Technical Research | April 10, 2012

Daily Technical Report Sensex (17222) / NIFTY (5234)

After lackluster movement last week, indices opened on a pessimistic note during yesterdays session. Negative momentum continued throughout the day as indices gradually moved lower and closed below 5250 mark. On sectoral front, Metal, Capital Goods and Power counters corrected sharply during yesterdays session, whereas Health Care sector ended with a nominal gain. The advance to decline ratio was in favour of declining counters (A=1203 D=1607) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
The 200-day SMA (Simple Moving Average) and 20day EMA (Exponential Moving Average) have now shifted to 17100 / 5150 and 17400 / 5300, respectively. The 20-Week EMA is placed at 17200 / 5200 level. We are witnessing a negative crossover in daily 3 & 8

EMA and momentum oscillators. Indices have closed at 61.8% Fibonacci Retracement
Source: Falcon

level (17204 / 5228) of the rise from 16920 to 17664 / 5135 to 5379 levels.

Trading strategy:
Yesterday, indices opened with a significant downside gap and maintained its early pessimism throughout the session to close below 5250 mark. We are now observing that indices have taken support at 61.8% Fibonacci Retracement level. However, we are also observing negative crossover in daily 3 & 8 EMA and momentum oscillators. The above technical observations indicate possibility of a further downside only if indices sustain below yesterdays low of 17199 / 5228. In this case, indices are likely to slide towards the next support levels of 17105 16920 / 5203 5135 levels.

Actionable points:
View Resistance Levels Support Levels Neutral 5288 5305 5339 5203 5135

Conversely, 17407 / 5288 would act as a resistance in coming trading session. A sustainable move beyond this level may result further upside and indices are likely to test 17436 14554 / 5305 5339 levels.

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Technical Research | April 10, 2012

Bank Nifty Outlook - (10132)

Yesterday, Bank Nifty opened on a pessimistic note with a minor downside gap and traded in a narrow range during initial part of the session. However, during the second half volatility increased and the index tested our mentioned support level of 10100. We are now witnessing negative crossovers in RSI & Stochastic momentum oscillator on the daily chart. Moreover, the index has given a close well below its short term moving averages; which is a sign of weakness. Thus on the downside a move below 10100 level may trigger fresh downward momentum and the index may drift towards 9986 9845 levels. On the upside 10262 10308 levels are likely to act as resistance in coming trading session. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expect Target Resistance Levels Negative Below 10100 9986 9845 10262 10308
Source: Falcon

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Technical Research | April 10, 2012

Positive Bias:
Positive Above 406.5 316 Expected Target 420 330

Stock Name HINDUNILVR BHARAT FORGE

CMP 404.5 313

5 Day EMA 404 312.5

20 Day EMA 400 312.6

Remarks View will change below 397 View will change below 310

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Technical Research | April 10, 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 17,068 5,190 10,024 1,291 163 1,132 1,601 325 254 665 328 298 332 198 1,668 356 485 657 516 1,936 122 397 855 128 2,785 221 495 80 517 1,270 672 1,247 160 263 893 107 465 81 728 568 115 92 2,054 181 751 102 549 24 271 98 446 1,140 433 S1 17,145 5,212 10,078 1,301 166 1,139 1,626 327 258 673 334 305 334 202 1,709 359 492 662 519 1,955 124 401 861 130 2,804 223 501 81 525 1,284 678 1,265 161 266 902 109 481 82 735 574 117 93 2,077 184 760 104 554 24 273 99 453 1,152 436 PIVOT 17,276 5,250 10,167 1,319 169 1,148 1,642 330 265 683 346 308 338 205 1,734 365 502 668 523 1,982 128 404 870 134 2,832 225 511 83 540 1,308 687 1,293 164 270 914 110 490 83 741 584 119 95 2,113 188 775 107 560 25 276 101 463 1,170 440 R1 17,353 5,272 10,221 1,330 172 1,156 1,667 333 268 691 352 314 341 209 1,775 369 508 673 525 2,001 130 407 876 136 2,851 226 517 84 548 1,322 693 1,312 166 273 923 111 507 84 749 591 120 96 2,136 191 785 109 565 25 278 102 470 1,182 444 R2 17,485 5,310 10,310 1,348 175 1,165 1,683 335 275 701 364 318 345 212 1,799 375 518 680 529 2,028 134 410 884 140 2,878 229 527 86 563 1,346 703 1,340 168 277 935 112 516 85 755 601 122 98 2,172 195 799 112 570 26 281 104 479 1,200 448

Technical Research Team

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Technical Research | April 10, 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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