Daily Technical Report
February 21, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19643) / NIFTY (5943)
Yesterday, indices opened slightly higher in-line with positive
global cues. However, indices could not sustain at higher
level and immediately corrected to trade within a narrow
range for rest of the trading session. On sectoral front, Oil &
Gas and Realty were the major gainers whereas Consumer
Durables and Metal sectors ended on a losing side. The
advance to decline ratio was in favor of advancing counters
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19650 / 5949 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:
Yesterday, indices opened marginally higher and precisely
tested the mentioned resistance level of 19723 / 5970.
View
Bearish below 5938
However, it was observed that indices were struggling to
Expected target
5883 - 5850
cross this level and eventually slid lower to close near day's
Resistance levels
5970
low. Since, there is no major change in the chart structure we
reiterate that only a sustainable move beyond yesterday's
high of 19743 / 5971 would attract buying interest among
market participants. On the other hand, considering
negative global clues, a move below Tuesday’s low of 19457
/ 5883 will result in the resumption of the overall downtrend.
Intraday traders can short the market below the 5938 mark,
for a target of 5883. Stop loss for the trade would be near to
5970.
1
Daily Technical Report
February 21, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12364)
Yesterday, Bank Nifty opened on a flat note and traded in a
narrow range with negative bias throughout the session. The
positive crossover in “RSI” and “Stochastic” momentum
oscillator on the daily chart mentioned in our previous report
is still intact. However the daily chart now shows that the Bank
Nifty is facing tremendous resistance near to the 20 day
moving average near to the 12475 mark. Also the daily
chart shows a “Dark Cloud Cover” candlestick pattern which
needs confirmation in the form of a closing below 12350.
The bearish pattern will be negated only if the index crosses
the 12475 level. On the downside 12332 - 12301 levels are
likely to act as support for the day.
Actionable points:
View
Bearish below 12350
Expected target
12301 - 12245 - 12140
Resistance levels
12475
Source: Falcon:
2
Daily Technical Report
February 21, 2013
Research Team Tel: 022 - 30940000
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,
nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,
compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have
investment positions in the stocks recommended in this report.
Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
Mehul Kothari
-
Technical Analyst
Ankur Lakhotia
-
Technical Analyst
Angel Broking Pvt. Ltd.
Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.
Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 30940000
Sebi Registration No: INB 010996539
4
