Daily Technical Report
December 28, 2012
Exhibit 1: Nifty Hourly Chart
Sensex (19324) / NIFTY (5870)
Yesterday also indices opened marginally higher in-line with
positive Asian bourses but immediately pared gains to finally
close well inside the negative territory. The IT, Oil & Gas and
Metal sectors contributed to the price correction in our
market; whereas the PSU and Auto (excluding M & M) stood
firm throughout the session. The advance to decline ratio
was in favor of advancing counters (A=1229 D=1664)
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:
Trading strategy:
After a slight gap up opening, indices immediately pared
down their gains to trade flat for most of the trading session.
Actionable points:
As expected, immense volatility was seen during the last hour
mainly on the back December series Derivatives expiry. In
View for the day
Neutral
the process, we witnessed a sharp correction during the last
Resistance Levels
5931 - 5965
hour of the session. Going forward, we reiterate that the
Support Levels
5860 - 5843
19274 - 19149 / 5860 - 5823 zone is a strong support for
the market. Only a sustainable move below 19149 / 5823
may trigger short term pessimism in our market. In this case,
the correction can be seen towards 19100 - 18930 / 5806 -
5755. On the flipside, yesterday’s high of 19505 / 5931
coincides with the hourly ‘Trend Line’ resistance. Hence, a
move and close beyond this level would result in a strong
breakout and may lead to an intraday rally towards 19612 /
5965.
In the broader senses, our benchmark indices have stuck in a
narrow trading range of 19505 - 19149 / 5931 - 5823.
Hence, positional traders should keep a close watch on
upper as well as lower range to manage their positions.
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Daily Technical Report
December 28, 2012
Exhibit 2: Bank Nifty Hourly Chart
Bank Nifty Outlook - (12460)
Yesterday, Bank Nifty opened on a positive note and traded
in a narrow range throughout the session to close with a loss
of 0.16%. The index continued to trade in the mention range
of 12571 - 12197. However looking at the hourly chart
structure it can be concluded that if the index sustains above
12540 level it is likely to rally towards 12654 - 12760 levels.
In addition we are also witnessing positive crossover in
“Stochastic” momentum oscillator on the daily chart. On the
downside 12435 - 12392 levels are likely to act as support
for the day.
Actionable points:
View for the day
Positive Above 12540
Expected targets
12654 - 12760
Support Levels
12435 - 12392
Source: Falcon:
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Daily Technical Report
December 28, 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
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