Daily Technical Report
February 26, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19332) / NIFTY (5855)
The week began on a flat note in-line with other Asian
bourses. Subsequently, we witnessed significant volatility as
indices oscillated within the narrow trading range to close
with minimal gains. During the day, Realty, Capital Goods
and Metal counters witnessed a strong selling pressure;
whereas IT and Auto sectors defended the market. The
advance to decline ratio was in favor of declining counters
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19591 / 5932 and 19203 / 5823 levels, respectively.
The Nifty has broken down from the ‘Upward Sloping
Trend Line’ (as shown in the chart).
The weekly ‘RSI Smoothened’ and ‘3 & 8 EMA’ are
signaling a negative crossover.
Source: Falcon:
Actionable points:
Trading strategy:
The day started on a quiet note but selective mid and small
View
Bearish below 5835
cap counters really got hammered during the session. This
Expected target
5800 - 5777
influenced the slight shift in trader's sentiments as indices
Resistance levels
5875 - 5900
drifted lower during the second half from the day's high. The
overall trading range was narrow and hence, there is no
On the upside, the weekly high of 19742 / 5971 would act
major change in the price structure. Therefore, we continue
as a resistance in the coming trading sessions. Only a move
to mention that 19149 / 5823 is likely to act as a crucial
beyond this level may nullify the impact of negative technical
support for our market. Any sustainable move below this
evidences. In this case, indices may then rally towards 19768
level would certainly trigger immense pessimism in the
- 19865 / 5991 - 6025 levels.
market. In this scenario, indices may slide towards 18973 -
18600 / 5777 - 5650 levels.
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Daily Technical Report
February 26, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12037)
Yesterday, the Bank Nifty opened on a flat note and traded
in a narrow range throughout the session. The bearish ‘Head
& Shoulder’ pattern breakdown is still intact and the target of
the said pattern is near to the 11600 level. Hence we
reiterate our view that going forward, every rise from the
current level should be considered as an opportunity to go
short in Bank Nifty. The pattern will be negated only if the
index trades above the 12486 level. While the overall view
remains negative, on the downside 11978 - 11826 levels
may act as intraday support. On the upside, intraday
resistance is at 12140 - 12264 levels.
Actionable points:
View
Sell on Every Rise
Expected target
11978 - 11826 - 11600
Resistance levels
12140 - 12264
Source: Falcon:
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Daily Technical Report
February 26, 2013
Research Team Tel: 022 - 30940000
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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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