Daily Technical Report

March 08, 2013

Sensex (19414) / NIFTY (5863)

Yesterday, indices opened on a muted note in-line with mixed global cues and then slipped into consolidation mode to trade within half a percent range for major part of the session. However, we witnessed a sudden spurt during the last hour and markets closed at the highest point of the day. During the day, most of the sectors ended on the gaining side except for Consumer Durables and Metal counters which ended with marginal losses. The advance to decline ratio was in favor of advancing counters (A=1523 D=1307) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 19308 / 5839 and 19175 / 5813 levels, respectively. The monthly chart exhibits a Bearish Engulfing pattern. The monthly momentum oscillators are signaling a negative crossover. The level of the weekly RSI momentum oscillator has now dropped below the 50 mark. Indices have closed marginally above the Downward Sloping Trend Line, drawn by joining two significant highs of 21109 / 6339 (high of November 05, 2010 weekly candle) and 19137 / 5816 (high of October 05, 2012 weekly candle).
Source: Falcon:

Actionable points:
View Support Levels Resistance levels Neutral 5795 5880 - 5921

Trading strategy:
Yesterday, Indices opened flat and then soared sharply during the latter part of the session. In this process, indices managed to traverse the stiff resistance zone '20-day EMA' as well as '89-day EMA'. This up move was supported by the humongous volumes in Nifty future during the last half an hour of the session. As a result, indices eventually closed convincingly above the stiff resistance of 19322 / 5850. We are now observing a positive crossover in daily 'RSI Smoothened' momentum oscillator and the 'ADX 9' indicator. Also, a closing above '20-day EMA' indicates possibility of a further upside in coming trading session if the markets trade convincingly above yesterdays high of 19466 / 5880. In this scenario we may witness a rally towards 19554 - 19620 / 5920 - 5950. On the flipside, 19322 - 19239 / 5850 5820 would act as a key support for our market. Only a move below Wednesday's low of 19195 / 5795 may result into a loss of optimism seen during yesterday's session.

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Daily Technical Report

March 08, 2013

Bank Nifty Outlook - (11970)

Yesterday, Bank Nifty opened on a flat note in line with our benchmark indices and traded in a narrow range during major part of the session. However, buying interest during the last hour of trade led the index to cross the stiff resistance of 11910 and headed towards the 12000 mark. On the hourly chart we are now witnessing a trend line breakout and clear signs of Higher Top Higher Bottom. The positive momentum is likely to continue if the index sustains above the 12040 level. In this scenario the index is likely to rally towards 12135 12250 mark. On the downside 11852 11819 levels are likely to act as support for the day. Actionable points:
View Expected target Support Levels Bullish Above 12040 12135 - 12250 11852 - 11819

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon:

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Daily Technical Report

March 08, 2013

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS SENSEX NIFTY BANKNIFTY ACC AMBUJACEM ASIANPAINT AXISBANK BAJAJ-AUTO BANKBARODA BHARTIARTL BHEL BPCL CAIRN CIPLA COALINDIA DLF DRREDDY GAIL GRASIM HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK IDFC INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT LUPIN M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SBIN SESAGOA SIEMENS SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS ULTRACEMCO WIPRO S2 19,111 5,771 11,756 1,228 186 4,354 1,375 1,932 709 314 199 379 290 375 309 261 1,778 328 2,989 749 759 622 1,621 98 425 1,088 149 2,968 281 336 72 637 1,418 586 859 1,393 147 312 795 106 391 817 416 2,134 156 507 787 300 96 341 1,544 1,852 439 S1 19,262 5,817 11,863 1,246 188 4,470 1,389 1,963 718 317 203 385 294 381 311 270 1,794 330 3,007 760 771 632 1,667 100 429 1,103 151 2,986 287 342 74 646 1,441 591 872 1,421 148 316 803 107 396 827 422 2,150 161 512 799 303 97 346 1,567 1,866 444 PIVOT 19,364 5,848 11,927 1,259 190 4,541 1,398 1,983 726 319 205 389 297 384 314 275 1,809 331 3,020 767 779 637 1,696 101 436 1,112 153 2,998 291 348 75 652 1,455 595 883 1,438 148 319 809 108 402 834 428 2,161 163 517 807 306 98 349 1,582 1,881 448 R1 19,515 5,894 12,034 1,277 192 4,657 1,412 2,014 735 322 208 395 301 390 316 284 1,824 333 3,038 778 790 647 1,742 102 440 1,127 156 3,016 296 353 77 661 1,478 600 896 1,466 149 323 817 109 406 844 435 2,177 168 522 818 308 99 354 1,605 1,895 454 R2 19,617 5,924 12,097 1,291 195 4,728 1,421 2,034 744 324 211 399 304 394 320 289 1,839 335 3,051 785 798 653 1,771 103 447 1,137 157 3,028 300 359 78 666 1,492 604 906 1,483 150 326 823 110 412 851 441 2,188 170 527 827 311 100 358 1,621 1,911 458

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Daily Technical Report

March 08, 2013
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Research Team
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Ankur Lakhotia Head Technicals Technical Analyst Technical Analyst Technical Analyst

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