Technical Research | April 02, 2012
Daily Technical Report
Sensex (17404) / NIFTY (5296)
Exhibit 1: Nifty Daily Chart
On Friday, our Benchmark indices opened well above the
mentioned resistance level of 17110 / 5195 on the back of
strong global cues. Further, indices maintained this positive
momentum throughout the day to close nearly 2% higher
around 5300 mark. On sectoral front, Oil & Gas, Realty
and Metal counters were among the major gainers. There
was no sector in the negative territory. The advance to
decline ratio was strongly in favour of advancing counters
(A=1969 D=913) (Source -www.bseindia.com)
Formation:
• The 200-day SMA (Simple Moving Average) and 20-
day EMA (Exponential Moving Average) have now shifted to
17100 / 5150 and 17380 / 5284, respectively.
• The ‘20-Week EMA’ is placed at 17200 / 5200 level.
• The daily ‘RSI’ momentum oscillator is positively poised.
• We are witnessing a ‘Downward Sloping Trend Line’
resistance around 17630 / 5365 level.
• The weekly chart depicts a Japanese candlestick pattern
called ‘A Bullish Hammer’.
Source: Falcon
Actionable points:
Trading strategy:
View
Bullish Above 5307
Last week, indices traded marginally below ‘200-day SMA’
Expected Targets
5365 - 5400
support level of 17008 / 5171 during Thursday’s session,
Support Levels
5171 - 5135
but strong buying interest near these levels led indices to
close near the 5300 mark. We are now observing a ‘Bullish
A closing above 17630 / 5365 level would lead to a ‘Trend
Hammer’ candlestick pattern at
‘20-Week EMA’. The
Line’ breakout and indices then may rally further with
pattern will be activated if indices mange to sustain above
enhanced positive momentum to test 17871 - 18041 /
last week’s high of 17440 / 5307. In addition, the daily
5445 - 5500 levels. On the downside, this week’s low of
‘RSI’ oscillator is positively poised. Hence, we assign a
16920 / 5135 would provide a decent support in the
strong probability that indices will cross 17440 / 5307 level.
coming trading sessions. Only a breach of this level would
In such a scenario, indices are likely to move towards the
resume the negative momentum and indices may slide
‘Downward Sloping Trend Line’ resistance around 17630 /
towards 16828 - 16600 / 5076 - 5000 levels.
5365 level seen on the daily chart.
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1
Technical Research | April 02, 2012
Bank Nifty Outlook - (10213)
Exhibit 2: Bank Nifty Daily Chart
On Friday’s session, Bank Nifty opened with an upside
gap and gained strength as the day progressed to close
near the highest point of the day. We had mentioned in
our previous report that we are observing signs of positive
divergence on the hourly chart. Moreover, on the weekly
chart we are now observing a “Hammer” pattern
formation at
“20
- week EMA”
(9932). This level
coincides with
38.2%
(9890) Fibonacci retracement
support level of the rise from December23, 2011 -
February24,
2012. We are also witnessing positive
crossover in momentum oscillators “RSI and Stochastic”
on the daily chart. Thus a sustainable move above
Friday’s high of 10248 will trigger fresh momentum on
the upside and the index may rally towards 10320 -
10405 levels. On the downside 10133 - 10080 - 10046
levels are likely to act as support in coming trading
session.
Actionable points:
View
Bullish Above 10248
Expected Targets
10320 - 10405
Support Levels
10133 - 10080 -10046
Source: Falcon
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2
Technical Research | April 02, 2012
Positive Bias:
Positive
Expected
Stock Name
CMP
5 Day EMA
20 Day EMA
Remarks
Above
Target
SBI
2096.3
2103
2166.5
2110
2260
View will change below
2040
HDIL
85.6
86.2
94.7
86.5
98
View will change below 79
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3
Technical Research | April 02, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
16,982
17,193
17,316
17,527
17,651
NIFTY
5,165
5,230
5,269
5,334
5,372
BANKNIFTY
9,881
10,047
10,148
10,313
10,414
ACC
1,265
1,312
1,344
1,391
1,422
AMBUJACEM
164
168
171
175
178
AXISBANK
1,121
1,133
1,143
1,155
1,165
BAJAJ-AUTO
1,634
1,656
1,672
1,695
1,710
BHARTIARTL
329
334
336
341
343
BHEL
246
252
255
261
264
BPCL
678
689
696
708
715
CAIRN
324
329
333
338
343
CIPLA
298
302
304
307
309
COALINDIA
325
335
342
351
358
DLF
198
200
202
204
206
DRREDDY
1,672
1,718
1,749
1,795
1,826
GAIL
363
370
376
383
390
HCLTECH
466
475
481
489
495
HDFC
667
670
674
677
680
HDFCBANK
504
512
518
526
532
HEROMOTOCO
2,022
2,039
2,052
2,068
2,082
HINDALCO
124
126
129
132
134
HINDUNILVR
402
406
410
414
418
ICICIBANK
851
871
882
902
914
IDFC
126
131
133
138
140
INFY
2,777
2,822
2,847
2,892
2,917
ITC
223
225
226
228
230
JINDALSTEL
532
539
547
553
561
JPASSOCIAT
78
80
81
83
84
KOTAKBANK
513
529
540
556
567
LT
1,270
1,290
1,302
1,322
1,335
M&M
666
683
694
711
722
MARUTI
1,270
1,310
1,333
1,374
1,397
NTPC
160
161
163
165
166
ONGC
256
262
266
272
277
PNB
904
914
925
936
946
POWERGRID
104
106
108
110
111
RANBAXY
429
449
462
482
494
RCOM
82
83
84
85
86
RELIANCE
718
734
744
760
769
RELINFRA
566
577
583
593
599
RPOWER
115
116
117
118
119
SAIL
91
92
94
95
96
SBIN
2,049
2,073
2,091
2,115
2,134
SESAGOA
187
191
193
197
199
SIEMENS
727
743
753
769
778
STER
107
109
110
112
114
SUNPHARMA
551
561
573
582
594
SUZLON
24
25
26
26
27
TATAMOTORS
271
273
275
277
279
TATAPOWER
98
100
101
102
103
TATASTEEL
445
458
467
480
488
TCS
1,133
1,151
1,163
1,181
1,194
WIPRO
427
434
438
444
448
Technical Research Team
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Technical Report
RESEARCH TEAM
Shardul Kulkarni
Head - Technicals
Sameet Chavan
Technical Analyst
Sacchitanand Uttekar
Technical Analyst
Mehul Kothari
Technical Analyst
Ankur Lakhotia
Technical Analyst
For any Queries, Suggestions and Feedback kindly mail to [email protected]
Research Team: 022-3952 6600
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