Technical Research | March 14, 2012

Daily Technical Report Sensex (17814) / NIFTY (5430)

Yesterday, once again our Benchmark Indices opened with an optimistic note and traded with positive bias throughout the day. We witnessed that, indices crossed the much awaited hurdle of 17692 / 5382 and finally closed above 5400 mark. On the sectoral front, most of the sectors contributed in the rally. Metal, Oil & Gas and Reality counters were among the major gainers. The advance to decline ratio was strongly in favor of advancing counters. (A=1712 D=1215) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
We are now witnessing a positive crossover in 5 & 20day EMA and RSI Smoothened oscillator. The Daily momentum oscillators viz., the RSI and the Stochastic are positively poised.
Source: Falcon

Trading strategy:
Yesterday, indices opened with an upside gap near the mentioned resistance of 17692 / 5382 and traded with a positive bias throughout the day to close near days high. The rally was in line with expectations and previously mentioned bullish technical evidences. It was further aided by positive global cues. Now, on the Daily chart, we are witnessing a positive crossover in 5 & 20-day EMA and RSI Smoothened oscillator. This suggests that the momentum on the upside is likely to continue. Also, the global indices and SGX Nifty suggests that our benchmark indices may open with an upside gap. Therefore, on the upside indices are likely to test 18001 18140 / 5459 5505 levels. On the downside, the immediate support is seen around 17767 17680 / 5417 5390 levels.

Actionable points:
View Expected Targets Support level Bullish Above 5439 5459 5505 5417 5390

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Technical Research | March 14, 2012

Bank Nifty Outlook - (10686)

Yesterday, Bank Nifty opened on a flat note and traded in a narrow range throughout the day to close with a narrow range body. However, on the daily chart we are witnessing a positive crossover in RSI Smoothened oscillator which is a sign of strength. There is no significant change in the outlook based on the daily chart and hence we reiterate our view that if the Bank Nifty manages to sustain above 10786 then it is likely to rally towards 10850 11035 levels. On the downside, the support levels have been shifted to 10671 10543 for the coming trading session. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Targets Support Levels Bullish Above 10786 10850 - 11035 10671 10543
Source: Falcon

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Technical Research | March 14, 2012

Positive Bias:
20 Day EMA 428.2 119.2 164.6 Positive Above 429 121.6 170.5 Expected Target 440 130 178

Stock Name Ranbaxy Sterlite Industries Ambuja Cement

CMP 425.5 120.3 168

5 Day EMA 420.3 117 164.3

Remarks View will change below 424 View will change below 115 View will change below 162.5

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Technical Research | March 14, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS SENSEX NIFTY BANKNIFTY ACC AMBUJACEM AXISBANK BAJAJ-AUTO BHARTIARTL BHEL BPCL CAIRN CIPLA COALINDIA DLF DRREDDY GAIL HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK IDFC INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RCOM RELIANCE RELINFRA RPOWER SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA SUZLON TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 17,616 5,372 10,614 1,316 159 1,230 1,749 333 282 656 369 301 336 202 1,682 349 490 671 517 1,925 136 378 918 146 2,829 206 573 79 557 1,345 644 1,327 171 275 964 109 413 95 796 637 134 95 2,298 198 792 114 567 27 279 106 456 1,176 424 S1 17,715 5,401 10,650 1,328 164 1,235 1,766 336 286 662 373 304 340 205 1,689 360 498 677 521 1,944 139 380 924 147 2,845 208 592 81 563 1,353 650 1,348 172 281 970 110 419 97 808 644 136 98 2,313 203 799 117 575 28 281 107 462 1,186 428 PIVOT 17,779 5,420 10,708 1,337 167 1,242 1,785 339 292 669 377 307 343 208 1,699 366 504 680 524 1,959 141 383 934 150 2,857 209 610 83 569 1,364 659 1,366 173 285 978 111 424 99 815 653 137 100 2,331 207 809 119 583 29 284 109 466 1,201 431 R1 17,878 5,449 10,744 1,348 171 1,247 1,802 342 296 674 381 310 346 211 1,706 376 511 685 528 1,978 143 385 940 151 2,872 210 629 85 575 1,372 666 1,387 174 291 985 112 430 102 827 659 139 103 2,346 212 816 123 591 30 286 110 472 1,211 434 R2 17,942 5,468 10,802 1,357 175 1,254 1,822 345 301 681 385 313 349 214 1,717 382 517 689 531 1,994 145 388 949 154 2,885 211 647 86 581 1,383 675 1,405 175 295 993 113 435 104 834 668 140 104 2,365 216 826 125 599 31 290 112 476 1,226 437

Technical Research Team

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Technical Research | March 14, 2012 Technical Report

RESEARCH TEAM
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Mehul Kothari Ankur Lakhotia Head - Technicals Technical Analyst Technical Analyst Technical Analyst Technical Analyst

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