Daily Technical Report

May 15, 2012

Sensex (16216) / NIFTY (4908)

Yesterday, we witnessed a quiet opening on the back of mix global cues. However, inflation data disappointed the street and markets tumbled down to test mentioned support level of 16000 4850. A minor recovery during the second half of the session led indices to close just above 4900 mark. On the sectoral front, Oil & Gas, Banking and Realty were among the major losers; whereas Health Care and IT sectors ended marginally in the positive territory. The advance to decline ratio was strongly in favor of declining counters (A=1047 D=1657) (Source www.bseindia.com) Formation

Exhibit 1: Nifty Daily Chart

Source: Falcon

The 200-day SMA (Simple Moving Average) and 20-day EMA (Exponential Moving Average) have now shifted to 16920 / 5100 and 16940 / 5130, respectively. The 20-Week EMA is placed at 17100 / 5180 level. Indices have now tested 16430 / 4950 level, which is the 61.8 % Fibonacci Retracement level of the rise from 15135 / 4531 (Low on December 23, 2011) to 18524 / 5630 (High on February 22, 2012). Actionable points:
View Resistance Level Support Levels Neutral 4957 5050 4850 4800

Trading strategy: Yesterday, selling pressure dragged indices significantly lower to test mentioned support level of 16000 / 4850. Going forward, we reiterate that considering oversold position of momentum oscillators on the daily chart, it is not advisable to create fresh short position at this juncture. However, loss of momentum or an oversold condition in the momentum oscillators does not necessarily signal a price reversal. Hence, only a move beyond yesterday's high of 16390 / 4957 may provide bounce for the markets up to 16447 - 16700 / 4976 -5050 levels. On the downside, 16000 - 15860 / 4850 - 4800 levels are likely to act as decent support for the markets.

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Daily Technical Report

May 15, 2012

Bank Nifty Outlook - (9258)

Yesterday, Bank Nifty opened on a flat note and selling pressure lead the index to test the lower end of the mentioned range of 9700 9200. The Spinning Top candlestick pattern mentioned in our previous report has been negated as the index managed to give a close below 9296 level. However, in line with the benchmark indices the momentum oscillators on the daily chart continue to remain in an oversold zone. The Positive divergence in momentum oscillator RSI on the hourly chart mentioned in our previous report is still intact. We reiterate that the Bank Nifty is likely to trade in the mentioned range of 9200 9700. Within the mentioned range, 9380 9536 are likely to act as temporary resistance levels. Only a close below 9200 will signal further weakness in the index. Actionable points:
View Resistance Levels Support Levels Neutral 9380 9536 9200 9106

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon

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Daily Technical Report

May 15, 2012 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 M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 15,978 4,830 9,007 1,129 138 3,509 957 1,531 596 299 208 698 289 309 311 175 1,630 311 2,279 466 631 484 1,794 107 429 775 114 2,288 230 431 58 524 1,067 645 1,220 144 245 699 99 470 663 442 83 1,768 174 691 91 555 277 89 394 1,213 395 S1 16,097 4,869 9,132 1,151 141 3,603 977 1,559 610 303 213 706 296 315 313 179 1,651 315 2,307 476 638 492 1,819 110 431 788 116 2,314 232 444 60 532 1,113 651 1,235 146 248 711 100 479 672 451 85 1,804 177 702 93 566 284 92 401 1,219 399 PIVOT 16,244 4,913 9,316 1,169 144 3,669 995 1,579 633 307 218 711 308 319 317 184 1,673 319 2,346 483 644 502 1,843 113 433 809 120 2,330 234 457 62 539 1,156 660 1,246 148 251 734 101 485 688 466 88 1,850 180 710 95 574 292 93 409 1,227 403 R1 16,363 4,952 9,441 1,192 147 3,763 1,016 1,607 647 311 223 719 315 324 320 188 1,694 323 2,374 492 651 510 1,868 115 436 822 122 2,355 236 470 63 547 1,202 666 1,261 150 255 746 102 494 697 475 90 1,886 184 721 97 585 299 96 416 1,233 407 R2 16,509 4,996 9,624 1,210 150 3,829 1,034 1,627 669 315 229 724 327 328 323 193 1,716 328 2,413 499 657 520 1,893 118 438 843 126 2,371 238 482 65 553 1,244 676 1,272 152 257 768 103 499 712 489 92 1,932 186 729 99 593 307 97 425 1,241 411

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Daily Technical Report

May 15, 2012
Research Team Tel: 022 - 39357800 E-mail: research@angelbroking.com Website: www.angelbroking.com

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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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