Daily Technical Report
November 23, 2012
Exhibit 1: Nifty Daily Chart
Sensex (18517) / NIFTY (5628)
For the third consecutive session, we have witnessed a gap
up opening in our markets on the back of positive Asian
bourses. Subsequently, indices oscillated within a range as
the winter session of parliament proved to be a washout. The
Capital Goods, IT and Teck sectors were among the major
gainers; whereas the Oil & Gas, Consumer Durables and
Auto counters kept indices under pressure. The advance to
decline ratio was marginally in favor of advancing counters
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
18565 / 5647 and 18168 / 5516 levels, respectively.
The weekly ‘RSI - Smoothened’ is now signaling a
negative crossover.
Trading strategy:
In-line with the expectation, our benchmark indices headed
towards the next resistance level of 18570/ 5650 after
Source: Falcon:
crossing 18479 / 5620 level. Yesterday's high of 18568 /
5644 precisely coincides with the daily '20-EMA'. Hence, this
level may act as an intermediate resistance for our market in
Actionable points:
coming trading session. Going forward, if indices manage to
close above daily '20-EMA' as well as 18570 / 5650 level,
View for the day
Bullish above 5650
then we may witness continuation of the up move and expect
the market to test 18719 / 5698. On the flipside, the daily
Expected Targets
5698
chart depicts a 'Narrow Range' body formation. This
Support Levels
5608 - 5548
indicates uncertainty among the market participants and
hence, a sustainable move below yesterday's low of 18456 /
5608 may trigger intraday pessimism in the market. In this
scenario, indices may retest the recent swing low of 18256 /
5548.
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Daily Technical Report
November 23, 2012
Exhibit 2: Bank Nifty Hourly Chart
Bank Nifty Outlook - (11508)
Yesterday, Bank Nifty opened with an upside gap and
tested the mentioned resistance level of 11542 during the
initial hour of trade. However, during the last hour we
witnessed selling pressure near to this level which led the
index to close near the initial opening level. Also, in the
hourly chart, it can be seen that the index has intraday
support near to the gap area of 11477 to 11497. A
breach below 11475 may trigger intraday selling and the
index is then likely to test the 11370 mark. On the upside,
11570 remains to be a crucial resistance for the day. A
move and close beyond 11570 will confirm an Inverted
Head and Shoulder (Bullish) pattern which has significantly
higher targets.
Actionable points:
View for the day
Neutral
Resistance Levels
11570
Support Levels
11475 - 11370
Source: Falcon:
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Daily Technical Report
November 23, 2012
Research Team Tel: 022 - 39357800
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
Mehul Kothari
-
Technical Analyst
Ankur Lakhotia
-
Technical Analyst
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