Daily Technical Report
February 15, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19497) / NIFTY (5897)
Yesterday, our benchmark indices opened on a flat note in-
line with mixed global cues and witnessed a sudden spurt
post the announcement of better-than-expected inflation
numbers. However, this optimism didn’t sustain too long as
indices corrected sharply during the second half to close
almost at the lowest point of the day. Capital Goods, Oil &
Gas and Auto counters contributed heavily in yesterday’s
correction; whereas, FMCG, IT and Metal sectors provided
decent support to the markets. The advance to decline ratio
was strongly in favor of declining counters (A=656 D=1501)
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19690 / 5965 and 19194 / 5821 levels, respectively.
The Nifty has broken down from the ‘Upward Sloping
Trend line’ (as shown in the chart).
The weekly ‘RSI Smoothened’ is now signaling a
negative crossover.
Source: Falcon:
Actionable points:
Trading strategy:
View
Bearish Below 5879
Despite, better than expected inflation numbers, indices
Expected Targets
5840 - 5800
could not sustain at higher levels. During the second half,
Resistance Levels
5907 - 5938 - 5970
banking heavyweight, SBI announced their Q3 numbers,
which were below expectations. As a result, many front line
banking stocks followed by index heavyweights experienced
tremendous selling pressure. Eventually, indices closed
marginally above the support level of 19414 / 5879. Going
forward, we expect further weakness in the markets once
Indices fall below the 19414 / 5879 level. In this scenario,
pessimism is likely to continue and indices may drift towards
their next support levels of 19000 / 5800. On the flipside, a
move beyond Wednesday’s high of 19723 / 5970 would
certainly put the brakes on bearish momentum seen during
last couple of trading sessions. Indices may then rally
towards 19768 - 19865 / 5991 - 6025.
1
Daily Technical Report
February 15, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12311)
Yesterday Bank Nifty opened on a flat note and dragged
lower as the index heavyweight SBI posted lower then
estimated quarterly results, to close near day's low. The index
is now near the support level of the low (12245) of the
“Inside day” pattern mentioned in our previous reports. A
breach of the 12245 level would trigger pessimism among
the market participants and may drag the index lower
towards 12143 - 12000 levels. On the upside 12378 -
12434 levels are likely to act as immediate resistance for the
index.
Actionable points:
View
Bearish Below 12245
Expected Targets
12143 - 12000
Resistance Levels
12378 - 12434
Source: Falcon:
2
Daily Technical Report
February 15, 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 endeavours 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
Mehul Kothari
-
Technical Analyst
Ankur Lakhotia
-
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
