Daily Technical Report
December 27, 2012
Exhibit 1: Nifty Hourly Chart
Sensex (19417) / NIFTY (5906)
Yesterday, our markets opened slightly higher and then went
on to break the resistance of hourly ’20 EMA’. This resulted
in a strong intraday rally of nearly a percent. Eventually, Nifty
managed to close well above the psychological level of 5900
mark. The Capital Goods, Banking and Realty counters were
the outperformers during yesterday’s session; whereas only
IT sector ended with very nominal losses. The advance to
decline ratio was in favor of advancing counters (A=1527
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
Neutral
Indices opened higher in Wednesday’s session and
eventually managed to cross the hourly ’20 EMA’. The
Resistance Levels
5926 - 5965
markets nearly tested the 19491 / 5926 resistance level
Support Levels
5860 - 5843
mentioned in our earlier report. We are now observing that
indices faced resistance at the hourly ‘Trend Line’ as shown
in the chart. Hence, a sustainable move beyond 19491 /
5926 level would result in a strong breakout and may lead
to an intraday rally towards 19612 / 5965. On the flipside,
yesterday’s low of 19274 / 5860 may act as a key support
for our markets.
The coming trading session is expected to trade with high
volatility on account of December series Derivative expiry.
1
Daily Technical Report
December 27, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12479)
Yesterday, Bank Nifty opened on a flat note and a short
covering rally during the second half led the index to close in
the positive territory. The Bank Nifty is still trading within the
mentioned range of 12568 - 12197 and only a breakout or
breakdown from the range will dictate the direction of the
trend. Within the mentioned range 12520 - 12568 levels are
likely to act as resistance and 12392 - 12362 are likely to act
as support for the day. A move beyond 12568 will result in a
“Flag” breakout on the daily chart and traders are advised to
initiate fresh long positions if the Bank Nifty closes above this
level.
Actionable points:
View for the day
Neutral
Resistance Levels
12520 - 12568
Source: Falcon:
Support Levels
12392 - 12362
2
Daily Technical Report
December 27, 2012
Research Team Tel: 022 - 39357800
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,
nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,
compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have
investment positions in the stocks recommended in this report.
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.
Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.
Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 3952 6600
Sebi Registration No: INB 010996539
4
