Technical Research | March 07, 2012

Daily Technical Report

Sensex (17173) / NIFTY (5222)

Exhibit 1: Nifty Daily Chart

Once again for the second consecutive session, markets

opened on a pessimistic note in-line with weak global cues.

As expected, we witnessed an extremely volatile session on

account of the results from the UP elections. Massive

selling pressure dragged indices significantly lower in the

second half to close well inside the negative territory for

the day. On the sectoral front, Metal, Power and Capital

goods counters were among the major losers, whereas

FMCG and Consumer Durables sectors ended on a positive

side. The advance to decline ratio was strongly in favor of

declining counters. (A=1063 D=1746) (Source

www.bseindia.com)

Formation:

• The 200-day SMA and 20-day EMA have now shifted to

17180 / 5167 and 17682 / 5362, respectively.

• The 38.8 % and 50 % Fibonacci retracement of the rise

from 15135 / 4530 to 18524 / 5630 levels are at

17230 / 5210 and 16830 / 5080 respectively.

Source: Falcon

Actionable points:

Trading strategy:

View

Neutral

Yesterday, indices tumbled significantly lower to test

Resistance Levels

5265 - 5382

mentioned support level of 17230 / 5210. The rise in the

Support level

5167 / 5080

dollar index and a weakening rupee continue to impede

trader sentiment in Indian markets. At this juncture, indices

are hovering around the “200-day SMA” support zone

17230 - 17180 / 5210 - 5167. We are the opinion that

indices may take support around these levels as “200-

day SMA” is considered as strong support level. In case

the markets break this support zone then Indices may

head further lower to test the 16830 / 5080 mark. On

the upside, 17312 - 17692 / 5265 - 5382 levels may

act as strong resistance in coming trading session.

For Private Circulation Only |

Technical Research | March 07, 2012

Bank Nifty Outlook - (10058)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened on a pessimistic note and

traded with extreme volatility throughout the session. The

trend line breakdown formed by joining the lows of

January 30, 2012 - February 27, 2012 is still intact. As

stated in our previous report the “RSI” momentum

oscillator has dropped below 50 and when coupled with

negative crossover in “5 & 20 EMA”, suggests further

weakness in the index. Thus, if Bank Nifty sustains below

yesterday’s low of 10020 then it is likely to drift towards

the support zone 9900 - 9843 .On the upside 10340 -

10460 levels are likely to act as resistance in coming

trading session.

Actionable points:

View

Negative Below 10020

Expected Target

9900 - 9838

Resistance Levels

10340 - 10460

Source: Falcon

For Private Circulation Only |

Technical Research | March 07, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,767

16,970

17,331

17,534

17,895

NIFTY

5,095

5,159

5,270

5,334

5,446

BANKNIFTY

9,755

9,906

10,172

10,324

10,590

ACC

1,252

1,272

1,294

1,314

1,335

AMBUJACEM

157

159

161

163

165

AXISBANK

1,057

1,102

1,151

1,196

1,245

BAJAJ-AUTO

1,618

1,661

1,708

1,751

1,798

BHARTIARTL

324

330

340

346

357

BHEL

255

265

282

293

310

BPCL

651

660

670

679

689

CAIRN

344

352

364

372

384

CIPLA

298

302

309

313

319

COALINDIA

319

325

330

336

341

DLF

178

188

196

206

214

DRREDDY

1,639

1,664

1,687

1,712

1,734

GAIL

340

346

351

357

363

HCLTECH

466

474

483

490

499

HDFC

639

645

656

662

672

HDFCBANK

493

500

511

518

528

HEROMOTOCO

1,749

1,810

1,871

1,933

1,994

HINDALCO

123

128

135

139

146

HINDUNILVR

373

377

382

385

390

ICICIBANK

824

839

865

880

906

IDFC

132

136

141

146

151

INFY

2,766

2,809

2,845

2,888

2,923

ITC

203

207

209

213

216

JINDALSTEL

517

532

558

573

599

JPASSOCIAT

KOTAKBANK

532

542

555

564

578

1,181

1,208

1,258

1,285

1,335

M&M

660

671

681

692

702

MARUTI

1,278

1,305

1,327

1,354

1,377

NTPC

169

172

176

179

183

ONGC

276

279

284

287

292

PNB

893

913

941

961

988

POWERGRID

109

110

111

112

113

RANBAXY

401

407

416

423

432

RCOM

102

RELIANCE

752

764

787

799

822

RELINFRA

570

594

637

661

704

RPOWER

115

120

130

135

145

SAIL

102

SBIN

2,027

2,088

2,175

2,236

2,323

SESAGOA

189

193

202

207

216

SIEMENS

746

766

780

801

815

STER

107

111

116

120

126

SUNPHARMA

547

553

561

567

574

SUZLON

TATAMOTORS

255

261

270

276

285

TATAPOWER

103

106

110

113

117

TATASTEEL

400

413

435

447

469

TCS

1,172

1,187

1,204

1,219

1,236

WIPRO

420

426

433

439

445

Technical Research Team

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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]

Research Team: 022-3952 6600

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