Daily Technical Report
February 28, 2013
Exhibit 1: Nifty Daily Chart
Sensex (19152) / NIFTY (5797)
Yesterday's trading session opened higher as suggested by
the SGX Nifty and a strong up move post midsession led
indices to close well inside the positive territory. During the
day, most of the sectors ended on a gaining side except for
IT and Teck counters. It was evident that traders did not want
to go into the Budget session with heavy positions and some
degree of short covering was seen in major index counters.
The advance to decline ratio was marginally in favor of
advancing counters (A=1441 D=1359) (Source
-
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19514 / 5898 and 19203 / 5820 levels, respectively.
The Nifty has broken down from the ‘Upward Sloping
Trend Line’ (as shown in the chart).
Source: Falcon:
The weekly ‘RSI Smoothened’ and ‘3 & 8 EMA’ are
signaling a negative crossover.
Actionable points:
Trading strategy:
View
SELL BELOW 5748
Despite positive opening indices were struggling at higher
Expected target
5700 - 5650
level during the initial hour of the trade. However, post
Resistance levels
5839 - 5875
midsession, we witnessed a bounce which led indices to close
in the positive territory. Yesterday's movement was within
Tuesday’s price range and has thus led to the formation of
an ‘Inside day’ Japanese candlestick pattern. Hence, we
continue to mention that Tuesday’s high of 19294 / 5839
would act as an immediate resistance in the coming trading
sessions. Only a sustainable move beyond this level would
push indices higher to test 19514 - 19620 / 5900 - 5938.
On the flipside, 18976 / 5748 remains to be a crucial
support level for the market. A violation of this level may
trigger strong pessimism and lead to fall towards 18850 -
18600 / 5700 - 5650 levels.
The coming trading session is likely to trade with high
volatility on account of announcement of Union Budget 2013
and derivatives expiry. Hence, we advise traders to remain
light on positions and avoid taking undue risks.
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Daily Technical Report
February 28, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11931)
Yesterday, Bank Nifty opened on a flat note and traded in
a narrow range throughout the session to close with a gain
of 0.72%. On the daily chart we are witnessing a ‘Bullish
Harami’ candlestick pattern at
61.8% Fibonacci
retracement of the rise from
11125
-
12961. The
mentioned pattern requires confirmation in the form of a
close above 11971 level. A close above the 11971 level
may push the index higher towards 12140 - 12190 level.
On the downside 11800 - 11719 levels are likely to act as
support for the day. Traders holding short positions in the
index should maintain a strict stop loss of 12140. The
mentioned candlestick pattern would be negated only if
the index closes below the 11808 mark.
Actionable points:
View
Neutral
Resistance Levels
11971 - 12140 - 1210
Support levels
11800 - 11719
Source: Falcon:
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Daily Technical Report
February 28, 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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