Daily Technical Report
April 15, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18243) / NIFTY (5529)
On Friday, our benchmark indices opened with a downside
gap on account of poor results posted by IT giant INFOSYS.
Thereafter indices traded in a narrow range to eventually
close near the initial opening level. During the day FMCG,
Power and Banking counters were among the major gainers
whereas IT, Teck and Capital Goods stocks ended in the red.
The advance to decline ratio was in favor of declining
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19012 / 5753 and 18716 / 5650 levels, respectively.
The ’89-week EMA’ and the ‘200-day SMA’ are placed
at 18190 / 5500 and 18641 / 5650, respectively.
The ‘Lower Top Lower Bottom’ formation on weekly
chart is still intact.
Source: Falcon:
We are observing a ‘Spinning Top’ (only in Nifty)
Japanese candlestick pattern on the weekly chart.
Actionable points:
Trading strategy:
The week was evenly dominated by both, the bulls as well as
View
Bullish Above 5545
the bears. As expected, the indices precisely tested the
Expected Targets
5610 - 5654
mentioned support zone of weekly '89 EMA' and the 161.8%
Support levels
5494 - 5477
Fibonacci retracement level of the rise from 18760 / 5663
(low on March 04, 2013) to 19755 / 5971(high on March
A move below this week's low of 18173 / 5477 would trigger
11, 2013), during the week. The weekly chart now depicts a'
further pessimism in the market. As a result, indices may
Spinning Top' (only in Nifty) Japanese candlestick pattern. An
resume their negative trend and may slide towards 17976 -
occurrence of such a pattern at the support level indicates
17677 / 5441 - 5332. Broadly speaking, the indices are
presently within the trading range of 18600 / 5611 - 18170
uncertainty among market participants. Hence, a sustainable
/ 5475. Any sustainable move outside this range will dictate
move beyond the high (18600 / 5611) of the pattern would
the direction of the market in the near term.
open up possibilities of near term bounce. In this scenario,
indices may go back to test 19061 / 5755 level. However,
the price movement in the last two sessions does not bode
well for the bulls.
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Daily Technical Report
April 15, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11410)
On Friday, Bank Nifty opened on a flat note unlike our
benchmark indices and showed strength throughout the
session to close in the positive territory. The positive
crossover in ‘RSI’ momentum oscillator on the daily chart
is still intact. We are now witnessing a ‘Falling Wedge’
pattern breakout in the index implying a target of 12100
over the next few sessions. Hence going forward any dip
in the index should be used as a buying opportunity. On
the downside 11278 - 11154 levels are likely to act as
support for the day. The stop loss for the trade should be
placed at 10888 levels.
Actionable points:
View
Bullish Above 11443
Expected Target
11510 - 11591
Support Levels
11278 - 11154
Source: Falcon:
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Daily Technical Report
April 15, 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
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