Daily Technical Report
May 14, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19692) / NIFTY (5980)
The opening session of the week started on a flat note but
immediately witnessed selling pressure in FMCG
heavyweight ITC. The trade deficit data proved to be
extremely disappointing and the marked cracked further to
close at the lowest point of the session. For the day all the
sectors ended in the red among which FMCG, Capital
Goods and Metal counters were among the major losers.
The advance to decline ratio was strongly in favor of
declining
counters.
(A=808 D=1542) (Source-
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19236/ 5830 and 19522/ 5925 levels, respectively.
The ’89-day EMA’ and the ‘200-day SMA’ are placed at
19212/ 5822 and 18846 / 5714, respectively.
Source: Falcon:
The daily “RSI” and “RSI Smoothened” momentum
oscillators have given a negative crossover.
Actionable points:
Trading strategy:
In line with our expectations, the market fell below the crucial
View
Sell below 5972
support level of 19903 / 6040 and corrected lower to test
Expected targets
5928 - 5900
the mentioned level of 19743 / 5993. The market has
Resistance Levels
6030 - 6060
witnessed broad based selling and the leading sectors such
as Banking and FMCG fell significantly in yesterday’s
session. Also, the ‘RSI’ and ‘RSI smoothened’ momentum
oscillators have given a negative crossover in the overbought
zone. Going forward, if the market sustains below
yesterday’s low of 19667 / 5972, then the possibility of
testing the 19542 - 19450 / 5928 - 5900 levels cannot be
ruled out. On the upside 19851 - 19964 / 6030 - 6060
levels may act as resistance for the day.
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Daily Technical Report
May 14, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12569)
Yesterday, Bank Nifty too opened on a flat note in line with
our benchmark indices but selling pressure throughout the
day led the index to close with a loss of 1.65%. Similar to
the charts of the benchmark indices the momentum
oscillators in the Bank Nifty daily chart have given a
negative crossover The effect of this technical tool would
be seen only if the index sustains below the 12514 level. In
this scenario the index is likely to drift lower towards
12447 - 12378 levels. On the upside 12670 - 12720
levels are likely to act as resistance for the day.
Actionable points:
View
Bearish Below 12514
Expected Targets
12447 - 12348
Resistance Levels
12670 - 12720
Source: Falcon:
2
Daily Technical Report
May 14, 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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