Daily Technical Report
May 31, 2012
Exhibit 1: Nifty Daily Chart
Sensex (16312) / NIFTY (4951)
Despite positive cues from European as well as US
bourses, we opened lower during yesterday’s session
on the back of negative sentiments across Asian
markets. Subsequently, indices remained under
pressure throughout the session to close below the
important support level of 4957. On sectoral front,
Auto, Consumer Durables and Realty counters
corrected sharply during yesterday’s session; whereas
IT and Teck sectors ended with a nominal gain. The
advance to decline ratio was strongly in of advancing
counters
(A=1046 D=1654) (Source
-
www.bseindia.com)
Formation
The 200-day SMA (Simple Moving Average) and
20-day EMA (Exponential Moving Average) have
now shifted to 16800 / 5070 and 16429 /
4980, respectively.
Source: Falcon
The ‘20-Week EMA’ is placed at 16930 / 5130
level.
Indices have taken a support near 15860 /
4766 level, which is the
78.6% Fibonacci
Actionable points:
Retracement level of the rise from 15135 / 4531
View
Sell Below 4944
(Low on December 23, 2011) to 18524 / 5630
Resistance Levels
4982
(High on February 22, 2012).
Expected targets
4912 - 4889
The candlestick pattern on the weekly chart
represents another bullish “Hammer”.
Trading strategy:
Yesterday, we witnessed a range bound activity after a
Considering that today we have the derivatives
gap down opening and eventually markets closed
expiry, the session is likely to trade with immense
below the important support level of 4957. Looking at
volatility and hence, traders are advised to trade with
the negative placement of hourly oscillators it can be
cautious approach
concluded that indices are likely to drift lower to test
16195
/
4912 or
4889, if they sustain below
yesterday's low of 16295 / 4944. On the upside,
yesterday's high of 16429 / 4982 level would act as
the resistance for the day.
www.angelbroking.com
1
Daily Technical Report
May 31, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (9534)
Yesterday, Bank Nifty opened with a downside gap
and traded in a narrow range during first half of the
session. However, during the last hour of trade we
witnessed selling pressure which led the index to close
near the lowest point of the day. The momentum
oscillator “Stochastic” on the daily chart has given a
fresh sell signal in overbought zone. The negative
crossover in “RSI - Smoothened” oscillator on the
hourly chart mentioned in our previous report still
holds. Thus a sustainable move below yesterday low
of 9514 would result in further selling pressure and
the index is likely to drift towards the support level of
9408 - 9370. On the upside 9625 - 9693 levels are
likely to act as resistance in coming trading session.
Actionable points:
View
Sell Below 9514
Resistance Levels
9625 - 9693
Source: Falcon
Expected targets
9408 - 9370
www.angelbroking.com
2
Daily Technical Report
May 31, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
16,212
16,262
16,345
16,395
16,479
NIFTY
4,922
4,936
4,959
4,974
4,997
BANKNIFTY
9,436
9,485
9,564
9,613
9,691
ACC
1,115
1,139
1,154
1,178
1,193
AMBUJACEM
139
146
150
156
160
ASIANPAINT
3,774
3,795
3,826
3,848
3,879
AXISBANK
984
992
1,005
1,013
1,025
BAJAJ-AUTO
1,494
1,508
1,518
1,532
1,542
BANKBARODA
681
685
689
693
697
BHARTIARTL
295
299
303
306
311
BHEL
206
209
213
215
219
BPCL
674
682
689
697
703
CAIRN
326
330
335
339
345
CIPLA
301
304
308
310
314
COALINDIA
316
318
320
322
324
DLF
179
181
184
186
189
DRREDDY
1,647
1,665
1,685
1,703
1,723
GAIL
314
320
327
332
340
GRASIM
2,324
2,342
2,368
2,386
2,412
HCLTECH
501
505
508
513
516
HDFC
650
653
657
660
664
HDFCBANK
492
496
501
505
510
HEROMOTOCO
1,827
1,841
1,854
1,869
1,882
HINDALCO
111
113
114
116
117
HINDUNILVR
411
417
420
426
429
ICICIBANK
798
808
823
832
847
IDFC
117
119
121
123
125
INFY
2,362
2,397
2,428
2,463
2,494
ITC
228
230
232
234
236
JINDALSTEL
440
447
454
461
468
JPASSOCIAT
59
59
60
61
62
KOTAKBANK
544
548
552
556
560
LT
1,169
1,178
1,188
1,197
1,207
M&M
641
649
656
664
671
MARUTI
1,092
1,122
1,139
1,169
1,187
NTPC
143
144
145
147
148
ONGC
243
248
255
259
266
PNB
715
723
736
744
757
POWERGRID
104
105
106
107
109
RANBAXY
513
520
530
536
546
RELIANCE
690
698
703
712
717
RELINFRA
443
449
460
465
476
SAIL
90
91
92
93
94
SBIN
2,063
2,081
2,099
2,117
2,135
SESAGOA
180
182
184
185
187
SIEMENS
653
659
668
673
683
STER
94
94
96
97
98
SUNPHARMA
563
570
576
583
589
TATAMOTORS
230
236
248
255
266
TATAPOWER
91
93
94
96
97
TATASTEEL
404
407
411
414
418
TCS
1,217
1,229
1,243
1,255
1,269
WIPRO
401
407
411
416
421
www.angelbroking.com
3
Daily Technical Report
May 31, 2012
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,
nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,
compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have
investment positions in the stocks recommended in this 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]
Angel Broking Pvt. Ltd.
Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.
Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 3952 6600
Sebi Registration No: INB 010996539
www.angelbroking.com
4