ are placed at
18200 / 5500 and 18626 / 5647, respectively.
Source: Falcon:
The ‘Lower Top Lower Bottom’ formation on weekly
chart is still intact.
Actionable points:
Trading strategy:
Despite positive opening, the first half of yesterday’s session
View
Bullish Above 5569
was dominated by the bears. In the process, indices slipped
Expected Targets
5605 - 5650
nearly 1% lower to register a low of 18173 / 5477. This level
Support levels
5477
precisely coincides with the 161.8% Fibonacci retracement
level of the rise from 18760 / 5663 (low on March 04,
2013) to 19755 / 5971(high on March 11, 2013). This
161.8% ratio is considered as a ‘Golden Ratio’ and hence,
accordingly provided strong support for the market during
yesterday’s session. The daily chart now depicts a ‘Bullish
Hammer’ Japanese candlestick pattern. This is a bullish
pattern and requires confirmation in the form of a close
above yesterday’s high of 18462 / 5569. This is also
supported by the positive crossover in daily momentum
oscillators. Hence, a move beyond 18462 / 5569 may
attract significant buying interest among participants. In this
scenario, indices may bounce towards 18562 - 18630 /
5605 - 5650 levels. On the flipside, yesterday’s low of
18173 / 5477 would act as a key support in coming trading
session.
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Daily Technical Report
April 11, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11122)
Yesterday, Bank Nifty opened on a positive note in line
with our benchmark indices and found support at the
trend line formed by joining the lows of December 24,
2012 and February 28, 2012 during the initial hour of
trade. However, buying interest near this support trend
line led the index to close in the positive territory. We had
mentioned in our previous that the 'RSI' momentum
oscillator on the daily and hourly chart is showing positive
divergence. Now we are witnessing positive crossover in
'RSI' momentum oscillator on the daily chart. The effect of
this technical this technical tool would be seen if the index
sustains above yesterday's high of 11144. In this scenario
the index is likely to rally towards 11250 - 11365. On the
downside yesterday’s low of 10888 is likely to act as
support for the day.
Actionable points:
View
Bullish Above 11444
Expected Target
11250 - 11365
Support Levels
10888
Source: Falcon:
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Daily Technical Report
April 11, 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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