Daily Technical Report
September 27, 2012
Exhibit 1: Nifty Hourly Chart
Sensex (18632) / NIFTY (5663)
Yesterday, our benchmark indices traded with a negative
bias in-line with weak global clues from the Asian and
European bourses but eventually recovered from the lows to
close marginally in the negative territory. On the sectoral
front, the Metal, Teck and PSU were among the major
draggers; whereas FMCG and Healthcare counters bounced
during the session. The advance to decline ratio was very
marginally in favor of declining counters (A=1445 D=1449)
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.
Source: Falcon:
The continuous rise in the daily ADX (14) indicator
signals strength in the coming sessions. The ADX line
Actionable points:
has moved up to 33.70 in Nifty. The ADX line moving
above the 30 mark along with rising + DI is interpreted
View
Bullish Above 5680
as a strong trend.
Expected targets
5720 - 5741
Trading strategy:
Support Levels
5650 - 5620
Yesterday, we witnessed a slight volatile movement though
the trading range for the day was very narrow. On the hourly
chart, we are now observing that Nifty is moving in a very
narrow “Channel”. The slope of the Channel is slightly
downwards. Also, in addition, the value of ADX line is
continuously rising despite a minor correction or
consolidation in the prices. Hence, we are of the opinion that
if Nifty sustains above the upper band of the Channel, which
is
5680, then we may witness some intraday positive
momentum in the market. This may push Nifty towards 5720
or 5741 levels. Conversely, the lower range of the channel is
seen around 5630, which would act as a support in coming
trading session.
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Daily Technical Report
September 27, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11427)
Yesterday, Bank Nifty opened on a flat note and traded in a
narrow range throughout the session. For the third
consecutive session we witnessed lack luster activity forming
a narrow range body formation. As there is no major change
in the chart structure and the momentum oscillators, we
reiterate our view that the ongoing consolidation is likely to
continue. On the upside 11484 - 11534 are likely to act as
resistance and 11321 - 11216 levels are likely to act as
support in coming trading session.
Actionable points:
View
Neutral
Resistance Levels
11484 - 11534
Support Levels
11321 -11216
Source: Falcon:
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Daily Technical Report
September 27, 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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