Daily Technical Report
January 30, 2013
Sensex (19991) / NIFTY (6050)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark indices opened on a quiet note
in-line with mixed Asian bourses but traded with high
volatility just before the announcement of ‘RBI Monetary
Policy’. After an initial spike post the announcement, we
observed immense selling pressure at higher levels to close
well inside the negative territory. Due to profit booking at
higher levels, most of sectors ended in red. Only the FMCG
counters outperformed during yesterday’s fall. The advance
to decline ratio was strongly in favor of declining counters
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19864 / 6016 and 19148 / 5809 levels, respectively.
On the daily chart, the benchmark indices are facing
resistance near the ‘Upward Sloping Trend Line’ drawn
by joining the highs of October 5, 2012 and December
11, 2012.
We are also observing a ‘Negative Divergence’ in the
daily ‘RSI’ momentum oscillator.
Source: Falcon:
We are observing a ‘Hanging Man’ Japanese
Actionable points:
Candlestick pattern on the weekly chart.
View
Bearish below 6041
Expected Target
6007 - 5940
Trading strategy:
Resistance Levels
6112 - 6125
Despite positive outcome from the ‘RBI Monetary Policy’,
indices struggled to sustain at higher levels. Strong selling
pressure during the second half ultimately dragged indices to
close almost at the lowest point of the day. We have been
continuously advising our traders to book their profits in
individual stocks near to the 20100 / 6125 mark. Yesterday,
indices registered a high of 20204 / 6112 and experienced
a profit booking to close around 20000 / 6050 mark. Going
forward, yesterday’s high would now act as resistance in
coming trading sessions. On the flipside, we continue to
mention that only a close below 19884 / 6007 would
indicate a further fall and indices may slide towards the
19596 - 19406 / 5940 - 5897 levels.
1
Daily Technical Report
January 30, 2013
Bank Nifty Outlook - (12723)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on a positive note and as
expected traded with extreme volatility post RBI Monetary
policy announcement. Looking at the placement of
momentum oscillators on the daily and hourly chart we
believe that the index is likely to consolidate in the range of
12500 - 13000 over the few sessions. Only a decisive break
outside the said range will dictate a clear direction of the
trend. Within the mentioned range 12680 - 12606 levels
are likely to act as support and 12832 - 12862 levels are
likely to act as resistance for the day.
Actionable points:
View
Neutral
Resistance levels
12832 - 12862
Support Levels
12680 - 12606
Source: Falcon:
2
Daily Technical Report
January 30, 2013
Research Team Tel: 022 - 30940000
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) 30940000
Sebi Registration No: INB 010996539
4
