Daily Technical Report
May 17, 2013
Exhibit 1: Nifty Daily Chart
Sensex (20247) / NIFTY (6170)
Yesterday, our benchmark indices opened slightly lower in-
line with subdued global cues. However, indices managed to
recover from the lows immediately after the opening tick and
then oscillated within a narrow trading range till end of the
session. For the day Realty, Oil & Gas and Health Care
counters were among the major gainers, whereas FMCG, IT
and Teck stocks ended in the red. The advance to decline
ratio was in favor of declining counters. (A=1197 D =
1278)
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19289/ 5849 and 19667/ 5973 levels, respectively.
The ’89-day EMA’ and the ‘200-day SMA’ are placed at
19278/ 5843 and 18894 / 5730, respectively.
Source: Falcon:
Actionable points:
Trading strategy:
Wednesday’s humongous rally was followed by a range
View
Bullish above 6187
bound session. However, the bias remained positive
Expected targets
6200 - 6280
throughout the session. There is no major change in the
Support Levels
6116 - 6060
price structure. Hence, we continue to expect that the market
may move higher towards 20438 - 20700 / 6200 - 6280
levels in the near term. On the flipside, 20096 / 6116 level
would act as an immediate support for our market.
Considering the daily chart, we are of the opinion that
Tuesday's low of 19652 / 5970 (also coincides with hourly
'89 EMA') has now become a strong near term base for our
market. Hence, only a violation of this level would result in
loss of near term optimism.
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Daily Technical Report
May 17, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (13239)
Yesterday, Bank Nifty opened on a subdued note in line
with our benchmark indices and nearly tested its life time
high of 13300 during the initial part of the session.
Considering the present placement of the momentum
oscillators, we reiterate our view that some consolidation in
the index is likely to take place in the coming sessions.
However a close above 13300 will attract fresh buying
and may lead the index higher towards 13360 - 13467
levels. On the downside 13200 - 13099 levels are likely to
act as support for the day.
Actionable points:
View
Neutral
Resistance Levels
13300 - 13360
Support Levels
13200 - 13099
Source: Falcon:
2
Daily Technical Report
May 17, 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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