Technical Research | April 10, 2012

Daily Technical Report

Sensex (17222) / NIFTY (5234)

Exhibit 1: Nifty Daily Chart

After lackluster movement last week, indices opened on a

pessimistic note during yesterday’s session. Negative

momentum continued throughout the day as indices

gradually moved lower and closed below 5250 mark. On

sectoral front, Metal, Capital Goods and Power counters

corrected sharply during yesterday’s session, whereas

Health Care sector ended with a nominal gain. The

advance to decline ratio was in favour of declining counters

(A=1203 D=1607) (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.

• We are witnessing a negative crossover in daily ‘3 & 8

EMA’ and momentum oscillators.

• Indices have closed at 61.8% Fibonacci Retracement

level (17204 / 5228) of the rise from 16920 to 17664 /

5135 to 5379 levels.

Source: Falcon

Trading strategy:

Actionable points:

View

Neutral

Yesterday, indices opened with a significant downside gap

Resistance Levels

5288 - 5305 - 5339

and maintained its early pessimism throughout the session

Support Levels

5203 - 5135

to close below 5250 mark. We are now observing that

indices have taken support at 61.8% Fibonacci Retracement

Conversely, 17407 / 5288 would act as a resistance in

level. However, we are also observing negative crossover in

coming trading session. A sustainable move beyond this

daily ‘3 & 8 EMA’ and momentum oscillators. The above

level may result further upside and indices are likely to test

technical observations indicate possibility of a further

17436 - 14554 / 5305 - 5339 levels.

downside only if indices sustain below yesterday’s low of

17199 / 5228. In this case, indices are likely to slide

towards the next support levels of 17105 - 16920 / 5203 -

5135 levels.

For Private Circulation Only |

Technical Research | April 10, 2012

Bank Nifty Outlook - (10132)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened on a pessimistic note with a

minor downside gap and traded in a narrow range

during initial part of the session. However, during the

second half volatility increased and the index tested our

mentioned support level of

10100. We are now

witnessing negative crossovers in “RSI & Stochastic”

momentum oscillator on the daily chart. Moreover, the

index has given a close well below its short term moving

averages; which is a sign of weakness. Thus on the

downside a move below 10100 level may trigger fresh

downward momentum and the index may drift towards

9986 - 9845 levels. On the upside 10262 - 10308 levels

are likely to act as resistance in coming trading session.

Actionable points:

View

Negative Below 10100

Expect Target

9986 - 9845

Resistance Levels

10262 - 10308

Source: Falcon

For Private Circulation Only |

Technical Research | April 10, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

17,068

17,145

17,276

17,353

17,485

NIFTY

5,190

5,212

5,250

5,272

5,310

BANKNIFTY

10,024

10,078

10,167

10,221

10,310

ACC

1,291

1,301

1,319

1,330

1,348

AMBUJACEM

163

166

169

172

175

AXISBANK

1,132

1,139

1,148

1,156

1,165

BAJAJ-AUTO

1,601

1,626

1,642

1,667

1,683

BHARTIARTL

325

327

330

333

335

BHEL

254

258

265

268

275

BPCL

665

673

683

691

701

CAIRN

328

334

346

352

364

CIPLA

298

305

308

314

318

COALINDIA

332

334

338

341

345

DLF

198

202

205

209

212

DRREDDY

1,668

1,709

1,734

1,775

1,799

GAIL

356

359

365

369

375

HCLTECH

485

492

502

508

518

HDFC

657

662

668

673

680

HDFCBANK

516

519

523

525

529

HEROMOTOCO

1,936

1,955

1,982

2,001

2,028

HINDALCO

122

124

128

130

134

HINDUNILVR

397

401

404

407

410

ICICIBANK

855

861

870

876

884

IDFC

128

130

134

136

140

INFY

2,785

2,804

2,832

2,851

2,878

ITC

221

223

225

226

229

JINDALSTEL

495

501

511

517

527

JPASSOCIAT

KOTAKBANK

517

525

540

548

563

1,270

1,284

1,308

1,322

1,346

M&M

672

678

687

693

703

MARUTI

1,247

1,265

1,293

1,312

1,340

NTPC

160

161

164

166

168

ONGC

263

266

270

273

277

PNB

893

902

914

923

935

POWERGRID

107

109

110

111

112

RANBAXY

465

481

490

507

516

RCOM

RELIANCE

728

735

741

749

755

RELINFRA

568

574

584

591

601

RPOWER

115

117

119

120

122

SAIL

SBIN

2,054

2,077

2,113

2,136

2,172

SESAGOA

181

184

188

191

195

SIEMENS

751

760

775

785

799

STER

102

104

107

109

112

SUNPHARMA

549

554

560

565

570

SUZLON

TATAMOTORS

271

273

276

278

281

TATAPOWER

101

102

104

TATASTEEL

446

453

463

470

479

TCS

1,140

1,152

1,170

1,182

1,200

WIPRO

433

436

440

444

448

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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