Daily Technical Report
September 05, 2013
Exhibit 1: Nifty Hourly Chart
Sensex (18568) / NIFTY (5448)
Yesterday, our benchmark indices opened on a flat note and
rallied during the first half. Subsequently, post a small
correction during the mid session, the market surged higher to
close at the highest point of the day. Apart from Realty, all the
other sectors ended in the positive territory. The Metal,
Healthcare and Auto counters dominated the rally. The
advance to decline ratio was strongly in favor of advancing
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
19124 / 5719 and 18608 / 5610 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
18622/ 5496 and 19125 / 5715 levels, respectively.
The monthly ‘RSI-Smoothened’ oscillator is still negatively
poised; whereas the weekly ‘Stochastic’ momentum
oscillator has given a positive crossover.
Source: Falcon:
The weekly chart depicts yet another ‘Bullish Hammer’
Japanese candlestick pattern.
The ‘Lower Top - Lower Bottom’ formation in weekly chart
Actionable points:
is still intact.
View
Bullish above 5461
Expected targets
5500 - 5565
Trading strategy:
Support levels
5383 - 5318
As expected and mentioned in yesterdays report, the Nifty
found a decent support around 5295 level, which is the upper
trend line level of the ‘Channel’ pattern formed in an hourly
chart. This level also coincides with the 61.8% Fibonacci
retracement level of rise from
5118 to
5581. At this
juncture, the hourly “89 EMA” is the immediate resistance
level for the Index. This level is near to the 5450 mark.
Going forward, we are of the opinion that if Nifty manages
to stay above yesterdays high of 5461, then we may witness
a surge towards 5500 - 5565 levels. On the flipside, 5383
- 5318 remains to be an immediate support for the index.
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Daily Technical Report
September 05, 2013
Bank Nifty Outlook - (8846)
Exhibit 2: Bank Nifty Hourly Chart
Yesterday, unlike our benchmark indices the Bank Nifty
opened on a quiet note. The 78.6% Fibonacci retracement
level of 8552 provided significant support for the index and
buying interest around this support eventually led to a closing
at the highest point of the session. Considering the price
action in hourly chart, we are of the view that if index sustains
above 8917 then we may expect a rally towards 9000 - 9100
levels. These levels coincide with the upper band of the'
Channel' (please refer the exhibit) pattern formed in an hourly
chart. A move and close beyond the 9100 would result in a
strong breakout on the higher degree charts and would signal
a reversal of the ongoing downtrend. On the flipside, 8728 -
8606 levels would act as important supports in coming
trading session.
Actionable points:
View
Bullish above 8917
Source: Falcon:
Expected targets
9000 - 9100
Support Levels
8728 - 8606
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Daily Technical Report
September 05, 2013
Research Team Tel: 022 - 30940000
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
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Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
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