Technical Research | April 24, 2012

Daily Technical Report Sensex (17097) / NIFTY (5201)

The week began on a flat note in-line with mixed global cues. However, we witnessed strong selling pressure during the second half, which dragged indices significant lower to close at the support level near the 5200 mark. On sectoral front, Realty, Teck, IT and Metal sectors corrected sharply during yesterdays session. There was no sector in the positive territory. The advance to decline ratio was strongly in favor of declining counters (A=990 D=1800) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
The 200-day SMA (Simple Moving Average) and 20-day EMA (Exponential Moving Average) have now shifted to 17050 / 5135 and 17400 / 5300, respectively. The 20-Week EMA is placed at 17200 / 5200 level.
Source: Falcon

Actionable points: Trading strategy:

We witnessed a quiet opening on the back of mixed sentiments across Asian markets. Indices moved in a narrow range during the first half, but immense selling pressure near days high dragged indices significantly lower to close well in the negative territory. Going forward, yesterdays low of 17056 / 5187, which also nearly coincides with the 20 week EMA, remains a crucial intermediate support for our markets. In case of a violation of this low, the market is likely to drift further down to test 16920 / 5135 level which is near the 200-day SMA mark. On the upside, yesterdays high of 17445 / 5311 is likely to act as immediate resistance for the coming few sessions. View Resistance level Support Levels Neutral 5311 5187 5135

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Technical Research | April 24, 2012

Bank Nifty Outlook - (10243)

Yesterday, Bank Nifty opened on a flat note and selling pressure dragged the index to close marginally below the mentioned support level of 10250. We are now observing a negative crossover in RSI - Smoothened momentum oscillator on the daily chart. The trading range of 10600 10150 mentioned in our previous reports is still intact. Moreover, on the hourly chart we are observing an upward sloping trend line breakdown at 10330 which is a sign of concern. Thus, a sustainable move below yesterdays low of 10206 level is likely drag the index lower to test 10150 10125 levels. On the upside 10350 10401 level is likely to act as resistance in coming trading session. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Support Levels Resistance Levels Neutral 10150 10125 10350 - 10401

Source: Falcon

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Technical Research | April 24, 2012

Positive Bias:
Buying Range 3390 3471 Expected Target 3725

Stock Name Asian Paints

CMP 3471

5 Day EMA 3373.2

20 Day EMA 3278.9

Remarks View will change below 3290

Negative Bias:
Negative Below 81.7 Expected Target 73

Stock Name HDIL

CMP 82.55

5 Day EMA 86

20 Day EMA 88.5

Remarks View will change Above 86.25

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Technical Research | April 24, 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 16,812 5,109 10,009 1,199 154 1,089 1,634 300 227 655 331 308 343 183 1,745 343 485 677 536 2,093 114 411 817 119 2,250 242 464 72 562 1,249 693 1,350 162 262 867 108 511 78 714 497 103 93 2,121 174 768 105 579 22 302 99 448 1,017 419 S1 16,954 5,155 10,126 1,221 156 1,112 1,655 306 231 665 336 312 349 186 1,762 348 490 680 540 2,120 116 414 831 122 2,281 243 474 74 571 1,251 704 1,364 164 265 878 109 514 80 725 512 106 95 2,157 178 778 105 587 22 306 100 455 1,040 421 PIVOT 17,199 5,233 10,324 1,237 159 1,150 1,687 316 240 682 344 318 358 191 1,788 356 499 685 548 2,165 121 419 850 126 2,335 246 489 76 584 1,279 719 1,386 165 268 896 112 518 83 735 537 111 98 2,218 184 796 107 593 23 313 103 467 1,071 424 R1 17,342 5,278 10,441 1,260 161 1,173 1,708 323 244 692 349 322 364 194 1,805 361 504 688 553 2,192 124 422 863 130 2,366 247 499 78 593 1,281 730 1,400 167 271 907 113 521 85 747 553 114 100 2,254 188 807 107 602 23 317 105 475 1,095 427 R2 17,587 5,356 10,638 1,276 165 1,211 1,741 333 252 709 357 329 374 199 1,831 369 513 693 561 2,236 128 428 882 134 2,420 249 514 80 606 1,308 745 1,422 169 274 925 116 525 88 757 578 119 103 2,316 195 824 110 608 24 324 107 487 1,126 429

Technical Research Team

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Technical Research | April 24, 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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