Daily Technical Report
May 04, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17151) / NIFTY (5188)
Yesterday, our benchmark indices opened with a
downside gap in line with other global indices and
traded with negative bias throughout the day to close
near days low. However it can be seen that the
markets continue to trade in the range of 17530 to
16920 / 5345 to 5135 as mentioned in our weekly
report. On sectoral front, Auto, Metal and Banking
counters were among the major losers, whereas IT
and Teck counters ended with marginal gains. The
advance to decline ratio was strongly in favor of
declining counters (A=1062 D=1708) (Source
-
Formation
The 200-day SMA (Simple Moving Average) and
Source: Falcon
20-day EMA (Exponential Moving Average) have
now shifted to 17100 / 5135 and 17400 /
5250, respectively.
The ‘20-Week EMA’ is placed at 17200 / 5200
level.
We are now witnessing a ‘Downward Sloping
Trend Line’ resistance around 17350 / 5280
level.
Actionable points:
Trading strategy:
View
Neutral
After a gap down opening below the mentioned
Resistance Levels
5226 - 5280
support level of 5223, yesterday we witnessed a
Support Levels
5180 - 5135
volatile trading session where selling pressure
intensified in the later half and Nifty closed below
5200 mark. The positive crossover in 'RSI' oscillator on
the Daily chart has been negated. However, we are
witnessing that indices took support near the 78.6%
Fibonacci retracement level of the rise from 17020 /
5154 to 17432 / 5280 which is at 17110 / 5180.
Going forward, if indices trades convincingly below
17110 / 5180 then they may drift towards the next
support level of 16920 / 5135. On the upside, 5226
- 5280 levels, may act as intermediate resistances in
the coming trading sessions.
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Daily Technical Report
May 04, 2012
Bank Nifty Outlook - (10127)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened with a downside gap in
line with our benchmark indices and selling pressure
throughout the day lead the index to test 10100 level.
The positive crossover in “RSI” momentum oscillator
on the daily chart, mentioned in our previous reports
has been negated. At this juncture, the index is
approaching major support level of 10029. A close
below the mentioned support will trigger fresh
momentum on the downside and the index may drift
towards 9934 - 9845 levels. On the upside 10208 -
10275 levels are likely to act as resistance in coming
trading session.
Actionable points:
Source: Falcon
View
Neutral
Resistance Levels
10208 -10275
Support Levels
10029 -9934
Positive Bias:
Stock
Positive Expected
CMP
Remarks
Name
Above
Target
View will be
BHEL
225.2
228.5
240
negated below 218
Negative Bias:
Stock
Negative Expected
CMP
Remarks
Name
Below
Target
View will be
LICHSGFIN
255.5
253
245
negated above 260
2
Daily Technical Report
May 04, 2012
Research Team Tel: 022 - 39357800
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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
Angel Broking Pvt. Ltd.
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