Daily Technical Report
June 01, 2012
Exhibit 1: Nifty Daily Chart
Sensex (16219) / NIFTY (4924)
Yesterday, despite extremely weak GDP data, our
markets bounced in the latter half of the day to close
above 4900 mark. The session was less volatile than
previous derivative expiry sessions. On sectoral front,
Auto, Banking heavyweights corrected during
yesterday’s session; whereas Realty and IT sectors
ended on the gaining side. The advance to decline
ratio was strongly in of declining counters (A=1184
D=1416) (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.
The ‘20-Week EMA’ is placed at 16930 / 5130
level.
Source: Falcon
Indices have taken a support near 16113 /
4886 level, which is the
61.8
% Fibonacci
Retracement level of the rise from 15847 / 4804
(Low on 23rd May, 2012) to 16544 / 5020 (High
Actionable points:
on 29th May , 2012).
View
Buy Above 4949
The candlestick pattern on the weekly chart
Expected targets
4982 - 5020
represents another bullish “Hammer”.
Support Levels
4883 - 4850
Trading strategy:
Yesterday, once again indices opened lower in-line
with negative global cues. Despite the weakest GDP
growth data since March 2003, the indices bounced
from lower levels to close well above the 4900 mark.
We are observing that the market has taken support
near an important Fibonacci retracement support
level (16113 / 4886) and the possibility of a further
upside cannot be ruled out. Going forward, we expect
a rally towards 16429 - 16544 / 4982 - 5020 levels,
once the Index sustains above yesterday's high of
16278 / 4949 level. Conversely, yesterday's low of
16086 / 4883 may provide decent support for the
markets.
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Daily Technical Report
June 01, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (9441)
For the second consecutive session, Bank Nifty
opened with a downside gap and traded in a narrow
range throughout the day. The index found support
near the mentioned level of 9370 and bounced back.
The momentum oscillator “Stochastic” on the daily
chart continues with its sell signal. The negative
crossover in “RSI - Smoothened” oscillator on the
hourly chart mentioned in our previous report is still
intact. However, it is about to enter the oversold
territory. We are also witnessing a “Spinning Top”
candlestick pattern, which is a sign of indecisiveness
prevailing at current levels. Thus we expect range
bounce activity in the coming session. On the upside
9520 - 9564 levels are likely to act as resistance and
9360 - 9270 levels are likely to act as support for the
day.
Actionable points:
View
Neutral
Source: Falcon
Resistance Levels
9520 - 9564
Support Levels
9360 - 9270
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Daily Technical Report
June 01, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
16,003
16,111
16,194
16,302
16,385
NIFTY
4,853
4,889
4,919
4,954
4,985
BANKNIFTY
9,308
9,374
9,427
9,494
9,546
ACC
1,115
1,128
1,148
1,161
1,182
AMBUJACEM
147
149
151
153
155
ASIANPAINT
3,588
3,805
3,998
4,215
4,408
AXISBANK
949
960
975
986
1,002
BAJAJ-AUTO
1,478
1,495
1,513
1,529
1,548
BANKBARODA
656
672
689
705
722
BHARTIARTL
296
299
303
307
311
BHEL
204
208
212
216
220
BPCL
673
685
695
707
717
CAIRN
324
329
334
340
345
CIPLA
301
305
308
313
316
COALINDIA
311
316
321
326
331
DLF
175
180
183
188
191
DRREDDY
1,661
1,674
1,682
1,694
1,702
GAIL
315
318
322
326
330
GRASIM
2,232
2,269
2,327
2,364
2,422
HCLTECH
490
497
502
510
515
HDFC
636
646
653
662
669
HDFCBANK
490
498
503
512
517
HEROMOTOCO
1,803
1,817
1,834
1,848
1,865
HINDALCO
113
115
117
119
122
HINDUNILVR
412
420
425
433
439
ICICIBANK
770
777
788
794
805
IDFC
116
121
123
128
131
INFY
2,297
2,363
2,457
2,524
2,618
ITC
225
227
230
232
235
JINDALSTEL
427
434
444
451
461
JPASSOCIAT
56
59
62
65
67
KOTAKBANK
532
548
557
573
582
LT
1,143
1,158
1,176
1,191
1,209
M&M
643
648
653
657
662
MARUTI
1,068
1,084
1,109
1,125
1,150
NTPC
142
145
146
148
150
ONGC
246
249
252
256
258
PNB
703
729
747
773
790
POWERGRID
104
105
106
107
108
RANBAXY
505
512
519
525
533
RELIANCE
659
682
706
729
752
RELINFRA
439
444
451
456
464
SAIL
88
92
94
98
100
SBIN
2,009
2,033
2,061
2,084
2,112
SESAGOA
175
181
185
192
196
SIEMENS
637
657
671
691
705
STER
92
93
94
95
96
SUNPHARMA
552
559
571
578
589
TATAMOTORS
225
229
234
238
243
TATAPOWER
90
92
94
95
97
TATASTEEL
395
399
404
408
412
TCS
1,206
1,226
1,241
1,261
1,276
WIPRO
398
404
410
416
422
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Daily Technical Report
June 01, 2012
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
Mehul Kothari
-
Technical Analyst
Ankur Lakhotia
-
Technical Analyst
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