Daily Technical Report
November 30, 2012
Exhibit 1: Nifty Daily Chart
Sensex (19171) / NIFTY (5825)
Yesterday once again we witnessed a gap up opening on the
back of positive Asian cues and markets surged higher to
close beyond 5800 mark. Most of the sectors contributed to
the rally. Once again Realty counters were the major gainers
followed by Banking and Auto sector. The Teck and IT stocks
remained under pressure and ended with marginal loss. The
advance to decline ratio was strongly in favor of advancing
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
18638 / 5667 and 18267 / 5547 levels, respectively.
The negative crossover in weekly ‘RSI - Smoothened’ is
still intact.
We are witnessing a ‘Channel’ pattern breakout at 5750
level on the daily chart.
Trading strategy:
For the second consecutive session we have witnessed a gap
up opening in-line with the global cues. As a result, indices
opened above Tuesday’s high of 18863 / 5733 level and
Source: Falcon:
then precisely met with our target of 19137 / 5815 during
the latter part of the day. Yesterday’s strong intraday rally
was the impact of positive crossover of daily ‘5 & 20 EMA’
Actionable points:
and the ‘RSI-Smoothened’ oscillator mentioned in our
previous report. We are also witnessing a ‘Channel’ pattern
View for the day
Bullish Above 5834
breakout on the daily chart. In addition, our benchmark
Expected Targets
5900
indices have closed at ’52-week high’ and we expect further
Support Levels
5789 - 5750
upside in the coming trading sessions. Considering the
‘Channel’ pattern breakout mentioned above, we now
expect the indices to move towards 19697 - 19811 / 5900 -
5944 levels. However, a brief consolidation
/ minor
correction cannot be ruled out as Indices have now rallied
almost 4% in last two sessions. Nevertheless, bias remains on
the positive side and we advise positional traders to buy into
every decline. The breakout point of the channel pattern i.e.
18900 / 5750 level is now expected to act as a strong
support in coming trading sessions.
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Daily Technical Report
November 30, 2012
Exhibit 2: Bank Nifty Hourly Chart
Bank Nifty Outlook - (11993)
Yesterday, in line with the benchmark indices the Bank
Nifty too showed significant optimism and tested the
psychological 12000 mark. On the Daily chart, we are
witnessing a horizontal trend line breakout at 11745 level.
In addition, the momentum oscillators are positively poised
which suggests further upside in the coming trading
sessions. Hence, if the Bank Nifty, trades convincingly
above yesterday’s high of 12035 then the index may rally
higher towards 12128 - 12200 levels. On the flipside,
since the hourly chart structure is in overbought condition,
a minor consolidation or a pullback from current levels
cannot be ruled out. In this scenario, 11820 level may act
as a decent support. Bias remains positive and traders are
advised to buy on every decline.
Actionable points:
View for the day
Bullish Above 12035
Expected Targets
12128 - 12200
Support Levels
11820 - 11714
Source: Falcon:
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Daily Technical Report
November 30, 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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