Technical Research | March 15, 2012
Daily Technical Report
Sensex (17919) / NIFTY (5464)
Exhibit 1: Nifty Daily Chart
Yesterday, for the fourth consecutive session, we witnessed
a gap up opening due to positive sentiments across global
markets. However, after the gap up opening, markets
witnessed some profit booking in the later half and closed
marginally above
5450 mark. On the sectoral front,
Banking, Capital Goods and PSU counters were among the
major gainers, whereas Realty and IT sectors remained
under pressure. The advance to decline ratio was
marginally in favor of declining counters. (A=1401
D=1505) (Source -www.bseindia.com)
Formation:
• The positive crossover in “5 & 20-day EMA” and “RSI
Smoothened” oscillator is still intact.
Source: Falcon
Trading strategy:
Actionable points:
View
Neutral
In today’s trading session, it is likely that our markets open
Resistance Levels
5500 - 5538 - 5610
lower in line with global clues. The US DOLLAR INDEX has
Support Levels
5437 - 5382
strengthened and the charts indicate probability of a further
upside move in this index. With regards to our markets, the
volatility is expected to rise on account of the RBI monetary
policy. Thus, going forward, positive momentum is likely to
resume ONLY if markets sustain above yesterday’s high of
18041 / 5500. In this case, indices are likely to rally
towards 18250 - 18524 / 5538 - 5610 levels. On the
downside, the immediate support is seen around 17837 -
17692 / 5437 - 5382 levels.
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1
Technical Research | March 15, 2012
Bank Nifty Outlook - (10890)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened with an upside gap and
gained momentum as the day progressed to close near
the highest point of the day. The positive crossover in “RSI
Smoothened” oscillator on the daily chart mentioned in
our previous report is still intact. Conversely on the hourly
chart the “RSI Smoothened” oscillator is placed in an
extreme overbought condition, hence possibility of a
minor pullback in the index cannot be ruled out. In such a
scenario the index is likely to find support at 10768 -
10671- 10543 levels. On the upside if the index sustains
above yesterday’s high of 10912 then it is likely to rally
towards 11013 - 11227 levels.
Note: In view of RBI monetary policy we expect Bank
Nifty to be volatile. Hence traders are advised to trade
with strict stop losses and stay light on their positions.
Source: Falcon
Actionable points:
View
Neutral
Resistance Levels
10912 - 11013 - 11227
Support Levels
10768 - 10671 - 10543
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2
Technical Research | March 15, 2012
Positive Bias:
20 Day
Positive
Expected
Stock Name
CMP
5 Day EMA
Remarks
EMA
Above
Target
View will change below
Union Bank
246.6
239.2
236.3
249.6
255
238
Financial
View will change below
828.2
810.1
816
837
888
Technologies
775
Negative Bias:
20 Day
Negative
Expected
Stock Name
CMP
5 Day EMA
Remarks
EMA
Below
Target
View will change above
Tata Steel
460.8
457.2
457.3
458.6
438
476
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3
Technical Research | March 15, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,729
17,824
17,932
18,028
18,136
NIFTY
5,405
5,435
5,467
5,496
5,529
BANKNIFTY
10,713
10,802
10,857
10,945
11,000
ACC
1,327
1,341
1,353
1,367
1,380
AMBUJACEM
164
165
169
171
174
AXISBANK
1,247
1,260
1,272
1,286
1,297
BAJAJ-AUTO
1,722
1,743
1,776
1,798
1,831
BHARTIARTL
332
335
340
344
349
BHEL
288
291
294
297
301
BPCL
659
670
680
691
701
CAIRN
369
372
376
379
384
CIPLA
307
308
311
312
315
COALINDIA
342
345
347
351
353
DLF
199
202
207
211
216
DRREDDY
1,647
1,663
1,691
1,707
1,735
GAIL
365
370
373
378
382
HCLTECH
492
498
509
515
526
HDFC
660
669
679
688
698
HDFCBANK
518
523
527
532
535
HEROMOTOCO
1,928
1,950
1,973
1,995
2,017
HINDALCO
141
143
144
145
146
HINDUNILVR
377
379
383
385
388
ICICIBANK
939
947
952
959
965
IDFC
147
149
152
154
157
INFY
2,822
2,850
2,883
2,911
2,944
ITC
209
211
212
214
215
JINDALSTEL
588
596
609
618
631
JPASSOCIAT
78
79
82
84
87
KOTAKBANK
561
567
571
577
581
LT
1,370
1,383
1,396
1,409
1,421
M&M
649
659
670
681
692
MARUTI
1,346
1,359
1,379
1,392
1,413
NTPC
173
175
177
179
180
ONGC
283
289
292
297
300
PNB
961
994
1,014
1,047
1,068
POWERGRID
111
112
113
113
114
RANBAXY
418
422
426
430
434
RCOM
96
97
100
101
103
RELIANCE
794
804
817
827
840
RELINFRA
646
652
660
666
674
RPOWER
132
134
137
139
141
SAIL
98
99
101
102
104
SBIN
2,312
2,333
2,354
2,375
2,396
SESAGOA
204
207
211
214
218
SIEMENS
800
805
812
817
824
STER
117
119
121
123
125
SUNPHARMA
572
578
586
592
600
SUZLON
29
29
30
31
31
TATAMOTORS
283
287
289
293
295
TATAPOWER
108
109
110
111
112
TATASTEEL
448
454
465
472
482
TCS
1,110
1,132
1,173
1,195
1,236
WIPRO
416
421
426
432
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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