Daily Technical Report
April 18, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18731) / NIFTY (5689)
Yesterday, indices opened marginally higher in-line with
positive global cues. Subsequently, indices moved higher to
register a high of 18870 / 5732. However, post midsession,
indices faced strong selling pressure at higher levels and
eventually closed on a flat note. During the day Oil & Gas, IT
and Teck counters were among the major losers whereas
Metal, FMCG and Auto counters ended with gains. The
advance to decline ratio was in marginally in favor of
declining counters (A=1128 D=1199)
(Source-
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
18987 / 5748 and 18692 / 5650 levels, respectively.
The ’89-week EMA’ and the ‘200-day SMA’ are placed
at 18203 / 5506 and 18657 / 5656, 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.
Trading strategy:
Actionable points:
Tuesday’s strong rally was followed by a gap up opening in
View
Bullish Above 5732
yesterday’s sessions but indices failed to sustain at higher
Expected Targets
5755 - 5780
levels and trimmed all early gains during the second half.
Support levels
5669 - 5611
Yesterday’s price action has resulted in ‘Narrow Range’ body
formation. This candlestick pattern indicates slight
uncertainty among market participants. Hence, any
sustainable move below yesterday’s low of 18673 / 5669
may lead to a further intraday correction towards 18600 -
18525 / 5653
- 5625 levels. However, in the above
mentioned scenario also, the short term trend remains
bullish. The positive impact of daily ‘RSI-Smoothened’
oscillator and ‘ADX (9)’ indicator would be seen once indices
sustain above yesterday’s high of 18870 / 5732. In this
scenario, indices may rally towards 19061 - 19100 / 5755 -
5780 levels in coming trading sessions.
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Daily Technical Report
April 18, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11981)
Yesterday, Bank Nifty opened with an upside gap and
thereafter tested the mentioned target of 12100. However
during the second half we witnessed some profit booking
which led the index to close with minor gains. There is no
significant change in the overall chart structure and the
momentum oscillator on the daily chart (RSI) continues to
be positive. Hence we reiterate our view that any dip in
the index should be used to create fresh long positions for
higher targets of 12241 - 12515 levels. Positional traders
holding long position in the Bank Nifty should maintain a
stop loss of 11480 levels. On the downside 11913 -
11743 levels are likely to act as support.
Actionable points:
View
Bullish Above 12112
Expected Target
12241 - 12515
Support Levels
11913 - 11743
Source: Falcon:
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Daily Technical Report
April 18, 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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