Daily Technical Report
November 20, 2012
Exhibit 1: Nifty Daily Chart
Sensex (18339) / NIFTY (5571)
The week began on a quiet note and indices yet again
slipped into a consolidation mode for the day. During the
session, indices marginally sneaked below Friday’s low but
managed to recover in the second half. The Consumer
Durables, Capital Goods and Health Care counters kept
indices under pressure; whereas the Auto and FMCG
counters aided the bulls. The advance to decline ratio was
strongly in favor of declining counters (A=1062 D=1766)
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
18630 / 5668 and 18138 / 5505 levels, respectively.
The weekly ‘RSI - Smoothened’ is now signaling a
negative crossover.
Trading strategy:
At this juncture, we are observing a ‘Narrow Range’ body
Source: Falcon:
formation near the strong support zone created by two
channels. This pattern qualifies as a “Homing Pigeon”
Pattern on the charts of the Sensex. This is a bullish pattern
Actionable points:
but requires confirmation in the form of a close above the
18387 mark. Thus, if indices manage to sustain above
yesterday’s high of 18387 / 5593, then we can expect a
View for the day
Bullish above 5600
sustainable bounce in coming trading sessions. For intraday
Expected Target
5650
traders the ’20-EMA’, which is placed at 18411 / 5600 may
Support Levels
5549 - 5515
act as an intermediate resistance. If indices manage to
traverse hourly ’20 EMA’, then we are likely to witness an
intraday move towards the 18564 / 5650 mark. On the
flipside, a fall and close below yesterday’s low of 18256 /
5549 would resume last Friday’s negative trend.
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Daily Technical Report
November 20, 2012
Exhibit 2: Bank Nifty Hourly Chart
Bank Nifty Outlook - (11307)
Yesterday, Bank Nifty opened on a pessimistic note and
yet again traded in a narrow range throughout the
session. During the day the index tested the
78.6%
Fibonacci retracement of the rise from 11125 - 11719.
We are now witnessing a positive crossover in momentum
oscillators “RSI” and “Stochastic” coupled with oversold
condition of momentum oscillator “RSI -Smoothened” on
the hourly chart. Hence we reiterate our view that a
pullback or further consolidation in the index cannot be
ruled out. On the upside 11433 - 11488 levels are likely
to act as resistance and 11252 - 11163 levels are likely to
act as support for the day.
Actionable points:
View for the day
Neutral
Expected Targets
11433 - 11488
Resistance Levels
11252 - 11163
Source: Falcon:
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Daily Technical Report
November 20, 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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