Daily Technical Report
May 21, 2013
Exhibit 1: Nifty Daily Chart
Sensex (20224) / NIFTY (6157)
The opening session of the week started off marginally
higher in-line with positive sentiments across all major Asian
bourses. During the first half indices maintained their positive
stance and Nifty managed to move beyond the 6200 mark.
However, post midsession indices came off day’s high and
profit booking ultimately led to a close in the negative
territory. For the day Auto and IT stocks were among the
major gainers, whereas Health Care and Consumer
Durables ended in the red. The advance to decline ratio was
in favor of declining counters. (A=1120 D = 1304) (Source-
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19381/ 5880 and 19773/ 6009 levels, respectively.
The ’89-day EMA’ and the ‘200-day SMA’ are placed at
19300/ 5851 and 18912 / 5740, respectively.
Source: Falcon:
The weekly ‘RSI-Smoothened’ oscillator remains
positively poised.
Actionable points:
Trading strategy:
As expected, indices opened in the positive territory and
View
Bullish above 6201
immediately made an attempt to move towards the next
Expected targets
6230 - 6283
resistance level of 20750 / 6280. However half way through,
Support Levels
6145 - 6128
indices faced tremendous selling pressure on the back some
profit booking by market participants. At this juncture the
undertone remains bullish. However, a sustainable move
below Friday’s low of 20155 / 6146 may lead to some more
correction in our market. In this scenario, indices may slide
towards 20048 - 19955 / 6100 - 6070 levels. On the
flipside, yesterday’s high of 20444 / 6230 would act as an
immediate resistance for the market. Any move beyond this
level would certainly push indices towards the 20750 / 6280
level.
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Daily Technical Report
May 21, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (13182)
Yesterday, Bank Nifty opened on a positive note in line
with our benchmark indices and traded in a 100 point
range during the major part of the session. However,
during the last couple of hours strong selling pressure lead
the index to close at the hourly ’20 - EMA’. We reiterate
our view that the ongoing momentum in the index is likely
to hold as long as the index trades above the 13100 level.
A breach of this level would lead to further profit booking
and the index may drift lower towards 12965 - 12859
levels. On the upside 13332 - 13354 levels are likely to
act as resistance for the day.
Actionable points:
View
Neutral
Resistance Levels
13332 - 13354
Support Levels
13100 - 12965
Source: Falcon:
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Daily Technical Report
May 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
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