Daily Technical Report
September 25, 2012
Exhibit 1: Nifty Daily Chart
Sensex (18673) / NIFTY (5670)
The week began on a quite note in-line with mixed global
cues. Subsequently, indices traded in a narrow range
throughout the day and a minor correction towards the latter
part of the session led the markets to close marginally in the
negative territory. On the sectoral front, the Capital Goods,
Power and Realty continued to surge higher; whereas FMCG,
Oil & Gas and PSU counters remained under pressure. The
advance to decline ratio was strongly in favor of advancing
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
18000 / 5450 and 17500 / 5300 levels, respectively.
The weekly chart depicts an “Upward Sloping Trend
Line” breakout above 17973 / 5449 levels.
The daily ‘RSI’ momentum oscillator on weekly chart is
still showing strength.
The continuous rise in the daily ADX (14) indicator
signals strength in the coming sessions. The ADX line
has moved up from the 21 level (previous week’s Friday)
Source: Falcon:
to 30 (this Friday). The ADX line moving above the 30
mark along with rising + DI is interpreted as a strong
Actionable points:
trend.
Trading strategy:
View
Neutral
After a steep intraday rally on last Friday, it was evident to
Resistance Levels
5720 - 5741
have a flat opening in our markets. As mentioned in our
Support Levels
5650 - 5620
weekly report, there is a possibility that our benchmark
indices may consolidate or correct marginally before the
beginning of the next leg of rally. In this process, we may
witness stock specific moves. Going forward, the resistance
remains at 19132 / 5741 level. Only a move above this
level may push indices towards the next targets of 19542 -
19812 / 5850 - 5945. On the lower side, 18640 / 5650
level, which is ’20 EMA’ on hourly chart, may act as support
for the day. A sustainable move below this level may trigger
further selling and as a result, the markets may slide towards
18580 - 18443 / 5620 - 5581 levels.
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Daily Technical Report
September 25, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11424)
Yesterday, Bank Nifty opened on an optimistic note and
traded with immense volatility to close with a nominal gain of
0.57%. We are now witnessing a “Shooting Star” candlestick
pattern on the daily chart. The mentioned candlestick is a
bearish reversal pattern and requires confirmation. The
momentum oscillators on the daily chart continue to be
placed in overbought zone coupled with negative divergence
in “RSI” momentum oscillator on the hourly chart. Thus if the
index manages to sustain below yesterday’s low of 11359
then it is likely to drift towards 11216 - 11060 levels. On the
upside a move beyond the high of the "Shooting star"
(11534) will negate the bearish implication of the said
pattern.
Actionable points:
View
Bearish Below 11359
Expected Targets
11216 - 11060
Resistance Levels
11534
Source: Falcon:
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Daily Technical Report
September 25, 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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