Technical Research | March 29, 2012
Daily Technical Report
Sensex (17122) / NIFTY (5195)
Exhibit 1: Nifty Daily Chart
Yesterday, markets opened with a minor downside gap and
selling pressure during the latter part of the session dragged
indices lower to close marginally below 5200 mark. On
sectoral front, Consumer Durables, Banking and PSU
counters were among the major losers, whereas FMCG and
Health Care counters ended with a nominal gain. The
advance to decline ratio was strongly in favour of declining
counters (A=896 D=2021) (Source -www.bseindia.com)
Formation:
• The 200-day SMA (Simple Moving Average) and 20-
day EMA (Exponential Moving Average) have now shifted to
17164 / 5163 and 17607 / 5350, respectively.
• The “20-Week EMA” is placed at 17150 / 5188 level.
Source: Falcon
Actionable points:
Trading strategy:
View
Neutral
Indices opened marginally down during yesterday’s session
Resistance Levels
5278 - 5312 - 5386
in-line with other global bourses and selling pressure
Support Levels
5171 - 5076
intensified in the latter part of the day. Consequently,
indices drifted lower to test mentioned support level of
17008 / 5171. Considering the global cues, it is likely that
our markets will open on a negative note. Going forward,
we reiterate that 17008 / 5171 level is likely to act as
strong support. A sustainable move below this level may
result in increase in selling pressure and indices are likely to
slide towards the next support zone of 16828 - 16600 /
5076 - 5000. Conversely, 17367 / 5278 mark is likely to
act as a resistance in coming trading session. If indices
manage to sustain above this level, then further rally may
be witnessed up to 17458 - 17687 / 5312 - 5386 levels.
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1
Technical Research | March 29, 2012
Bank Nifty Outlook - (9960)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on a pessimistic note and
selling pressure was witnessed throughout the session
which led the index to close at the lowest level in last 1
month. The “Homing Pigeon” candlestick pattern
mentioned in our previous report has been negated as
the index has managed to close below 9967 level. The
“RSI” momentum oscillator on the daily chart is still below
50 which suggest weakness in the index. However, the
momentum oscillators on the hourly chart signal signs of
positive divergence; hence a possibility of a minor
pullback, after the expected gap down opening today,
cannot be ruled out. On the upside 10075 - 10115 levels
are likely to act as resistance in coming trading session.
On the downside a breach of 9900 level will lead the
index to test the “200 - day SMA” which is placed at
9800 level.
Actionable points:
View
Neutral
Resistance Levels
10075 - 10115
Source: Falcon
Support Levels
9900 - 9800
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2
Technical Research | March 29, 2012
Positive Bias:
Positive
Expected
Stock Name
CMP
5 Day EMA
20 Day EMA
Remarks
Above
Target
Ranbaxy
419.5
414.9
418.3
426.5
440
View will change below
413.5
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3
Technical Research | March 29, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
16,930
17,026
17,136
17,232
17,342
NIFTY
5,133
5,164
5,200
5,231
5,267
BANKNIFTY
9,774
9,867
9,995
10,088
10,215
ACC
1,297
1,310
1,325
1,338
1,353
AMBUJACEM
163
165
167
169
171
AXISBANK
1,091
1,103
1,121
1,133
1,150
BAJAJ-AUTO
1,594
1,616
1,642
1,664
1,690
BHARTIARTL
332
335
338
341
344
BHEL
246
249
254
257
262
BPCL
660
664
667
671
674
CAIRN
328
334
344
350
359
CIPLA
296
298
301
303
305
COALINDIA
326
329
331
334
336
DLF
193
195
197
199
201
DRREDDY
1,664
1,682
1,700
1,718
1,736
GAIL
359
363
367
370
374
HCLTECH
459
465
471
477
484
HDFC
656
658
662
665
668
HDFCBANK
506
510
514
518
522
HEROMOTOCO
1,948
1,968
1,989
2,009
2,030
HINDALCO
123
124
126
128
130
HINDUNILVR
406
409
414
417
422
ICICIBANK
840
850
862
872
884
IDFC
126
128
129
130
131
INFY
2,797
2,820
2,847
2,871
2,898
ITC
223
225
226
228
230
JINDALSTEL
515
521
527
532
538
JPASSOCIAT
74
75
78
80
82
KOTAKBANK
506
514
526
534
546
LT
1,277
1,293
1,308
1,323
1,338
M&M
667
674
684
691
701
MARUTI
1,238
1,263
1,279
1,304
1,320
NTPC
158
160
162
164
166
ONGC
250
254
260
264
270
PNB
894
903
915
925
937
POWERGRID
104
105
106
107
108
RANBAXY
406
413
420
426
433
RCOM
82
83
85
86
88
RELIANCE
712
719
727
734
743
RELINFRA
554
561
572
579
589
RPOWER
112
114
117
119
122
SAIL
90
91
93
94
96
SBIN
2,030
2,055
2,088
2,113
2,146
SESAGOA
185
188
191
193
197
SIEMENS
747
758
767
778
787
STER
107
108
110
111
113
SUNPHARMA
546
557
571
583
597
SUZLON
26
26
27
28
29
TATAMOTORS
267
269
271
273
275
TATAPOWER
93
94
96
98
99
TATASTEEL
435
445
451
462
468
TCS
1,145
1,155
1,165
1,175
1,185
WIPRO
419
424
428
433
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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