Daily Technical Report
November 16, 2012
Exhibit 1: Nifty Daily Chart
Sensex (18471) / NIFTY (5631)
Yesterday, our benchmark indices opened on a negative
note, in line with global clues. However during second half
of the session we witnessed minor recovery but eventually
indices closed with a negative bias. IT, Metal and FMCG
counters were the major draggers in yesterday’s session.
However, Realty and Consumer Durables counters ended on
a winning streak. The advance to decline ratio was in favor
of declining counters (A=1197 D=1632) (Source
-
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
18664 / 5677 and 18152/ 5511 levels, respectively.
The monthly ‘RSI’ oscillator is moving higher from the 50
mark and the positive in the ADX (9) indicator is intact.
The daily momentum oscillators viz, the ‘RSI’ and the
‘Stochastic’ are now signaling a negative crossover.
Trading strategy:
Source: Falcon:
During yesterday’s session, our benchmark indices continued
the negative momentum seen on ‘Muhurat Trading Session’.
After opening lower, indices went on to post a day’s low of
Actionable points:
18408 / 5603, which was not far away from the crucial
support level of 18393 / 5583. In addition to previously
View for the day
Neutral
mentioned technical evidences, we are now observing a
negative crossover in daily ‘5 & 20 EMA’ too. Hence, going
Resistance Levels
5652 - 5700
forward, a sustainable move below 18393 / 5583 level
Support Levels
5603 - 5583
would indicate further pessimism in the market. In this case,
we may witness further correction towards 18194 / 5515,
which is the 50% Fibonacci Retracement level of the rise from
17250 to 19138 / 5216 to 5815. On the flipside, 18594 -
18733 / 5652 - 5700 levels would act as intraday resistance
in the coming trading session.
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Daily Technical Report
November 16, 2012
Exhibit 2: Bank Nifty Hourly Chart
Bank Nifty Outlook - (11521)
Yesterday, Bank Nifty opened with a downside gap in line
with our benchmark indices and traded in a narrow range
to close with a loss of 0.11%. The index found support
near the gap formed on 2nd November and bounced back
to close above the “20- day EMA”. We reiterate our view
that the index is likely to trade in a broad range of 11850
- 11420. In the mentioned range 11609 - 11660 are
likely to act as resistance and 11480 - 11420 levels are
likely to act as support in coming trading session. A move
below 11420 would trigger short term pessimism and the
index is likely to then drift towards 11350 - 11298 levels.
Actionable points:
View for the day
Neutral
Expected Targets
11609 - 11660
Resistance Levels
11480 - 11420
Source: Falcon:
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Daily Technical Report
November 16, 2012
Research Team Tel: 022 - 39357800
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
Mehul Kothari
-
Technical Analyst
Ankur Lakhotia
-
Technical Analyst
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