www.angelbroking.com 1 Daily Technical Report J uly 31, 2013Sensex (193 48) / NIFT Y (575 5) Ye ste r da y, our b enc h m ar k in di ces op ene d on a su bd ue d note considering quiet trading mood across the globe. During the first half, indices remained range bound; but post midsession markets once again headed downwards on the back of significant rupee depreciation. The weakness continued till the fag end of the session, which led indices to close at the lowest point of the day. During the session, onl IT sector managed to close in the positive territory; wherea the Oil & Gas, Realty , Powe r and PSU counters w itnessed massive correction throughout the day. The Advance to Decline ratio was strongly in favor of declining counters. (A=677 D=1593) (S ource–ww w.bseindia.com ) Formation T he ’89-d ay EMA’ and the ’89-we e k E MA ’ ar e p laced a 19486/ 5878 and 18611 / 5625 leve ls, respe ct ive ly. T he ’2 0-d ay EMA’ an d t h e ‘20-we e k E MA ’ ar e p la ce d a 19718 / 5906 and 19476 / 5870, res pec tive ly. T he d ail y ‘R S I-S moo t h en e d’ os c ill at or ’, t h e ‘5 & 20 EMA’ and the ‘ADX (9)’ indicator are signaling a negative crossover. Trading strategy: Ye ste r da y , t he fi ft h consecutive session has ended in fa v or o the bears. As expected, the Nifty has now closed well belo the psychological level of 5800 and also below the 61.8% Fibonacci retracement level (5767) of the rise from 5566 (low on June 2 4, 2013) t o 6094 (high on J uly 23, 2013). Although the momentum oscillators such as “stochastic” are in the oversold zone, the overall chart structure is still negative. Hence, going forward, if Nifty sustains belo yesterday’s low of 5747, then it is likely to fill the upward gap created on J une 28, 2013. In this case , markets ma te st 5699 / 5679, which coincides w ith t he 78.6% Fibonacci retracem ent level. O n th e higher side, 5825 – 5861 lev el would act as immediate resistance levels in coming trading session. E xhibit 1: Ni fty Daily Chart Source: Falcon :Actionabl e poin ts: View Bearish below 57 4 7 Ex pected targets 5699 - 5679 Res istance Leve ls 5825 – 5861
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