Daily Technical Report
June 08, 2012
Exhibit 1: Nifty Daily Chart
Sensex (16649) / NIFTY (5050)
After a sharp rally on Wednesday's session, we
witnessed a gap up opening for the markets. This was
mainly on the back of strong positive cues from global
bourses. Subsequently, indices remained in a narrow
range throughout the day and closed at 5050 mark.
On sectoral front, Realty, Banking and Auto counters
rallied significantly during yesterday’s session;
whereas Consumer Durables sector ended with a
nominal loss. The advance to decline ratio was in
favor of advancing counters (A=1527 D=1172)
Formation
The 200-day SMA (Simple Moving Average) and
20-day EMA (Exponential Moving Average) have
now shifted to 16800 / 5070 and 16360 /
4960, respectively.
The ‘20-Week EMA’ is placed at 16840 / 5100
level.
Source: Falcon
Indices have taken a support near 15860 /
4766 level, which is the
78.6% Fibonacci
Retracement level of the rise from 15135 / 4531
Actionable points:
(Low on December 23, 2011) to 18524 / 5630
View
Bullish above 5060
(High on February 22, 2012).
Expected targets
5090 - 5120
Support Levels
4947 - 4925
The weekly ‘RSI’ momentum oscillator is
signaling a positive crossover.
Conversely, 16290 - 16220 / 4947 - 4925 levels
Trading strategy:
may provide a decent support for the markets.
Yesterday, after a gap up opening, we witnessed a
sideways move in the market with an underlying
positive bias. Indices managed to cross mentioned
swing high of 16544 / 5020 and traded well above it
throughout the session. Indices are now approaching
‘200-day SMA' resistance zone of 16780 - 16840 /
5050 - 5090. Also, the hourly momentum oscillators
are placed in the overbought territory. Hence, during
the early part of today’s session, the possibility of a
minor pull back or consolidation in the strong
upwards trend, cannot be ruled out.
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Daily Technical Report
June 08, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (9951)
Yesterday, Bank Nifty opened with an upside gap in
line with our benchmark indices and traded in a
narrow range during first half of the session.
However, during the second half strong buying
emerged in banking heavyweights, which led the
index to close near the highest point of the day. We
are witnessing a positive crossover in directional
indicators in “ADX (14)”. Similar to the benchmark
Indices, the momentum oscillators on the hourly chart
on the Bank Nifty are placed in the extreme
overbought zone and thus a minor pullback or
consolidation during the early part of today’s session
cannot be ruled out. In such a scenario the index is
likely to find support at 9830 - 9787 levels. On the
upside, a move beyond 9975 would lead the index to
test 10029 - 10111 levels.
Actionable points:
View
Bullish above 9975
Expected Targets
10029 - 10111
Source: Falcon
Support Levels
9787 - 9692
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Daily Technical Report
June 08, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
16,456
16,552
16,617
16,713
16,777
NIFTY
4,987
5,018
5,039
5,070
5,091
BANKNIFTY
9,718
9,834
9,905
10,021
10,091
ACC
1,127
1,141
1,156
1,170
1,185
AMBUJACEM
148
150
152
153
156
ASIANPAINT
3,779
3,814
3,839
3,873
3,899
AXISBANK
1,002
1,030
1,046
1,073
1,089
BAJAJ-AUTO
1,514
1,529
1,548
1,563
1,582
BANKBARODA
703
711
720
728
737
BHARTIARTL
292
297
300
304
307
BHEL
214
216
218
220
222
BPCL
692
696
701
706
711
CAIRN
320
326
329
334
337
CIPLA
304
306
309
311
314
COALINDIA
322
324
325
327
328
DLF
186
190
193
197
199
DRREDDY
1,599
1,608
1,616
1,625
1,633
GAIL
315
318
323
326
331
GRASIM
2,271
2,291
2,320
2,340
2,369
HCLTECH
486
492
500
507
514
HDFC
647
652
655
660
663
HDFCBANK
517
527
533
544
550
HEROMOTOCO
1,945
1,973
1,991
2,019
2,037
HINDALCO
117
118
120
122
124
HINDUNILVR
420
422
423
425
427
ICICIBANK
805
818
828
840
850
IDFC
126
128
129
131
133
INFY
2,423
2,438
2,451
2,466
2,480
ITC
229
233
236
240
243
JINDALSTEL
429
435
439
444
448
JPASSOCIAT
65
67
68
69
70
KOTAKBANK
556
561
566
570
576
LT
1,237
1,256
1,273
1,292
1,310
M&M
656
672
682
698
708
MARUTI
1,098
1,120
1,133
1,156
1,169
NTPC
149
152
155
158
160
ONGC
256
260
262
266
269
PNB
743
755
767
779
791
POWERGRID
106
107
109
110
112
RANBAXY
474
481
491
497
508
RELIANCE
707
714
723
730
739
RELINFRA
451
467
478
494
505
SAIL
93
94
95
96
97
SBIN
2,139
2,153
2,171
2,186
2,204
SESAGOA
181
184
186
189
192
SIEMENS
645
657
668
680
691
STER
94
95
97
98
100
SUNPHARMA
569
574
577
582
586
TATAMOTORS
229
233
236
240
243
TATAPOWER
91
92
93
94
95
TATASTEEL
404
407
414
417
424
TCS
1,222
1,231
1,241
1,250
1,259
WIPRO
389
395
405
411
421
3
Daily Technical Report
June 08, 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
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