Daily Technical Report
December 26, 2012
Exhibit 1: Nifty Daily Chart
Sensex (19255) / NIFTY (5856)
The week began on a quite note on Monday where our
benchmark indices remained flat throughout the day to close
with marginal gains. Trading volumes declined as traders
turned cautious ahead of the Christmas holidays. On
sectoral front, Metal, Oil & Gas and Consumer Durables
counters remained under pressure. However, Teck, Realty
and IT provided support to the markets. 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
19212 / 5845 and 18552 / 5636 levels, respectively.
On the weekly chart, we are witnessing a breakout from
‘Downward Sloping Trend Line’ joining two significant
swing highs of 19811 / 5944 (April 2011) and 19137 /
5815 (Oct 2012) at 19050 / 5800 level.
The 38.20% and 50% Fibonacci retracement levels of
the rise from 18255 / 5548 (low on November 20,
2012) to 19612 / 5965 (high on December 11, 2012)
are at 19100 - 18930 / 5806 - 5755, respectively.
Source: Falcon:
The daily ‘RSI’ oscillator, ‘3 & 8 day EMA’ and the daily
ADX (9) indicator are negatively poised.
Actionable points:
Trading strategy:
View for the day
Bullish above 5875
The weak session on Friday was followed by a quiet trading
Expected Targets
5926 - 5965
session on Monday, in-line with muted global cues. Lack of
participation prior to a long Christmas break resulted in
Support Levels
5823 - 5806
significant fall in volumes. Hence, there is no major change
in the chart structure and thus we reiterate our view that only
if indices sustain below last week’s low of 19149 / 5823, we
may witness a downward corrective move towards 19100 -
18930 / 5806 - 5755. These levels are the 38.20% and
50% Fibonacci retracement levels of the rise from 18255 /
5548 (low on November 20, 2012) to 19612 / 5965 (high
on December 11, 2012), respectively. On the flipside, last
week’s high of 19612 / 5965 would act as a strong
resistance in the coming trading sessions.
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Daily Technical Report
December 26, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12318)
On Monday, Bank Nifty opened on a flat note and in line with
our benchmark indices traded in a narrow range throughout
the session. In line with the benchmark indices, banking
stocks too showed a decline in trading volumes and there is
no major change in the chart structure on the daily chart.
Going forward, the index is likely to trade in the range of
12568 - 12197 level. Within the mentioned range 12366 -
12410 levels are likely to act as resistance and 12238 -
12197 are likely to act as support for the day.
Actionable points:
View for the day
Neutral
Resistance Levels
12366 - 12410
Support Levels
12238 - 12197
Source: Falcon:
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Daily Technical Report
December 26, 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
Angel Broking Pvt. Ltd.
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