Daily Technical Report
June 12, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19143) / NIFTY (5789)
Yesterday, our benchmark indices opened lower on the back
of negative developments across the globe and significant
weakness in rupee. Immense selling pressure was seen as
the day progressed and eventually markets closed at almost
the lowest point of the session. All sectors ended in the
negative territory with the Consumer Durables, Metal, Realty
and Banking counters leading the decline. The advance to
decline ratio was strongly in favor of declining counters.
(A=670 D=1691)
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19378/ 5875 and 19754/ 5991 levels, respectively.
The ’89-day EMA’ and the ‘200-day SMA’ are placed at
19443/ 5897 and 19095 / 5790, respectively.
The weekly ‘RSI’ and ‘Stochastic’ momentum oscillators
are still negatively poised.
Source: Falcon:
The weekly ‘Bearish Engulfing’ and the monthly
‘Shooting Star’ Japanese candlestick patterns are still
Actionable points:
intact.
View
Neutral
Support Levels
5764 - 5732
Trading strategy:
Resistance levels
5807 - 5868
Yesterday, indices opened on a pessimistic note and
immediately during the initial hour, breached the crucial
support of 50% Fibonacci retracement level placed at 19294
/ 5853. As expected, this triggered massive selling pressure
in our market and indices almost tested the mentioned
support level of 61.8% Fibonacci retracement at 19022 /
5764. We are now observing that indices are also hovering
around the daily ‘200 SMA’ placed at 19109 / 5794. This
technical indicator is considered as a decent support level.
Hence, going forward, only a sustainable move below
yesterday’s low of 19121 / 5780 may lead to a further fall
towards 18870 / 5732. On the flipside, 19350 - 19419 /
5807 - 5868 levels would act as resistance in coming
trading session.
1
Daily Technical Report
June 12, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11821)
Yesterday, the Bank Nifty too opened lower and
maintained its negative momentum seen during Monday’s
session. During the opening trade, the Bank Nifty violated
Monday’s low of 12017 and as a result, we witnessed a
strong selling post the breach of the support. The Index
then corrected more than 2% and precisely met with our
target of 11854 mentioned in our previous report. The
Bank Nifty is now slightly below the ‘200 SMA’ level of
11882. Hence, we are of the opinion that if index sustains
below yesterday’s low of 11795, then we may witness
extended corrective move towards 11643. Conversely,
yesterday’s high of 12032 would act as resistance for the
day.
Actionable points:
View
Negative below 11795
Expected Target
11643
Source: Falcon:
Resistance Level
12032
2
Daily Technical Report
June 12, 2013
Research Team Tel: 022 - 30940000
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,
nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Broking Limited endeavors to update on a reasonable basis the information discussed in this material, there may be regulatory,
compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have
investment positions in the stocks recommended in this report.
Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
Angel Broking Pvt. Ltd.
Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.
Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 30940000
Sebi Registration No: INB 010996539
4
