Technical Research | March 16, 2012

Daily Technical Report

Sensex (17676) / NIFTY (5381)

Exhibit 1: Nifty Daily Chart

Yesterday, markets opened on a pessimistic note and

selling pressure intensified post RBI monetary policy

announcement which led the index to close marginally

below the 5400 mark. On the sectoral front, consumer

Durables, Realty and Banking counters were among the

major losers, whereas IT sector ended with marginal gain.

The advance to decline ratio was strongly in favor of

declining counters. (A=1006 D=1848) (Source

www.bseindia.com)

Formation:

• The “20-day EMA” is placed at 17621 / 5356 level.

• The 38.8%, 50 % and 61.8% Fibonacci retracement

support levels are at 17647 / 5374, 17525 / 5335 and

17403 / 5297 respectively.

Source: Falcon

Actionable points:

Trading strategy:

View

Neutral

As stated in our previous report we witnessed a volatile

Resistance Levels

5432 - 5462

session yesterday due to RBI monetary policy. Post the

Support Levels

5335 - 5295

announcement of the policy the indices dragged lower to

test the “20 day EMA” at 17621 / 5356 level. In today’s

trading session, Indices are expected to open with a positive

bias in line with global cues. We expect extreme volatility

during the session on account of the UNION BUDGET. On

the upside only a move above 17918 / 5463 will indicate

continuation of previous bullish trend. In this case indices

are expected to head towards previous swing high of 18041

/ 5500. If the indices sustain below yesterday’s low of

17622 / 5362 then they are likely to test the

50 %

retracement support level at 17525 / 5335 or may even fall

to the next support at 17403 / 5297.

Note: Traders are advised to trade with strict stop losses

and stay light on their positions.

For Private Circulation Only |

Technical Research | March 16, 2012

Bank Nifty Outlook - (10595)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened on a flat note and

witnessed selling pressure post RBI monetary policy

announcement which led the index to close near the

lowest point of the day. We had mentioned in our

previous report that “RSI Smoothened” oscillator on the

hourly chart is placed in an extreme overbought condition

and a minor pull back cannot be ruled out. We are

witnessing a “Bearish Engulfing” candle stick pattern on

the daily chart coupled with negative crossover in “RSI”

momentum oscillator. The said pattern will be confirmed

if the index manages to sustain below yesterday’s low of

10556. In this case the index is likely to test 10420 -

10286 levels. On the upside 10736 - 10830 levels are

likely to act as resistance in coming trading session. The

said pattern will be negated only if the index closes above

yesterday’s high of 10894.

Actionable points:

View

Negative - Only Below 10556

Expected Target

10420 - 10286

Source: Falcon

Resistance Levels

10736 - 10830

For Private Circulation Only |

Technical Research | March 16, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

17,443

17,559

17,739

17,855

18,035

NIFTY

5,302

5,341

5,402

5,441

5,502

BANKNIFTY

10,344

10,469

10,682

10,807

11,020

ACC

1,325

1,335

1,347

1,357

1,369

AMBUJACEM

161

163

167

169

172

AXISBANK

1,208

1,225

1,251

1,268

1,293

BAJAJ-AUTO

1,704

1,720

1,745

1,761

1,786

BHARTIARTL

325

328

333

337

342

BHEL

274

279

286

291

298

BPCL

650

659

671

680

692

CAIRN

359

363

369

373

379

CIPLA

304

306

309

311

313

COALINDIA

334

337

339

343

345

DLF

188

192

198

202

209

DRREDDY

1,660

1,671

1,685

1,696

1,710

GAIL

368

371

376

379

383

HCLTECH

486

491

498

504

511

HDFC

649

655

666

672

683

HDFCBANK

496

503

517

524

538

HEROMOTOCO

1,895

1,931

1,954

1,990

2,013

HINDALCO

138

140

142

144

146

HINDUNILVR

379

383

387

391

395

ICICIBANK

904

917

937

950

970

IDFC

140

143

147

149

153

INFY

2,851

2,867

2,886

2,901

2,921

ITC

205

207

210

212

215

JINDALSTEL

585

594

600

608

615

JPASSOCIAT

KOTAKBANK

534

547

561

573

588

1,322

1,342

1,368

1,388

1,414

M&M

647

652

661

666

675

MARUTI

1,343

1,354

1,367

1,379

1,392

NTPC

176

178

179

181

182

ONGC

279

283

288

292

297

PNB

962

979

1,007

1,024

1,052

POWERGRID

108

109

111

113

115

RANBAXY

400

406

415

421

430

RCOM

RELIANCE

776

786

804

814

832

RELINFRA

615

625

639

649

662

RPOWER

128

130

132

135

137

SAIL

100

101

SBIN

2,236

2,268

2,318

2,350

2,400

SESAGOA

199

202

207

210

215

SIEMENS

780

792

802

813

823

STER

114

116

118

120

123

SUNPHARMA

579

583

587

591

595

SUZLON

TATAMOTORS

280

285

290

295

299

TATAPOWER

106

108

110

111

113

TATASTEEL

450

456

462

468

473

TCS

1,134

1,149

1,160

1,175

1,186

WIPRO

415

421

427

433

438

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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