Daily Technical Report
June 18, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19326) / NIFTY (5850)
The opening session of the week started off on a positive
note in-line with strong cues from Asian bourses. Indices
traded with immense volatility during the first half as the RBI
declared the monetary policy stance. However, post
midsession, indices resumed their Friday’s uptrend and
eventually closed well inside the positive territory. During the
session, the Auto, Capital Goods and Teck sectors
dominated the up move; whereas the Metal sector ended
with very minor loss. The advance to decline ratio was in
favor of advancing counters.
(A=1205 D=1091)
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19359/ 5869 and 19500/ 5909 levels, respectively.
The ’89-day EMA’ and the ‘200-day SMA’ are placed at
19417/ 5885 and 19128 / 5800, respectively.
The daily ‘RSI’ and ‘Stochastic’ momentum oscillators
are signaling a positive crossover.
Source: Falcon:
The Monthly ‘Shooting Star’ Japanese candlestick
pattern has been activated.
Actionable points:
The daily chart now depicts a bullish ‘Island Reversal’
View
Bullish above 5855
pattern.
Expected targets
5885 - 5909
Support level
5770
Trading strategy:
Friday’s strong up move was followed by a quiet opening in
our market. The correction post the RBI policy announcement
and then the follow up buying seen in yesterday’s session, is
a sign of strength and indicates possibility of a further up
move in the coming session. Going forward, considering the
positive placement of ‘RSI’ momentum oscillator and the
price action in hourly chart, we reiterate our view that indices
may head towards the stiff resistance zone of daily ’89 EMA’
and ’20 EMA’ placed at 19417/ 5885 and 19500/ 5909
levels respectively. On the flipside, yesterday’s low of 19084
/ 5770 would act as a key support in coming trading
session.
1
Daily Technical Report
June 18, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11971)
Yesterday, the Bank Nifty too opened marginally higher in-
line with benchmark indices but corrected sharply to
register a low of 11735, post the announcement of the RBI
monetary policy. However, during the second half, the
Bank Nifty recovered from the lows to eventually close with
half a percent gain. Although the Index is presently in a
lower top lower bottom cycle on the daily chart, it should
be noted that the current pullback is showing decent
strength. Going forward, if the Index sustains above
yesterday’s high of 11992, then we may see a further
extension of this pullback and the Bank Nifty may 12085 -
12190 levels. Conversely, yesterday’s low of 11735 would
act provide decent support for the index.
Actionable points:
View
Bullish above 11992
Source: Falcon:
Expected target
1
12085 - 12190
Support Levels
11735
2
Daily Technical Report
June 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
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