Daily Technical Report
May 22, 2013
Exhibit 1: Nifty Daily Chart
Sensex (20112) / NIFTY (6114)
Yesterday, indices opened quietly on the back of subdued
cues from other Asian bourses. For most part of the session,
indices remained under tremendous selling pressure except a
sharp bounce that lasted hardly for an hour. Eventually,
indices closed almost at the lowest point of the day. For the
day IT and Teck stocks were among the major gainers,
whereas Realty, Auto and Power sectors ended in the red.
The advance to decline ratio was strongly in favor of
declining
counters.
(A=940 D=1129) (Source-
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19370/ 5875 and 19805/ 6019 levels, respectively.
The ’89-day EMA’ and the ‘200-day SMA’ are placed at
19300/ 5851 and 18912 / 5745, respectively.
Source: Falcon:
The weekly ‘RSI-Smoothened’ oscillator remains
positively poised.
Actionable points:
Trading strategy:
Yesterday’s session can be perfectly described as tug-of-war
View
Bullish above 6160
between the bulls and the bears. During the session, due to
Expected targets
6180 - 6230
such immense volatility, indices oscillated thrice within a
Support Levels
6100 - 6070
percent range. However, the closing turned out to be in favor
of the bears. In our previous report, we had mentioned that
indices may show some weakness if trades below 20155 /
6146. In-line with our expectation, indices then went on to
test next support level of 20048 / 6100. This price correction
led to a closing below ‘5-day EMA’. The possibility of further
corrective down move would increase if indices sustain below
20048 / 6100. In this scenario, indices may slide towards
19955 / 6070 level, which precisely coincides with the hourly
’89 EMA’. Conversely, yesterday’s high of 20308 / 6180
would act as immediate intraday resistance for our market.
Only a sustainable move beyond this level may propel
indices to resume its existing up trend. As a result, indices
may move towards Monday’s high of 20444 / 6230.
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Daily Technical Report
May 22, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (13067)
Yesterday, Bank Nifty opened on a quite note in line with
our benchmark indices and traded with extreme volatility
throughout the session to close with a loss of 0.87%. The
index has managed to give a close below the mentioned
support of
13100 which may trigger some loss of
momentum in the index. Going forward we expect the
ongoing volatility to continue, thus traders are advised to
trade with strict stop losses. For the day a sustainable
move below yesterday’s low of 13038 may lead to a
further fall towards the 12928 - 12859 levels. On the
upside 13268 - 13333 are likely to act as resistance for
the day.
Actionable points:
View
Neutral
Resistance Levels
13268 - 13333
Source: Falcon:
Support Levels
13038 - 12928
2
Daily Technical Report
May 22, 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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