Daily Technical Report

May 17, 2012

Sensex (16030) / NIFTY (4858)

Yesterday, we witnessed a very pessimistic start for the markets as indices opened down with a significant, 1.5% downside gap. This negative momentum continued for the almost the entire day and a minor recovery in the end led indices to close marginally above 4850 mark. On the sectoral front Metal, Auto and Consumer Durable counters contributed heavily in yesterdays fall. None of the sectors ended in positive territory. The advance to decline ratio was strongly in favor of declining counters (A=983 D=1733) (Source www.bseindia.com) Formation The 200-day SMA (Simple Moving Average) and 20-day EMA (Exponential Moving Average) have now shifted to 16920 / 5092 and 16940 / 5072, respectively. The daily Stochastic momentum oscillator is signaling a positive crossover. 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).

Exhibit 1: Nifty Daily Chart

Source: Falcon

Actionable points:
View Resistance Levels Support Levels Neutral 4910 4957 4837 4800

Trading strategy: We witnessed a massive gap down opening during yesterday's session on the back of extreme pessimism across all Asian bourses (mainly observed in Hang Seng Index) and Rupee closing at an all time low. As mentioned, the oversold condition of momentum oscillators does not indicate an immediate reversal. Thus, only a move beyond 16220 / 4910 would confirm the beginning of a pullback in the strong downward slide of the index and we may witness a rally up to 16390 - 16447/ 4957 - 4976 levels. Conversely, the support levels are seen around the 15974 - 15860 / 4837 4800 mark.

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Daily Technical Report

May 17, 2012

Bank Nifty Outlook - (9164)

Yesterday, Bank Nifty opened on a pessimistic note in line with our benchmark indices and managed to close below the mentioned range of 9200 - 9700. The index found support near the mentioned level of 9060 which coincides with 61.8% Fibonacci retracement of the rise from December 20, 2011 February 26, 2012 and bounced back. The momentum oscillators on the daily chart continue to remain in oversold condition. We are now witnessing Hammer candlestick pattern formation. The bullish implication on the mentioned candlestick pattern will only be seen if the index sustains above yesterdays high of 9208. In such a scenario the index is likely to rally towards 9310 9360 levels. On the downside 9105 9047 levels are likely to act as support in coming trading session. The mentioned pattern will be negated only if the index manages to close below 9047 levels. Actionable points:
View Resistance Levels Support Levels Neutral 9208 - 9310 - 9360 9105 9047

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon

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Daily Technical Report

May 17, 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 15,888 4,814 8,979 1,124 140 3,701 949 1,549 613 290 202 709 305 317 302 178 1,611 301 2,264 475 596 481 1,827 108 423 770 110 2,338 224 440 58 524 1,182 633 1,152 137 243 696 99 480 668 441 82 1,782 181 693 92 565 262 91 391 1,189 376 S1 15,959 4,836 9,071 1,148 142 3,728 960 1,582 627 294 205 731 312 319 305 180 1,637 306 2,297 480 608 488 1,855 109 425 782 112 2,353 225 446 59 539 1,194 645 1,172 139 246 703 102 486 672 447 83 1,805 184 700 95 574 265 92 396 1,206 383 PIVOT 16,046 4,859 9,140 1,164 143 3,757 971 1,605 640 299 210 750 320 322 310 182 1,658 312 2,335 484 623 493 1,880 111 429 792 114 2,369 228 454 60 549 1,207 652 1,187 141 249 714 104 492 677 454 85 1,825 188 708 98 586 271 93 404 1,224 396 R1 16,117 4,881 9,233 1,188 144 3,784 982 1,638 654 303 213 772 327 325 313 184 1,684 317 2,369 489 635 501 1,909 112 432 804 116 2,384 230 459 62 564 1,219 664 1,207 143 251 721 106 498 682 459 87 1,848 190 715 101 594 275 94 408 1,241 403 R2 16,204 4,904 9,301 1,204 146 3,813 993 1,662 666 309 217 791 335 328 319 187 1,705 323 2,406 493 650 506 1,933 114 435 814 118 2,400 233 468 63 574 1,233 671 1,222 145 254 732 108 504 687 466 89 1,867 194 723 103 606 281 95 416 1,259 415

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Daily Technical Report

May 17, 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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