Daily Technical Report 20.02.2013
Daily Technical Report 20.02.2013
Daily Technical Report 20.02.2013
Formation
The 20-day EMA and the 20-week EMA are placed at 19652 / 5951 and 19233 / 5832 levels, respectively. The Nifty has broken down from the Upward Sloping Trend Line (as shown in the chart). The weekly RSI Smoothened and 3 & 8 EMA are signaling a negative crossover.
Source: Falcon:
Trading strategy:
Similar to Monday's session yesterday too, indices remained range bound and traded with very lackluster movement throughout the first half of the session. However, a strong rally in the last hour of trade eventually led the index to close well inside the positive territory. Indices are now approaching '20-day EMA' and last week's high of 19723 / 5970, which may act as a strong resistance in coming trading session. Nevertheless, the daily 'RSI' momentum oscillator is now signaling a positive crossover. The impact of this tool would be seen once indices sustain above 19723 / 5970. In this scenario, indices may move higher to test 19767 / 5991. On the flip side, yesterday's low of 19457 / 5883 would act as a key support level for our market.
Actionable points:
View Resistance Levels Support Levels Neutral 5970 5991 5910 - 5883
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Actionable points:
View Resistance Levels Support Levels Neutral 12474 12525 12303 12245 Source: Falcon:
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Research Team
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Mehul Kothari Ankur Lakhotia Head Technicals Technical Analyst Technical Analyst Technical Analyst Technical Analyst