Technical Research | March 14, 2012
Daily Technical Report
Sensex (17814) / NIFTY (5430)
Exhibit 1: Nifty Daily Chart
Yesterday, once again our Benchmark Indices opened with
an optimistic note and traded with positive bias throughout
the day. We witnessed that, indices crossed the much
awaited hurdle of 17692 / 5382 and finally closed above
5400 mark. On the sectoral front, most of the sectors
contributed in the rally. Metal, Oil & Gas and Reality
counters were among the major gainers. The advance to
decline ratio was strongly in favor of advancing counters.
(A=1712 D=1215) (Source -www.bseindia.com)
Formation:
• We are now witnessing a positive crossover in “5 & 20-
day EMA” and “RSI Smoothened” oscillator.
• The Daily momentum oscillators viz., the RSI and the
Stochastic are positively poised.
Source: Falcon
Actionable points:
Trading strategy:
View
Bullish Above 5439
Yesterday, indices opened with an upside gap near the
Expected Targets
5459 - 5505
mentioned resistance of 17692 / 5382 and traded with a
Support level
5417 - 5390
positive bias throughout the day to close near days high.
The rally was in line with expectations and previously
mentioned bullish technical evidences. It was further aided
by positive global cues. Now, on the Daily chart, we are
witnessing a positive crossover in “5 & 20-day EMA” and
“RSI Smoothened” oscillator. This suggests that the
momentum on the upside is likely to continue. Also, the
global indices and SGX Nifty suggests that our benchmark
indices may open with an upside gap. Therefore, on the
upside indices are likely to test 18001 - 18140 / 5459 -
5505 levels. On the downside, the immediate support is
seen around 17767 - 17680 / 5417 - 5390 levels.
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1
Technical Research | March 14, 2012
Bank Nifty Outlook - (10686)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on a flat note and traded in
a narrow range throughout the day to close with a narrow
range body. However, on the daily chart we are
witnessing a positive crossover in “RSI Smoothened”
oscillator which is a sign of strength. There is no
significant change in the outlook based on the daily chart
and hence we reiterate our view that if the Bank Nifty
manages to sustain above 10786 then it is likely to rally
towards 10850 - 11035 levels. On the downside, the
support levels have been shifted to 10671 - 10543 for
the coming trading session.
Actionable points:
View
Bullish Above 10786
Expected Targets
10850 - 11035
Support Levels
10671 - 10543
Source: Falcon
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2
Technical Research | March 14, 2012
Positive Bias:
20 Day
Positive
Expected
Stock Name
CMP
5 Day EMA
Remarks
EMA
Above
Target
View will change below
Ranbaxy
425.5
420.3
428.2
429
440
424
Sterlite
View will change below
120.3
117
119.2
121.6
130
Industries
115
Ambuja
View will change below
168
164.3
164.6
170.5
178
Cement
162.5
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3
Technical Research | March 14, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,616
17,715
17,779
17,878
17,942
NIFTY
5,372
5,401
5,420
5,449
5,468
BANKNIFTY
10,614
10,650
10,708
10,744
10,802
ACC
1,316
1,328
1,337
1,348
1,357
AMBUJACEM
159
164
167
171
175
AXISBANK
1,230
1,235
1,242
1,247
1,254
BAJAJ-AUTO
1,749
1,766
1,785
1,802
1,822
BHARTIARTL
333
336
339
342
345
BHEL
282
286
292
296
301
BPCL
656
662
669
674
681
CAIRN
369
373
377
381
385
CIPLA
301
304
307
310
313
COALINDIA
336
340
343
346
349
DLF
202
205
208
211
214
DRREDDY
1,682
1,689
1,699
1,706
1,717
GAIL
349
360
366
376
382
HCLTECH
490
498
504
511
517
HDFC
671
677
680
685
689
HDFCBANK
517
521
524
528
531
HEROMOTOCO
1,925
1,944
1,959
1,978
1,994
HINDALCO
136
139
141
143
145
HINDUNILVR
378
380
383
385
388
ICICIBANK
918
924
934
940
949
IDFC
146
147
150
151
154
INFY
2,829
2,845
2,857
2,872
2,885
ITC
206
208
209
210
211
JINDALSTEL
573
592
610
629
647
JPASSOCIAT
79
81
83
85
86
KOTAKBANK
557
563
569
575
581
LT
1,345
1,353
1,364
1,372
1,383
M&M
644
650
659
666
675
MARUTI
1,327
1,348
1,366
1,387
1,405
NTPC
171
172
173
174
175
ONGC
275
281
285
291
295
PNB
964
970
978
985
993
POWERGRID
109
110
111
112
113
RANBAXY
413
419
424
430
435
RCOM
95
97
99
102
104
RELIANCE
796
808
815
827
834
RELINFRA
637
644
653
659
668
RPOWER
134
136
137
139
140
SAIL
95
98
100
103
104
SBIN
2,298
2,313
2,331
2,346
2,365
SESAGOA
198
203
207
212
216
SIEMENS
792
799
809
816
826
STER
114
117
119
123
125
SUNPHARMA
567
575
583
591
599
SUZLON
27
28
29
30
31
TATAMOTORS
279
281
284
286
290
TATAPOWER
106
107
109
110
112
TATASTEEL
456
462
466
472
476
TCS
1,176
1,186
1,201
1,211
1,226
WIPRO
424
428
431
434
437
Technical Research Team
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4
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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