Daily Technical Report
January 24, 2013
Sensex (20027) / NIFTY (6054)
Exhibit 1: Nifty Hourly Chart
Yesterday Indices opened on a flat note and then moved
marginally higher during the initial hour of the session.
However, post midsession, indices resumed Tuesday’s
negative trend and precisely met with our immediate target
of 19918 / 6025. A sharp bounce during the last hour of
trade led to a close in the positive territory. Once again
Realty was the most beaten down sector followed by PSU and
Consumer Durables counters whereas; the Teck and Banking
sectors outperformed the markets. The advance to decline
ratio was strongly in favor of declining counters (A=817
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19781 / 5997 and 19052 / 5781 levels, respectively.
On the daily chart, the benchmark indices are facing
resistance near the ‘Upward Sloping Trend Line’ drawn
by joining the highs of October 5, 2012 and December
11, 2012.
We are also observing a ‘Negative Divergence’ in the
Source: Falcon:
daily ‘RSI’ momentum oscillator.
Actionable points:
Trading strategy:
View
Neutral
Resistance Levels
6070 - 6102
Yesterday’s price movement can be perfectly described as a
Support Levels
6053 - 6021
‘Seesaw’ between the bulls and bears. Indices inched
marginally higher during the first half; but faced strong
selling pressure near hourly ’20 EMA’. As a result, indices
tumbled down immediately post midsession to test
mentioned support level of 19918 / 6025. Considering
hourly chart, we can infer that indices broke down from the
‘Upward Sloping Trend Line’ (please refer chart) immediately
after the first half. The sharp bounce during hour can be
construed as a pull back towards this trend line. Hence,
going forward, we continue to mention the resistance level of
20157 / 6102. On the flipside, any bearish signal around
this trend line may result in intraday pessimism in our
market. In this scenario, indices may retest yesterday’s low of
19921 / 6021 or even may slide towards 19783 / 5988
levels.
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Daily Technical Report
January 24, 2013
Bank Nifty Outlook - (12635)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on a flat note and drifted
lower during the major part of the session. However, during
the last hour of trade buying interest was witnessed which led
the index to surge higher. We are now witnessing positive
crossover in “RSI” and “Stochastic” momentum oscillator on
the hourly chart. The effect of these technical tools will be
seen only if the index sustains above yesterday’s high of
12696. In this case the index is likely to rally towards 12778
- 12823 levels. On the downside yesterday’s low of 12509 is
likely to act as important support level for the index.
Actionable points:
View
Neutral
Resistance Levels
12696 - 12778
Support Levels
12509
Source: Falcon:
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Daily Technical Report
January 24, 2013
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
Angel Broking Pvt. Ltd.
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