Daily Technical Report
December 13, 2012
Exhibit 1: Nifty Hourly Chart
Sensex (19355) / NIFTY (5888)
We witnessed a flat opening yesterday in-line with quiet
global cues. During the day, the index traded with extreme
choppiness, although the overall range was 50 points. The
Consumer Durables and the Auto sectors held indices above
intraday support; whereas the Capital Goods and the Metal
counters continuously imposed selling pressure on our
market. The advance to decline ratio was marginally in favor
of declining counters (A=1433 D=1494) (Source
-
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
18980 / 5770 and 18390 / 5586 levels, respectively.
On the weekly chart, we are witnessing a breakout from
‘Downward Sloping Trend Line’ joining two significant
swing high of 19811 / 5944 (April 2011) and 19137 /
5815 (Oct 2012) at 19050 / 5800 level .
The 78.60% Fibonacci retracement level of the fall from
November 5, 2010 (the high was 21109 / 6339) to
December 23, 2011 (the low was 15135 / 4531) is at
19812 / 5945.
Source: Falcon:
On the daily chart, we are observing a ‘Hanging Man’
candlestick pattern, occurred on December 6, 2012.
Actionable points:
Trading strategy:
View for the day
Bearish below 5865
Yesterday’s session was a nightmare for the day traders as
we witnessed a very choppy session. Just before the
Expected Targets
5820 - 5800
midsession, indices recouped their early losses on the back
Resistance Levels
5925 - 5965
of better-than-expected October month IIP numbers but
eventually closed in the negative territory. We reiterate our
view that a move below Tuesday’s low of 19285 / 5865
would confirm ‘Lower Top Lower Bottom’ formation in hourly
chart. In this scenario, Indices may slide down towards the
next support zone of 19100 - 19050 / 5820 - 5800, which
coincides with the ’20-day EMA’ as well as 38.20% Fibonacci
retracement level of the current up move from 18256 / 5548
to 19612 / 5965. On the flipside, 19479 - 19612 / 5925 -
5965 levels are likely to act as a strong resistance in coming
trading session.
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Daily Technical Report
December 13, 2012
Exhibit 2: Bank Nifty Hourly Chart
Bank Nifty Outlook - (12302)
Yesterday, In line with the benchmark indices the Bank Nifty
too opened on a flat note but traded with extreme choppiness
to finally close with a loss of 0.35%. The index is still trading
above the previously mentioned support trend line formed by
joining the intraday lows of 12053 and 12142. Also we are
now witnessing a negative crossover in “RSI” momentum
oscillator on the daily chart. The effect of the mentioned tool
would be seen if the index sustains below yesterday’s low of
12271 and the Bank Nifty is then likely to drift towards 12142
- 12048 levels. On the upside 12300 - 12388 levels are
likely to act as resistance for the day.
Actionable points:
View for the day
Bearish Below 12271
Expected targets
12142 - 12048
Source: Falcon:
Resistance Levels
12300 - 12388
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Daily Technical Report
December 13, 2012
Research Team Tel: 022 - 39357800
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
Mehul Kothari
-
Technical Analyst
Ankur Lakhotia
-
Technical Analyst
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