Daily Technical Report
May 02, 2012
Sensex (17319) / NIFTY (5248)
Exhibit 1: Nifty Daily Chart
On Monday, we witnessed a positive opening in-line
with strong cues from other Asian bourses.
Subsequently, indices surged higher as the day
progressed and eventually closed almost at the
highest point of the day. On sectoral front, IT, TECK
and Oil & Gas counters were among the major
gainers, whereas FMCG and Consumer Durables
counters ended with marginal loss. The advance to
decline ratio was in marginally favor of advancing
counters
(A=1174 D=1091) (Source
-
www.bseindia.com)
Formation
The 200-day SMA (Simple Moving Average) and
20-day EMA (Exponential Moving Average) have
now shifted to 17100 / 5135 and 17400 /
5250, respectively.
Source: Falcon
The ‘20-Week EMA’ is placed at 17200 / 5200
level.
We are now witnessing a ‘Downward Sloping
Trend Line’ resistance around 17350 / 5250
level.
The ‘RSI’ momentum oscillator on the daily chart
is signaling a positive crossover.
Trading strategy:
Actionable points:
Positive Above
On Monday, after a positive opening Indices have
View
5262
now moved towards the ‘Downward Sloping Trend
Expected Targets
5343 - 5441
Line’ resistance of 17350 / 5250 level mentioned in
Support Levels
5222 - 5200
our earlier reports. A sustainable move beyond
Monday’s high of 17360 / 5262 with significant
higher volumes would lead to a break out from this
resistance. Considering the global cues from the
Asian and American markets, it is highly probable
that this breakout would sustain and we may close
above the 17360 / 5262 mark. As a result, indices
may rally towards 17531 - 17664 / 5343 - 5441.
The daily ‘RSI’ momentum oscillator is signaling a
positive crossover and further augments the positive
outlook on the markets. On the downside 5223 -
5200 levels, may act as support in the coming trading
sessions.
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Daily Technical Report
May 02, 2012
Bank Nifty Outlook - (10277)
Exhibit 2: Bank Nifty Daily Chart
On Monday, Bank Nifty opened on a flat note in line
with our benchmark indices and gained strength as
the day progressed. The index tested the mentioned
resistance level of 10345. We had also mentioned in
our previous report that we are witnessing a positive
crossover in “RSI - Smoothened” momentum oscillator
on the hourly chart and possibility of a bounce back
cannot be ruled out. In addition, we are now
witnessing positive crossover in “RSI” momentum
oscillator on the daily chart. The effect of positive
crossover will be seen if the index sustains above
Monday’s high of 10360. In this case the index is
likely to rally towards 10408 - 10515 levels. On the
downside 10210 - 10150 levels are likely to act as
Source: Falcon
support in coming trading session.
Actionable points:
Positive Bias:
Positive Above
Stock
Positive Expected
View
CMP
Remarks
10360
Name
Above
Target
Expected Targets
10408 -10515
Hanung
View will be
139.5
144
158
Toys
negated below 135
Support Levels
10210 -10150
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Daily Technical Report
May 02, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,127
17,223
17,291
17,387
17,455
NIFTY
5,177
5,212
5,237
5,273
5,298
BANKNIFTY
10,132
10,204
10,282
10,355
10,433
ACC
1,176
1,207
1,226
1,257
1,276
AMBUJACEM
146
148
150
153
155
AXISBANK
1,080
1,094
1,112
1,125
1,143
BAJAJ-AUTO
1,559
1,592
1,611
1,644
1,664
BHARTIARTL
305
308
310
313
316
BHEL
220
222
225
227
230
BPCL
660
666
672
677
684
CAIRN
331
338
342
349
353
CIPLA
309
310
313
314
316
COALINDIA
346
349
352
355
358
DLF
178
182
186
191
194
DRREDDY
1,708
1,735
1,763
1,790
1,818
GAIL
326
328
332
334
337
HCLTECH
502
507
511
516
519
HDFC
666
670
676
680
685
HDFCBANK
535
539
544
548
553
HEROMOTOCO
2,152
2,196
2,223
2,267
2,294
HINDALCO
118
119
121
122
123
HINDUNILVR
411
414
418
421
425
ICICIBANK
862
872
881
891
899
IDFC
116
118
120
123
125
INFY
2,363
2,412
2,440
2,490
2,518
ITC
242
244
247
248
251
JINDALSTEL
468
486
498
516
527
JPASSOCIAT
71
73
74
76
77
KOTAKBANK
573
578
584
589
596
LT
1,210
1,219
1,228
1,237
1,246
M&M
692
701
711
720
731
MARUTI
1,336
1,354
1,376
1,394
1,417
NTPC
160
161
163
164
166
ONGC
259
265
268
273
276
PNB
822
836
849
863
876
POWERGRID
107
109
110
113
114
RANBAXY
487
495
503
511
520
RCOM
73
74
75
76
78
RELIANCE
733
739
744
750
754
RELINFRA
503
515
525
537
546
RPOWER
100
103
106
109
112
SAIL
92
93
95
97
99
SBIN
2,102
2,120
2,145
2,163
2,188
SESAGOA
183
186
188
191
193
SIEMENS
762
769
777
783
791
STER
103
105
106
108
109
SUNPHARMA
581
592
600
612
620
SUZLON
21
22
23
23
24
TATAMOTORS
307
312
315
319
322
TATAPOWER
103
104
105
106
107
TATASTEEL
455
459
464
469
473
TCS
1,188
1,217
1,234
1,263
1,280
WIPRO
398
402
405
409
412
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Daily Technical Report
May 02, 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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