Technical Research | April 25, 2012
Daily Technical Report
Sensex (17207) / NIFTY (5223)
Exhibit 1: Nifty Daily Chart
Yesterday, our benchmark indices opened on a flat note
and traded with choppiness throughout the day. A minor
bounce towards the latter part of the session led indices to
close near day’s high. On sectoral front, IT and TECK
counters were among the major gainers, whereas
Consumer Goods counter ended with a marginal loss. The
advance to decline ratio was in marginally favour of
declining counters (A=1330 D=1398) (Source
-
www.bseindia.com)
Formation:
• The 200-day SMA (Simple Moving Average) and 20-day
EMA (Exponential Moving Average) have now shifted to
17050 / 5135 and 17400 / 5300, respectively.
Source: Falcon
• The ‘20-Week EMA’ is placed at 17200 / 5180 level.
Actionable points:
Trading strategy:
View
Neutral
Resistance level
5232 - 5311
Yesterday, we witnessed a flat opening in-line with global
Support Levels
5180 - 5135
cues. Subsequently, indices moved in a very narrow range
of 17047 - 17247 / 5180 - 5232. Going forward, we
reiterate our view that 17047 / 5180 levels are likely to
provide decent support for the market. Only a fall below
these levels on the back of strong volumes may reinforce
negative momentum and indices then may slide to test
16920 / 5135 level. On the upside, Monday's high of
17445 / 5311 may act as immediate resistance for the
markets. A move beyond this may push indices higher to
test 17664 / 5380 levels.
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1
Technical Research | April 25, 2012
Bank Nifty Outlook - (10215)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on a flat note traded in a
narrow range throughout the session. The index tested the
mentioned support level of 10150 and bounced back.
The negative crossover in “RSI - Smoothened” momentum
oscillator on the daily chart mentioned in our previous
report is still intact. On the contrary, the momentum
oscillator “RSI - Smoothened” on the hourly chart is
placed in an extreme oversold condition and possibility of
a bounce back cannot be ruled out. The trading range of
10600 - 10150 mentioned in our previous reports is still
intact. On the upside 10325 - 10375 level is likely to act
as resistance in coming trading session. On the downside
support is likely act 10125 - 10060.
Actionable points:
View
Neutral
Resistance Levels
10325 - 10375
Support Levels
10125 - 10060
Source: Falcon
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2
Technical Research | April 25, 2012
Positive Bias:
Positive
Expected
Stock Name
CMP
5 Day EMA
20 Day EMA
Remarks
Above
Target
View will change below
APIL
395.7
388.9
374.3
403
425
382
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3
Technical Research | April 25, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
16,966
17,087
17,167
17,288
17,368
NIFTY
5,160
5,191
5,212
5,243
5,264
BANKNIFTY
10,082
10,149
10,218
10,285
10,354
ACC
1,172
1,193
1,224
1,245
1,276
AMBUJACEM
143
147
153
157
163
AXISBANK
1,062
1,088
1,115
1,141
1,168
BAJAJ-AUTO
1,606
1,627
1,656
1,677
1,706
BHARTIARTL
281
294
302
315
323
BHEL
230
234
237
241
244
BPCL
658
673
687
702
716
CAIRN
335
338
342
345
349
CIPLA
309
311
315
317
321
COALINDIA
347
351
358
362
368
DLF
180
183
187
190
193
DRREDDY
1,732
1,748
1,772
1,788
1,812
GAIL
338
342
350
354
362
HCLTECH
488
499
509
520
531
HDFC
675
679
684
688
692
HDFCBANK
535
539
543
546
550
HEROMOTOCO
2,093
2,142
2,178
2,227
2,262
HINDALCO
117
119
121
122
124
HINDUNILVR
413
417
420
424
427
ICICIBANK
831
840
847
855
862
IDFC
121
124
126
129
132
INFY
2,138
2,244
2,304
2,410
2,471
ITC
235
240
243
248
251
JINDALSTEL
461
470
480
489
499
JPASSOCIAT
72
74
75
76
78
KOTAKBANK
549
559
574
584
599
LT
1,187
1,203
1,231
1,247
1,275
M&M
691
704
712
725
733
MARUTI
1,337
1,350
1,363
1,377
1,390
NTPC
163
165
167
169
170
ONGC
262
265
268
271
273
PNB
860
872
884
896
908
POWERGRID
108
109
110
111
113
RANBAXY
512
518
523
530
534
RCOM
77
79
80
82
84
RELIANCE
716
726
733
743
750
RELINFRA
515
525
532
542
549
RPOWER
106
107
109
111
112
SAIL
93
97
99
103
105
SBIN
2,153
2,172
2,194
2,213
2,234
SESAGOA
175
179
182
185
188
SIEMENS
780
788
797
805
813
STER
102
104
105
107
108
SUNPHARMA
584
590
597
603
611
SUZLON
22
22
23
23
24
TATAMOTORS
307
309
312
314
317
TATAPOWER
101
103
104
106
107
TATASTEEL
455
462
468
476
481
TCS
1,084
1,139
1,172
1,227
1,260
WIPRO
419
421
424
427
429
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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