Daily Technical Report

March 12, 2013

Sensex (19646) / NIFTY (5942)

Yesterday, indices opened on a flat note as suggested by SGX Nifty and traded in a narrow range throughout the session to close near the initial opening level. During the day, Realty and Capital goods counters ended on the gaining side whereas Consumer Durables and IT sectors ended in the negative territory. The advance to decline ratio was in marginally in favor of declining counters (A=1395 D=1474) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 19430 / 5880 and 19224 / 5826 levels, respectively. The weekly chart exhibits a Bullish Engulfing pattern but the monthly chart exhibits a Bearish Engulfing pattern. The daily ADX (14) indicator and the weekly Stochastic momentum oscillator is now signaling a positive crossover. The level of the weekly RSI momentum oscillator has now bounced back sharply to 58.20 after dropping below the 50 mark. Indices have closed 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 Expected target Resistance levels Bearish below 5930 5900 - 5880 5971 - 5991

Trading strategy:
Indices opened on a flat note and thereafter we witnessed lackluster activity throughout the session. The indices precisely tested the mentioned resistance level of 19742 / 5971 levels during the day. We are now witnessing a narrow range body formation on the daily chart indicating indecisiveness prevailing at current levels. A move below yesterdays low of 19603 / 5930 would trigger short term pullback in the index. Moreover the momentum oscillators on the hourly chart are placed well inside the overbought territory. Hence if indices trade convincingly below the 19603 / 5930 mark then we expect a fall towards the 19498 - 19430 / 5900 5880 levels. On the upside 19754 / 5971 levels are likely to act as resistance for the day.

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Daily Technical Report

March 12, 2013

Bank Nifty Outlook - (12165)

Yesterday, Bank Nifty opened on flat note and consolidated in a narrow range throughout the session to close with a minor loss of 0.32%. We had mentioned in our previous report that the momentum oscillators on the hourly chart are placed well inside the overbought territory and a minor pullback / consolidation cannot be ruled out. As there is no major change on the chart structure we reiterate our view that the index is likely to consolidate further going forward. On the upside 12241 12301 are likely to act as resistance and 12040 12000 levels are likely to act as support for the day. Actionable points:
View Resistance levels Support Levels Neutral 12241 - 12301 12040 - 12000

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon:

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Daily Technical Report

March 12, 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 19,516 5,907 12,068 1,242 183 4,599 1,371 1,946 723 315 203 391 303 385 315 271 1,793 337 3,001 765 804 646 1,654 98 433 1,112 155 2,895 295 356 75 659 1,433 594 883 1,393 148 319 798 108 400 828 421 2,179 160 518 807 296 97 351 1,538 1,881 430 S1 19,581 5,925 12,117 1,255 185 4,678 1,386 1,966 732 318 204 395 305 389 318 279 1,803 341 3,019 774 818 650 1,676 99 436 1,122 156 2,921 296 359 76 664 1,472 597 898 1,405 149 322 806 109 404 836 425 2,192 163 540 820 299 99 355 1,552 1,889 435 PIVOT 19,668 5,948 12,179 1,265 187 4,727 1,407 1,994 739 322 206 403 307 393 323 284 1,811 346 3,034 780 827 655 1,712 100 440 1,137 158 2,955 298 364 78 671 1,495 603 910 1,427 149 326 814 110 408 848 432 2,206 167 556 830 303 100 359 1,571 1,898 442 R1 19,733 5,966 12,228 1,278 189 4,805 1,422 2,014 749 326 208 407 309 397 325 291 1,821 351 3,052 789 841 660 1,734 102 443 1,147 160 2,981 299 368 79 675 1,534 607 925 1,439 150 329 822 111 412 857 437 2,219 170 578 843 306 102 363 1,585 1,906 447 R2 19,820 5,989 12,290 1,287 190 4,854 1,443 2,041 755 330 210 415 311 400 330 296 1,829 356 3,066 795 850 665 1,770 103 447 1,161 162 3,015 301 373 80 682 1,557 612 937 1,461 151 333 830 112 416 869 444 2,234 173 594 852 310 104 367 1,604 1,915 454

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Daily Technical Report

March 12, 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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