Daily Technical Report
April 16, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18358) / NIFTY (5568)
The first session of the week began marginally lower in-line
with weak Asian bourses. Post the announcement of inflation
numbers we witnessed a sudden spurt in the market, which
pushed indices significantly higher to end the session well
inside the positive territory. During the day Oil & Gas,
FMCG and PSU counters were among the major gainers
whereas Consumer Durables, Metal and Auto stocks ended
in the red. The advance to decline ratio was in favor of
advancing counters (A=1266 D=1042)
(Source-
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
18949 / 5736 and 18682 / 5641 levels, respectively.
The ’89-week EMA’ and the ‘200-day SMA’ are placed
at 18195 / 5503 and 18648 / 5654, 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:
Despite strong negative cues from major Asian bourses, our
View
Bullish Above 5593
benchmark indices managed to trade with positive bias
Expected Targets
5611 - 5654
throughout the second half of the session. Since, there is no
Support levels
5494 - 5477
major change in the chart structure, we reiterate our view
that 18600 / 5611 remains to be an important hurdle for the
bulls. Only a sustainable move beyond this level may push
indices higher to test 19061 / 5755 level. On the flipside,
the crucial support remains at
18173
/
5477. Any
sustainable move below this would trigger further pessimism
in the market. As a result, indices may resume their negative
trend and may slide towards 17976 - 17677 / 5441 - 5332.
Broadly speaking, the indices are presently within the trading
range of 18600 / 5611 - 18170 / 5475. Any sustainable
move outside this range will dictate the direction of the
market in the near term.
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Daily Technical Report
April 16, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11526)
Yesterday, 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. However, the momentum oscillators on the
hourly chart are placed well inside the overbought
territory and some consolidation or pullback in the index
cannot be ruled out. As the ‘Falling Wedge’ pattern
breakout in the index is still valid we advise traders to use
these dips in the index to create fresh long positions. On
the downside 11334 - 11288 levels are likely to act as
support for the day.
Actionable points:
View
Neutral
Resistance Levels
11580 - 11643
Support Levels
11334 - 11288
Source: Falcon:
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Daily Technical Report
April 16, 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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