Daily Technical Report
March 28, 2013
Exhibit 1: Nifty Daily Chart
Sensex (18705) / NIFTY (5642)
On Tuesday, our benchmark indices opened lower in-line
with weak global cues. Subsequently, indices traded within
the narrow range throughout the session and eventually
closed marginally in the positive territory. The Oil & Gas,
Realty and Capital Goods counters were among the major
losers whereas Consumer Durables, FMCG and Teck stocks
ended with some gains. The advance to decline ratio was in
favor of declining counters (A=1290 D=1459) (Source-
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19121 / 5775 and 19146 / 5796 levels, respectively.
The ‘200 Day SMA’ is placed at 18536 / 5621.
The ‘Lower Top Lower Bottom’ formation on weekly
chart is confirmed for the first time after January 14,
2011.
Source: Falcon:
We are witnessing a ‘Downward Sloping’ trend line
support drawn by joining the lows of December 18,
2012 and March 04, 2013.
Actionable points:
Trading strategy:
Indices opened lower and precisely tested the mentioned
View
Neutral
'Downward Sloping Trend Line' for yet another session. As
Resistance levels
5655 - 5720
expected, indices found decent support near this trend line
Support levels
5612 - 5593
and bounced back from the lows to close marginally on the
higher side. The daily 'Stochastic' oscillator is placed well
inside the oversold territory and now signaling a positive
crossover. Hence, going forward, we may witness a bounce
back once indices sustain above Tuesday's high of 18759 /
5655. In this case, indices may bounce towards 18875 -
18950 / 5695 - 5720 levels. On the flip side Tuesday's low
of 18612 / 5612 may provide decent support for the market.
Traders are advised to remain cautious and place strict stop
losses as the March derivative expiry may spring up some
surprising moves in the index.
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Daily Technical Report
March 28, 2013
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (11163)
On Tuesday, Bank Nifty opened with a downside gap in
line with our benchmark indices and traded in a narrow
range throughout the session. At this juncture the index is
hovering around the trend line support formed by joining
the significant lows of December 24, 2012 and February
28, 2013. The positive divergence in ‘RSI’ momentum
oscillator on the daily and hourly chart mentioned in our
previous report is still intact. Therefore traders are advised
to refrain from creating fresh short positions in the index.
The coming session is likely to be highly volatile on
account of derivatives expiry and hence traders are
advised to avoid taking undue risk. For the day
11021 -
10940 levels are likely to act as support and 11347 -
11373 levels are likely to act as resistance for the day.
Actionable points:
View
Neutral
Resistance Levels
11347 - 11373
Support Level
11021 - 10940
Source: Falcon:
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Daily Technical Report
March 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
Ankur Lakhotia
-
Technical Analyst
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