Daily Technical Report
May 23, 2013
Exhibit 1: Nifty Daily Chart
Sensex (20062) / NIFTY (6095)
Yesterday, our benchmark indices opened slightly higher in-
line with mixed global cues. During the first half, indices
oscillated within a very narrow trading range; but post
midsession came off very sharply to close well inside the
negative territory. For the day FMCG and Health Care stocks
were among the major gainers, whereas Capital Goods and
Realty sectors ended in the red. The advance to decline ratio
was strongly in favor of declining counters. (A=867
D=1449)
Formation
The ’20-week EMA’ and the ’20-day EMA’ are placed at
19366/ 5875 and 19829/ 6026 levels, respectively.
The ’89-day EMA’ and the ‘200-day SMA’ are placed at
19354/ 5873 and 18912 / 5749, respectively.
Source: Falcon:
The weekly ‘RSI-Smoothened’ oscillator remains
positively poised.
Trading strategy:
Actionable points:
The bulls made a valiant attempt to move higher in the first
View
Neutral
half of yesterday’s session. However, post midsession, lower-
Resistance level
6148
than-expected results from the capital goods heavyweight,
Support Levels
6074 - 6046 - 6018
Larsen & Toubro put pressure on the bulls. In our previous
report, we had mentioned a possibility of some weakness
below 20048 / 6100. Indices then precisely met with our
target of 19955 / 6070, which coincides with the hourly ’89
EMA’ and as expected, found decent support for the day.
Going forward, if indices sustain below yesterday's low of
20000 / 6074 then a further correction towards 19870 -
19760 / 6046 - 6018 is possible. Conversely, yesterday’s
high of 20220 / 6148 would act as immediate intraday
resistance for our market.
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Daily Technical Report
May 23, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (13008)
Yesterday, Bank Nifty opened on a quite note in line with
our benchmark indices and traded in a narrow range
during first half of the session. However during the second
half we witnessed selling pressure in all the banking stocks
which led the index to test the mentioned level of 12928.
The coming session is likely to be volatile on account of
quarterly results for SBI. Thus going forward, a move
below 12928 levels would trigger further downside in the
index. In this scenario the index is likely to test 12838 -
12776 levels. On the upside 13160 - 13225 levels are
likely to act as resistance for the day.
Actionable points:
View
Neutral
Resistance Levels
13160 - 13225
Support Levels
12928 - 12838
Source: Falcon:
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Daily Technical Report
May 23, 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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