Daily Technical Report
May 13, 2013
Exhibit 1: Nifty Daily Chart
Sensex (20122) / NIFTY (6107)
On Friday, indices opened on a flat note and traded in a
narrow range during first half of the session. However during
the second half buying interest among market participants
led the index to close above the 6100 mark. During the
session, Healthcare, Metal and Consumer Durables sectors
were among the major gainers; whereas the IT, Power and
Teck counters ended with marginal losses. The advance to
decline ratio was in favor of advancing counters. (A=1023
D=647)
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19187/ 5815 and 19503/ 5919 levels, respectively.
The ’89-day EMA’ and the ‘200-day SMA’ are placed at
19212/ 5822 and 18834 / 5711, respectively.
Source: Falcon:
The weekly ADX (9) indicator and the ‘RSI-Smoothened’
oscillator are still positively poised.
Actionable points:
Trading strategy:
For the fourth consecutive week, our benchmark indices have
View
Neutral
closed in the positive territory. We had mentioned in our
Support Level
6040
previous report that the weekly ADX (9) indicator and the
Resistance Levels
6111
‘RSI-Smoothened’ oscillator are positively poised. The impact
of these evidences was seen during the week as indices
precisely tested the ’52-week’ high of 20204 / 6112 (Sensex
is trading bit lower than 20204; whereas Nifty has tested
6112). Considering the weekly price action and sheer
momentum in the market, it can be concluded that if indices
sustain above 20204 / 6112, then the possibility of testing
20665 / 6181 cannot be ruled out. However, the daily
momentum oscillator, viz. the ‘RSI-Smoothened’ has now
entered an extreme overbought territory and some sideways
or corrective movement is also likely. Nevertheless, loss of
current optimism would be seen only below 19903 / 6040
level. In this scenario, indices may test 19743 - 19542 /
5993 - 5928 levels. We advise traders to book their partial
profits and maintain strict stop loss for remaining long
positions.
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Daily Technical Report
May 13, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12780)
On Friday, Bank Nifty too opened on a flat note in line
with our benchmark indices and traded in a narrow range
during the first half of the session. However, the index
found support near to the hourly ’20 - EMA’ and bounced
back to test the prior swing high of 12783. A sustainable
move above the 12783 level may attract further buying
interest among market participants. However as the risk to
reward ratio in not favorable of the trader, we advise
traders not to create fresh long positions in the index. On
the upside 12838 - 12908 levels are likely to act as
resistance, whereas on the downside 12730 - 12700
levels are likely to act as support for the day
Actionable points:
View
Neutral
Resistance Levels
12838 - 12908
Support Levels
12730 - 12700
Source: Falcon:
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Daily Technical Report
May 13, 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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