Daily Technical Report
October 11, 2012
Exhibit 1: Nifty Daily Chart
Sensex (18631) / NIFTY (5652)
Yesterday, in line with other Asian markets, our indices
opened in red and traded with negative bias throughout the
day to close near day’s low. Indices extended their losses as
the day’s progressed in the wake of downgrade warning by
the rating agency, Standard & Poor’s. Yesterday’s fall was
heavily supported by Realty, Power and Banking counters;
whereas FMCG was the only sector in green. The advance to
decline ratio was strongly in favor of declining counters
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
18542 / 5624 and 17835 / 5405 levels, respectively.
The monthly ‘RSI’ oscillator is moving higher from the 50
mark and the ADX (9) indicator is now signaling a
positive crossover.
The daily ‘RSI’ and ‘Stochastic’ oscillators are signaling a
negative crossover.
Source: Falcon:
Trading strategy:
Actionable points:
Yesterday, fear of an impending downgrade to the sovereign
and negative sentiments across the globe lead our indices to
View
Neutral
close 0.9% lower below the mentioned support level of
Resistance Levels
5683 - 5729
18684 / 5666. Now on the Daily chart, we are witnessing a
Support Levels
5638 - 5587
negative crossover in “3&8 EMA”. The impact of the same
will be witnessed once indices trade below 18614 / 5647
level. In this case, we may see further correction towards the
next support levels of 18552 - 18416 / 5638 - 5587.
However, we are observing that our benchmark indices are
approaching the ’20-day EMA’ and the ’5-week EMA’ which
are placed at 18542 / 5624 and 18582 / 5635 respectively.
The mentioned zone could prove to be a major support for
the bulls from where the underlying uptrend may resume.
On the upside, 18730 - 18886 / 5683 - 5729 levels are
likely to act as resistance in coming trading session.
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Daily Technical Report
October 11, 2012
Research Team Tel: 022 - 39357800
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Research Team
Shardul Kulkarni
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Head - Technicals
Sameet Chavan
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Technical Analyst
Sacchitanand Uttekar
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Technical Analyst
Mehul Kothari
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Technical Analyst
Ankur Lakhotia
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Technical Analyst
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