Daily Technical Report
June 04, 2012
Exhibit 1: Nifty Daily Chart
Sensex (15965) / NIFTY (4842)
On Friday, our benchmark indices opened lower in
line with other global indices and traded with extreme
pessimism throughout the day to close near day’s low.
The Sensex closed below psychological mark of
16000 and Nifty closed just below 4850 with a loss of
more than 1.5%. On sectoral front, Consumer Goods,
Power and Auto counters corrected heavily during
Friday’s session; whereas FMCG ended with marginal
gains. The advance to decline ratio was strongly in
favor of declining counters (A=850 D=1830) (Source
-www.bseindia.com)
Formation
The 200-day SMA (Simple Moving Average) and
20-day EMA (Exponential Moving Average) have
now shifted to 16800 / 5070 and 16360 /
4960, respectively.
The ‘20-Week EMA’ is placed at 16840 / 5100
Source: Falcon
level.
Indices have taken a support near 15860 /
4766 level, which is the
78.6% Fibonacci
Actionable points:
Retracement level of the rise from 15135 / 4531
View
Neutral
(Low on December 23, 2011) to 18524 / 5630
Resistance Levels
4900 - 4950
(High on February 22, 2012).
Support Levels
4803 - 4789 - 4766
Trading strategy:
Conversely, we reiterate our view that the recent
The global financial uncertainty and rupee
swing low of 15809 / 4789 now holds as a key
depreciation is proving to be extremely detrimental for
support level for the market. A violation of this level
our markets. Despite a positive beginning for the last
would increase the current negative momentum and
week, indices eventually tumbled lower to close
as a result indices may slide towards 15678 - 15135
almost at the lowest point of the week. Broadly
/ 4695 - 4530 levels.
speaking, last week, markets traded in a range of
16545 to 15933 / 5020 to 4841. Going forward,
last week’s high would act as strong resistance level.
We are of the opinion that traders who intend to trade
with a positive bias should enter the market only if
indices sustain and close above the weekly high of
16545 / 5020.
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Daily Technical Report
June 04, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (9268)
On Friday, Bank Nifty opened on a flat note and
selling pressure throughout the day led index to close
near the lowest point of the day. The index found
support near the mentioned support level of 9270
and close marginally below it. The momentum
oscillators on the daily chart continue with their sell
signal and we expect a gap down opening
considering the clues from the Asian markets.
However, on the flip side the momentum oscillators
on the hourly chart are in an oversold condition and
probability of a bounce back, post the gap down
opening cannot be ruled out. On the upside 9373 -
9442 are likely to act as resistance and on the
downside 9250 - 9150 levels are likely to act as
support in coming trading session.
Actionable points:
View
Neutral
Resistance Levels
9373 - 9442
Source: Falcon
Support Levels
9250 - 9150
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Daily Technical Report
June 04, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
15,749
15,857
16,042
16,150
16,334
NIFTY
4,773
4,807
4,866
4,900
4,959
BANKNIFTY
9,097
9,182
9,338
9,423
9,578
ACC
1,101
1,114
1,133
1,146
1,165
AMBUJACEM
146
148
149
151
152
ASIANPAINT
3,613
3,696
3,848
3,932
4,084
AXISBANK
941
953
969
981
997
BAJAJ-AUTO
1,470
1,484
1,499
1,514
1,529
BANKBARODA
633
646
666
678
699
BHARTIARTL
296
298
302
304
307
BHEL
203
205
208
210
214
BPCL
677
686
693
702
710
CAIRN
303
310
322
329
341
CIPLA
304
306
309
311
314
COALINDIA
316
319
321
325
327
DLF
179
181
183
185
187
DRREDDY
1,603
1,626
1,657
1,681
1,712
GAIL
299
315
329
345
360
GRASIM
2,181
2,213
2,272
2,304
2,363
HCLTECH
465
476
492
503
519
HDFC
633
638
647
652
661
HDFCBANK
479
485
496
502
513
HEROMOTOCO
1,798
1,810
1,822
1,834
1,846
HINDALCO
114
115
117
118
120
HINDUNILVR
408
414
423
429
439
ICICIBANK
769
775
785
792
802
IDFC
116
118
122
123
127
INFY
2,353
2,371
2,401
2,419
2,450
ITC
227
230
232
236
238
JINDALSTEL
416
423
432
439
448
JPASSOCIAT
60
61
62
63
65
KOTAKBANK
527
535
549
557
572
LT
1,104
1,119
1,146
1,161
1,187
M&M
631
638
646
654
662
MARUTI
1,041
1,058
1,088
1,105
1,136
NTPC
143
144
145
146
148
ONGC
240
243
249
252
258
PNB
703
715
737
750
772
POWERGRID
101
102
104
105
107
RANBAXY
471
482
501
512
531
RELIANCE
660
672
691
704
722
RELINFRA
412
421
437
446
462
SAIL
89
90
92
94
96
SBIN
1,978
2,003
2,042
2,067
2,105
SESAGOA
177
179
183
185
189
SIEMENS
614
629
655
671
697
STER
88
90
92
94
97
SUNPHARMA
557
563
567
573
578
TATAMOTORS
214
219
228
233
241
TATAPOWER
90
91
93
95
96
TATASTEEL
388
393
400
405
412
TCS
1,203
1,214
1,229
1,240
1,256
WIPRO
394
398
402
405
409
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Daily Technical Report
June 04, 2012
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
Mehul Kothari
-
Technical Analyst
Ankur Lakhotia
-
Technical Analyst
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