Daily Technical Report
March 21, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18884) / NIFTY (5694)
Yesterday, markets opened on a flat note in-line with the
quiet mood across the globe. However, indices could only
manage to inch marginally higher than the opening level
and gradually slipped as the day progressed to close
significantly in the red. The Realty, Power and PSU sectors
were among the major losers whereas FMCG and IT ended
with marginal gains. The advance to decline ratio was
strongly in favor of declining counters (A=761 D=2126)
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19362 / 5854 and 19221 / 5822 levels, respectively.
Source: Falcon:
Trading strategy:
Yesterday, indices slipped and closed below the
psychological level of 19000 / 5700. Indices are now
Actionable points:
trading marginally above the recent low of 18760 / 5663.
Considering the extremely strong negative momentum seen
View
Neutral
in the last 3 sessions, this level can be easily tested. Further,
Support levels
5663 - 5640
any sustainable move below this level would reinforce
Resistance levels
5733 - 5760
significant selling pressure. In this case, indices may slide
lower to test 18616 -18500 / 5640 - 5600 levels. However,
the hourly 'RSI-Smoothened' oscillator is placed well inside
the oversold territory and hence the possibility of a bounce
cannot be ruled out. Intraday traders are advised not to
create fresh short positions in today’s session. A move
beyond 19000 / 5733 may lead to a bounce from oversold
conditions towards hourly '20 EMA' placed at 19088 / 5760.
1
Daily Technical Report
March 21, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11255)
Yesterday, Bank Nifty opened on a flat note and drifted
lower as the day progressed to close with a loss of over
2%. On daily chart we are now witnessing bearish ‘Head
and Shoulder’ pattern breakdown as the index has closed
well below the 11401 level. However we are witnessing
positive divergence in ‘RSI’ momentum oscillator on daily
chart hence fresh selling at current levels is not advisable.
Moreover, the momentum oscillators on the daily chart are
placed inside the oversold zone hence some consolidation
or pullback in the index cannot be ruled out. On the
downside 11230 - 11125 levels are likely to act as
support whereas 11445 - 11550 levels are likely to act as
resistance for the day.
Actionable points:
View
Neutral
Resistance Levels
11445 - 11550
Support Levels
11230 - 11125
Source: Falcon:
2
Daily Technical Report
March 21, 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
Angel Broking Pvt. Ltd.
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