Technical Research | March 30, 2012
Daily Technical Report
Sensex (17059) / NIFTY (5179)
Exhibit 1: Nifty Daily Chart
Yesterday, we witnessed a gap down opening on the back
of pessimism across global markets. As expected and
mentioned in our earlier reports, indices traded with
immense volatility in the later half of the session, on account
of the March series derivative expiry. Eventually, indices
managed to close marginally above “200-day SMA”. On
sectoral front, Capital Goods, IT and Teck counters were
among the major losers, whereas Health Care and
Consumer Durables sectors traded with a positive bias. The
advance to decline ratio was in favor of advancing counters
(A=1539 D=1270) (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
Trading strategy:
Actionable points:
Indices opened with a downside gap and traded marginally
below “200-day SMA” during yesterday’s session. However,
View
Neutral
Resistance Levels
5195 - 5237 - 5278
a minor recovery in the later half pushed indices higher to
Support Levels
5135 - 5076
close above “200-day SMA” and mentioned support level of
17008 / 5171. Going forward, yesterday’s low now will act
as a support for coming trading session. Only a violation
of yesterday’s low of 16920 / 5135 may intensify selling
pressure and indices then may slide towards the next
support zone of
16828
-
16600
/
5076
-
5000.
Conversely, the immediate resistance is seen at 17110 /
5195 level. If indices manage to sustain above this level
then we are likely to witness rally up to 17246 - 17378 /
5237 - 5278 levels.
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1
Technical Research | March 30, 2012
Bank Nifty Outlook - (9928)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on a pessimistic note and
traded in a narrow range throughout the session. We are
witnessing a confirmation of “Lower Top Lower Bottom”
formation on the daily chart. As mentioned in previous
report the “200 - day SMA” (9800) provided strong
support to the index. Going forward, only a breach of
9800 level will trigger fresh momentum on the downside.
In such a scenario the index is likely to drift towards 9762
-
9682 levels. However, considering the positive
divergence in momentum oscillators on the hourly chart,
a possibility of a pullback in the coming session cannot
be ruled out. Hence, if the bank nifty manages to cross
10038 then it is likely to move higher to test 10148 -
10247 levels.
Actionable points:
View
Positive above 10038
Expected Target
10148 - 10247
Support Levels
9800 - 9762 - 9682
Source: Falcon
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2
Technical Research | March 30, 2012
Positive Bias:
Positive
Expected
Stock Name
CMP
5 Day EMA
20 Day EMA
Remarks
Above
Target
View will change below
Hindalco
124.8
128
135.6
125.50
133
122
View will change below
Hero Motoco
2036
2004
1975
2050
2120
2010
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3
Technical Research | March 30, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
16,841
16,950
17,030
17,138
17,218
NIFTY
5,111
5,145
5,170
5,203
5,228
BANKNIFTY
9,777
9,853
9,921
9,996
10,064
ACC
1,277
1,300
1,314
1,337
1,351
AMBUJACEM
162
164
166
168
170
AXISBANK
1,076
1,099
1,118
1,141
1,161
BAJAJ-AUTO
1,593
1,623
1,642
1,672
1,691
BHARTIARTL
320
326
331
337
343
BHEL
242
246
249
252
256
BPCL
648
668
681
701
715
CAIRN
319
328
335
344
351
CIPLA
292
296
299
302
305
COALINDIA
324
328
334
339
345
DLF
191
194
197
201
204
DRREDDY
1,684
1,695
1,705
1,716
1,725
GAIL
355
361
367
374
379
HCLTECH
422
447
466
491
510
HDFC
645
656
664
675
683
HDFCBANK
501
505
510
514
519
HEROMOTOCO
1,941
1,988
2,019
2,067
2,097
HINDALCO
121
123
124
126
127
HINDUNILVR
401
405
410
413
418
ICICIBANK
835
845
858
868
881
IDFC
125
127
128
130
132
INFY
2,729
2,760
2,799
2,831
2,870
ITC
219
222
225
227
230
JINDALSTEL
501
524
541
565
581
JPASSOCIAT
74
76
78
80
82
KOTAKBANK
498
511
524
537
550
LT
1,260
1,271
1,284
1,294
1,308
M&M
667
673
678
684
689
MARUTI
1,241
1,273
1,297
1,329
1,352
NTPC
158
160
162
164
166
ONGC
249
255
260
265
271
PNB
889
899
909
919
929
POWERGRID
104
105
106
107
107
RANBAXY
405
426
437
458
470
RCOM
81
82
83
84
85
RELIANCE
712
719
724
730
736
RELINFRA
547
557
564
575
582
RPOWER
111
113
115
117
118
SAIL
89
90
91
92
93
SBIN
2,030
2,046
2,063
2,078
2,096
SESAGOA
185
187
188
190
192
SIEMENS
716
731
750
765
785
STER
104
106
109
111
113
SUNPHARMA
548
560
570
582
592
SUZLON
26
26
26
27
27
TATAMOTORS
264
268
271
275
278
TATAPOWER
89
93
98
102
107
TATASTEEL
442
447
451
457
461
TCS
1,114
1,128
1,146
1,159
1,177
WIPRO
415
426
432
443
450
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]
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