Daily Technical Report
June 21, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18719) / NIFTY (5656)
Yesterday, our benchmark indices opened with substantial
downside gap on the back of extremely negative global cues.
Pessimism increased as the day progressed and as a result,
indices slumped more than two and half percent during the
session. All the sectors ended in the red with the Realty,
Metal, Banking and Oil & Gas counters leading the decline.
The advance to decline ratio was strongly in favor of
declining counters.
(A=654 D=1647) (Source-
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19298/ 5848 and 19370/ 5865 levels, respectively.
The ’89-day EMA’ and the ‘200-day SMA’ are placed at
19391/ 5877 and 19159 -/ 5809, respectively.
The daily ‘RSI’ and ‘Stochastic’ momentum oscillators
are signaling a positive crossover.
Source: Falcon:
The Monthly ‘Shooting Star’ Japanese candlestick
pattern has been activated.
Actionable points:
The daily chart now depicts a bullish ‘Island Reversal’
View
Bearish below 5638
pattern.
Expected targets
5585 - 5550
Resistance levels
5683 - 5740
Trading strategy:
Yesterday, indices opened more than a percent downside
gap considering extreme pessimism seen across the globe.
Weakness in rupee added to the woes and as a result,
indices closed almost at the lowest point of the day. At
present, we are observing that indices have closed
marginally above the 78.6% Fibonacci retracement level of
the rise from 18144 / 5477 to 20444 / 6230. This level is
placed at 18636 / 5638. Going forward, any sustainable
move below this level may trigger further pessimism in the
market. In this scenario, indices may slide towards 18450 /
5585, which is the ’89 EMA’ on weekly chart. On the
flipside, 18820 - 19000 / 5683 - 5740 would act as
immediate resistance levels.
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Daily Technical Report
June 21, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11375)
In-line with our benchmark indices, the Bank Nifty too opened
substantially lower and continued to experience tremendous
selling pressure on the back of global and domestic
developments. This selling pressure and significant built up in
open interest has let the Index to close below the
78.6%
Fibonacci retracement level (11435) of the rise from of 10888
and 13414. Going forward, considering current momentum
we expect the index to head lower and test lower level of
11200 - 11000 levels. On the flipside, the intraday resistance
levels are seen at 11500 - 11650
Actionable points:
View
Bearish Below 11340
Expected targets
11200 - 11000
Resistance Levels
11500-11650
Source: Falcon:
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Daily Technical Report
June 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
Angel Broking Pvt. Ltd.
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