Daily Technical Report
May 15, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19722) / NIFTY (5995)
Yesterday, our benchmark indices opened marginally higher
in-line with quiet global cues. During the first half, indices
bounced more than half a percent but eventually gave away
a major part of the gains to close marginally in the positive
territory. For the day Healthcare and Teck counters ended on
the gaining side whereas Consumer Durables and Realty
sectors ended in the red. The advance to decline ratio was
marginally in favor of declining counters. (A=1140
D=1194)
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19236/ 5832 and 19522/ 5931 levels, respectively.
The ’89-day EMA’ and the ‘200-day SMA’ are placed at
19212/ 5829 and 18846 / 5719, respectively.
Source: Falcon:
The daily “RSI” and “RSI Smoothened” momentum
oscillators have given a negative crossover.
Actionable points:
Trading strategy:
Monday's sharp fall was followed by a narrow trading
View
Sell below 5970
session as indices oscillated in a range. Despite positive
Expected targets
5928 - 5900
inflation numbers, markets were reluctant to stay bullish.
Resistance Levels
6030 - 6060
Indices precisely faced resistance near the hourly '20 EMA'.
Hence, going forward, yesterday's high of 19832 / 6026
would act as immediate resistance level. Any move beyond
this level may push indices higher to test 19964 / 6060.
Nevertheless, the daily 'RSI-Smoothened' is still negatively
poised. Hence, a sustainable move below 19652 / 5970
(also coincides with hourly '89 EMA') may trigger strong
pessimism in the market. In this scenario, indices may slide
towards the next support level of 19542 - 19450 / 5928 -
5900.
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Daily Technical Report
May 15, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12584)
Yesterday, Bank Nifty too opened on a flat note in line with
our benchmark indices and traded with extreme volatility
throughout the session to close near the initial opening
level. The bulls successfully defended the mentioned
support level of 12514. Since there is no major change in
the chart structure we reiterate our view that any correction
in the index is likely only if it sustains below 12514. In this
scenario the index is likely to drift lower towards 12447 -
12378 levels. On the upside 12700 - 12865 levels are
likely to act as resistance for the day.
Actionable points:
View
Bearish Below 12514
Expected Targets
12447 - 12378
Resistance Levels
12700 - 12865
Source: Falcon:
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Daily Technical Report
May 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
Angel Broking Pvt. Ltd.
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