Daily Technical Report
February 20, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19636) / NIFTY (5940)
Yesterday's session too opened on a flat note in-line with
muted sentiments among market participants across the
globe. However, post midsession indices surprisingly picked
up strong positive momentum and managed to close at the
highest point of the day. On sectoral front, all the sectors
contributed to yesterday’s rally among which Realty, IT and
Healthcare were the major gainers. The advance to decline
ratio was strongly in favor of advancing counters (A=1371
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19652 / 5951 and 19233 / 5832 levels, respectively.
The Nifty has broken down from the ‘Upward Sloping
Trend Line’ (as shown in the chart).
The weekly ‘RSI Smoothened’ and ‘3 & 8 EMA’ are
signaling a negative crossover.
Source: Falcon:
Trading strategy:
Actionable points:
Similar to Monday's session yesterday too, indices remained
range bound and traded with very lackluster movement
throughout the first half of the session. However, a strong
View
Neutral
rally in the last hour of trade eventually led the index to close
Resistance Levels
5970 - 5991
well inside the positive territory. Indices are now approaching
Support Levels
5910 - 5883
'20-day EMA' and last week's high of 19723 / 5970, which
may act as a strong resistance in coming trading session.
Nevertheless, the daily 'RSI' momentum oscillator is now
signaling a positive crossover. The impact of this tool would
be seen once indices sustain above 19723 / 5970. In this
scenario, indices may move higher to test 19767 / 5991. On
the flip side, yesterday's low of 19457 / 5883 would act as a
key support level for our market.
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Daily Technical Report
February 20, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12414)
Yesterday, Bank Nifty opened on a flat note and traded in a
narrow range during major part of the session. However, in
line with the broader markets, the Bank Nifty too moved
higher to close above the 12400 mark. At this juncture we
are witnessing positive crossover in “RSI” and “Stochastic”
momentum oscillator on the daily chart. The effect of these
technical tools would be seen only if the index sustains above
12427 level. In this scenario the index is likely to rally
towards 12474 - 12525 levels. On the downside 12303 -
12245 levels are likely to act as support for the day.
Actionable points:
View
Neutral
Resistance Levels
12474 - 12525
Support Levels
12303 - 12245
Source: Falcon:
2
Daily Technical Report
February 20, 2013
Research Team Tel: 022 - 30940000
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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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