Technical Research | April 09, 2012

Daily Technical Report

Sensex (17486) / NIFTY (5323)

Exhibit 1: Nifty Daily Chart

On Wednesday April 04, 2012, our benchmark indices

opened with a minor downside gap and traded in a narrow

range throughout the day to close in red. Our indices

almost tested the mentioned support level of 17420 / 5300

and managed to close above the same. On sectoral front,

Realty, Metal and Banking counters were among the major

losers, whereas Power and Consumer durables ended with

a nominal gain. The advance to decline ratio was

marginally in favour of advancing counters (A=1446

D=1344) (Source -www.bseindia.com)

Formation:

• The 200-day SMA (Simple Moving Average) and 20-

day EMA (Exponential Moving Average) have now shifted to

17100 / 5150 and 17400 / 5300, respectively.

• The ‘20-Week EMA’ is placed at 17200 / 5200 level.

• The positive crossover in daily ‘RSI-smoothened’

oscillator is still intact.

• We are witnessing a ‘Downward Sloping Trend Line’

Source: Falcon

resistance around 17630 / 5365 level.

Actionable points:

Trading strategy:

View

Neutral

We have witnessed a small trading range during the

Resistance Levels

5340 - 5380

truncated week. On account of public holidays,

Support Levels

5300 - 5278

participation in the market was lower and volumes were

below average. As expected, after crossing last week’s high

Conversely, indices may face selling pressure only if the

of 17440 / 5307, indices moved towards the ‘Downward

support level of 17382 / 5278 is breached. In this case,

Sloping Trend Line’ resistance level of 17630 / 5365.

indices may slide towards the next support zone of 17105 -

Going forward, 17664 / 5379 is likely to act as an

16920 / 5203 - 5135 levels.

immediate resistance level. The positive momentum is likely

to resume after crossing this resistance and would lead to a

break out from the mentioned ‘Downward Trend Line’

resistance. In this scenario, we may witness a rally with

enhanced positive momentum to test 18041 - 18250 /

5500 - 5540 levels.

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Technical Research | April 09, 2012

Bank Nifty Outlook - (10340)

Exhibit 2: Bank Nifty Daily Chart

On Wednesday, Bank Nifty opened with a minor

downside gap and traded in a narrow range throughout

the session. We had mentioned in our previous report

that the momentum oscillators on the hourly chart are

negatively poised and a minor pullback cannot be ruled

out. The momentum oscillator “Stochastic” on the daily

chart is in an overbought condition. Looking at the above

technical evidences and price patterns on the Daily chart,

it is likely that if the index sustains below Wednesday’s

low of 10267 then it may drift towards 10174 - 10100

levels. On the upside 10375 - 10503 levels are expected

to act as intermediate resistance levels.

Actionable points:

View

Neutral

Resistance Levels

10375 - 10503

Support Levels

10267 - 10174 - 10100

Source: Falcon

For Private Circulation Only |

Technical Research | April 09, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

17,375

17,431

17,492

17,547

17,609

NIFTY

5,289

5,306

5,322

5,339

5,355

BANKNIFTY

10,223

10,281

10,327

10,385

10,431

ACC

1,321

1,333

1,348

1,360

1,375

AMBUJACEM

166

167

169

170

172

AXISBANK

1,147

1,157

1,165

1,175

1,184

BAJAJ-AUTO

1,613

1,623

1,635

1,646

1,658

BHARTIARTL

325

327

332

334

339

BHEL

258

266

270

278

282

BPCL

689

694

699

704

709

CAIRN

351

355

359

363

367

CIPLA

301

303

307

310

314

COALINDIA

330

336

340

346

350

DLF

199

202

204

207

209

DRREDDY

1,685

1,699

1,710

1,724

1,735

GAIL

362

367

373

378

384

HCLTECH

495

502

507

514

520

HDFC

674

677

681

684

688

HDFCBANK

522

524

527

529

531

HEROMOTOCO

1,962

1,987

2,015

2,040

2,067

HINDALCO

129

131

132

134

136

HINDUNILVR

394

397

401

403

407

ICICIBANK

870

880

891

901

911

IDFC

135

137

138

140

141

INFY

2,826

2,838

2,857

2,869

2,888

ITC

224

226

227

229

231

JINDALSTEL

512

519

529

535

546

JPASSOCIAT

KOTAKBANK

543

547

553

557

562

1,325

1,335

1,344

1,354

1,363

M&M

688

693

699

704

710

MARUTI

1,289

1,302

1,320

1,333

1,351

NTPC

165

166

168

169

171

ONGC

271

272

274

276

278

PNB

917

923

928

935

940

POWERGRID

108

110

112

113

RANBAXY

454

466

474

486

494

RCOM

RELIANCE

736

741

749

755

763

RELINFRA

587

594

602

609

617

RPOWER

119

120

122

123

125

SAIL

100

SBIN

2,117

2,140

2,159

2,182

2,202

SESAGOA

190

192

195

197

200

SIEMENS

774

781

787

794

800

STER

108

109

111

112

114

SUNPHARMA

555

560

565

569

575

SUZLON

TATAMOTORS

275

277

279

281

284

TATAPOWER

102

103

106

TATASTEEL

467

471

475

479

483

TCS

1,156

1,167

1,178

1,190

1,201

WIPRO

434

439

445

450

457

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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