Daily Technical Report
June 27, 2013
Exhibit 1: Nifty Hourly Chart
Sensex (18552) / NIFTY (5889)
Yesterday, our benchmark indices opened marginally higher
in-line mixed global cues. Subsequently, indices slipped into
consolidation mode and traded within a narrow trading
range for most part of the session. As the Rupee depreciated
further, a correction towards the fag end led indices to close
marginally in the negative territory. The IT, Power and FMCG
counters outperformed our benchmark indices; whereas the
Auto, Metal and Consumer Durables sectors corrected
reasonably during the session. The advance to decline ratio
was strongly in favor of declining counters.
(A=952
D=1360)
Formation
The ’20-week EMA’ and the ’89-Week EMA’ are placed
at 19232/ 5825 and 18458/ 5585 levels, respectively.
The ’89-day EMA’ and the ‘200-day SMA’ are placed at
Source: Falcon:
19325/ 5854 and 19184`/ 5817, respectively.
The weekly ‘RSI-Smoothened’ oscillators, the ‘ADX (9)
Actionable points:
indicator and ‘5 & 20 EMA’ are now signaling a
negative crossover.
View
Neutral
Support Levels
5570 - 5544
Resistance Levels
5666 - 5705
Trading strategy:
Yesterday, apart from the concluding hour, lackluster
movement was seen during rest of the session. The entire
day’s price action was within Tuesday’s range. Hence, the
‘Long Legged Doji’ Japanese candlestick pattern mentioned
in our previous report is still intact. Since, there is no major
change in the price structure, we reiterate our view that the
pattern would be confirmed only if indices sustain above
Tuesday’s high of 18801 / 5666. In this case, indices may
bounce towards 18890 - 19000 / 5705 - 5750 levels. On
the flipside, the said pattern would be negated on a closing
below the low of 18487 / 5570. In such scenario, indices
may slide towards 18424 - 18325 / 5544 - 5500 levels.
The coming session is expected to be volatile on account of
June month derivative series expiry. Hence, we advise traders
to remain light on positions and avoid taking undue risks.
1
Daily Technical Report
June 27, 2013
Exhibit 2: Bank Nifty Hourly Chart
Bank Nifty Outlook - (11067)
Yesterday, the Bank Nifty too opened slightly higher in-line
with our benchmark indices. However, unlike our benchmark
indices, the Bank Nifty remained under pressure for most part
of the session. At this juncture, the Bank Nifty is yet again
placed near the lower end of the ‘Downward Sloping
Channel’ (please refer exhibit 2) in hourly chart. Going
forward, considering yesterday’s negative momentum, the
Bank Nifty may slide towards the April lows of 10888, if it
sustains below yesterday’s low of 11033. On the flipside,
11262 - 11326 would act as a strong intraday resistance for
the index.
Actionable points:
View
Neutral
Support Levels
11033 - 10888
Resistance Levels
11262 - 11326
Source: Falcon:
2
Daily Technical Report
June 27, 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 endeavors 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
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
