Technical Research | April 12, 2012

Daily Technical Report Sensex (17199) / NIFTY (5227)

Yesterday, markets opened lower in-line with negative globel cues and drifted marginally below 5200. However, strong buying interest in the second half led indices to close near 5225 mark. On sectoral front, Metal, Consumer Durables and Oil & Gas counters were among the major losers, whereas Health Care, IT, and Baking stocks ended with a minor gain. The advance to decline ratio was in favor of declining counters (A=1240 D=1524) (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 17333 / 5275, respectively. The 20-Week EMA is placed at 17200 / 5200 level. Indices have taken support near 78.60% Fibonacci
Source: Falcon

Retracement level (17080 / 5187) of the rise from 16920 to 17664 / 5135 to 5379 levels.

Trading strategy:
Indices opened lower around 5200 mark and traded in a narrow range during the first of the session. We witnessed a strong positive momentum during the second half, which pushed indices marginally above its hourly 20 EMA. We are now observing that indices have taken support near 78.60% Fibonacci Retracement level (17080 / 5187) of the rise from 16920 to 17664 / 5135 to 5379 levels. Hence, we may witness a positive momentum if indices sustain above yesterdays high of 17319 / 5264. In this scenario, markets may rally towards 17407 17554 / 5288 5339 levels. Conversely, a fall below yesterdays low of 17075 / 5190 would lead to further selling and then indices are likely to slide towards the next support levels of 17008 16920 / 5171 5135 levels.

Actionable points:
View Expected Targets Support Levels Positive Above 5264 5288 5339 5190 5171 5135

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Technical Research | April 12, 2012

Bank Nifty Outlook - (10214)

Yesterday, Bank Nifty opened on a flat note, and traded with extreme volatility throughout the session. The Bullish Harami candlestick pattern has been confirmed as the index has managed to close marginally above the 10210 level. We had mentioned in our previous report that we are witnessing a positive crossover in RSI Smoothened oscillator on the hourly chart and possibility of a pullback cannot be ruled out. We expect volatility to increase as the momentum oscillators on the hourly and daily chart paint a mixed picture. Thus on the upside if Bank Nifty sustains above yesterdays high of 10310 then it is likely to test resistance zone of 10382 10410 levels. On the downside 10114 9986 levels are likely to act as support in coming trading session. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Resistance Levels Support Levels Neutral 10310 10382 10410 10114 9986

Source: Falcon

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Technical Research | April 12, 2012

Positive Bias:
Positive Above 112 Expected Target 115

Stock Name Power Grid

CMP 111.7

5 Day EMA 110.3

20 Day EMA 109.1

Remarks View will change below 108

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Technical Research | April 12, 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 16,955 5,154 9,946 1,182 154 1,118 1,604 316 247 646 338 306 324 197 1,689 344 479 659 511 1,939 121 405 840 130 2,709 225 477 77 527 1,253 680 1,250 159 258 878 108 474 81 719 530 114 90 2,089 175 757 99 549 23 278 97 437 1,123 437 S1 17,077 5,191 10,080 1,209 157 1,138 1,619 319 249 658 342 308 328 199 1,710 349 485 666 519 1,956 122 411 852 132 2,757 227 482 78 543 1,268 687 1,261 162 261 889 110 481 82 725 541 116 91 2,124 177 764 101 563 24 280 99 442 1,131 441 PIVOT 17,198 5,227 10,195 1,248 161 1,154 1,637 324 252 672 345 311 332 202 1,725 355 490 673 525 1,970 124 416 864 133 2,791 229 488 79 553 1,282 694 1,273 164 264 901 111 489 84 732 554 117 93 2,152 179 772 102 571 24 283 103 448 1,143 445 R1 17,320 5,263 10,329 1,275 164 1,173 1,652 328 253 685 349 313 336 205 1,746 360 495 681 533 1,986 126 422 876 134 2,839 231 494 80 569 1,297 701 1,284 167 267 911 113 497 85 737 564 118 93 2,186 182 779 103 585 25 286 106 453 1,150 449 R2 17,441 5,300 10,444 1,314 168 1,189 1,670 333 256 699 352 316 340 208 1,760 366 500 687 539 2,000 128 427 888 135 2,873 232 500 82 580 1,311 708 1,296 169 270 923 114 505 87 745 577 120 95 2,214 184 787 105 594 26 289 109 459 1,163 453

Technical Research Team

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Technical Research | April 12, 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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