Technical Research | April 17, 2012

Daily Technical Report

Sensex (17151) / NIFTY (5226)

Exhibit 1: Nifty Daily Chart

The week began on flat note in-line with global cues.

Further, indices remained choppy and volumes were seen in

only selective counters as market participants were a little

reluctant to take positions across sectors, prior to the RBI

Monetary Policy. On sectoral front, Auto, Banking and

Capital Goods sectors were among the major gainers;

whereas Teck and IT stocks remained under pressure for yet

another trading session. The advance to decline ratio was in

favor of advancing counters (A=1551 D=1223) (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.

Source: Falcon

• We are witnessing a ‘Downward Sloping Trend Line’

resistance around 17400 / 5300 level.

Actionable points:

View

Neutral

Trading strategy:

Resistance levels

5255 - 5307

Support Levels

5170 - 5135

Yesterday, markets opened on a flat note and remained in

a range throughout the session. As expected, Friday’s low of

The coming trading session is expected to trade with

17027 / 5185 acted as a decent support for the markets.

enhanced volatility on account of announcement of “RBI

There is hardly any change in the technical observations

Monetary Policy”. Hence, we advise traders to stay light on

and thus we would reiterate our previous view that if indices

positions and trade with strict stop losses.

sustain below swing low of 17010 / 5170, then we may

witness weakness and indices may drift towards the strong

support level of

16920

5135. Conversely, positive

momentum may be witnessed above 17173 / 5234 level. In

this case, indices are likely to move towards 17408 / 5307

level. Only a sustainable move, with strong volumes, above

the weekly high 17408 / 5307 will indicate resumption of a

strong uptrend. Indices then may rally towards 17664 -

18041 / 5379 - 5500 levels.

For Private Circulation Only |

Technical Research | April 17, 2012

Bank Nifty Outlook - (10433)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened on a flat note and traded

with extreme volatility throughout the session to close near

the highest point of the day. It was seen that market

participants are taking positions in anticipation of a

favorable RBI monetary policy. The positive crossover in

momentum oscillators on the daily chart is still intact;

however it does not imply much confidence. Broadly

speaking the index is currently in a sideways trading

range of 10600 - 10150. Only a move beyond the

mentioned trading range will dictate a clear direction of

the trend. Within this range, on the upside 10512 -

10588 - 10625 levels are likely to act as resistance and

10235 - 10150 levels are likely to act as support in

coming trading sessions. In view of RBI monetary policy

we expect Bank Nifty to be volatile in today’s session.

Actionable points:

Source: Falcon

View

Neutral

Resistance Levels

10512 - 10588 - 10625

Support Levels

10235 - 10150

For Private Circulation Only |

Technical Research | April 17, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,948

17,050

17,111

17,213

17,274

NIFTY

5,164

5,195

5,214

5,245

5,264

BANKNIFTY

10,211

10,322

10,385

10,496

10,559

ACC

1,209

1,224

1,245

1,259

1,281

AMBUJACEM

155

157

160

162

164

AXISBANK

1,143

1,170

1,185

1,212

1,227

BAJAJ-AUTO

1,620

1,635

1,648

1,662

1,675

BHARTIARTL

310

314

318

321

325

BHEL

252

256

260

264

267

BPCL

666

672

678

684

690

CAIRN

335

340

343

347

350

CIPLA

308

310

314

316

320

COALINDIA

332

336

338

341

344

DLF

193

196

199

202

205

DRREDDY

1,701

1,730

1,747

1,776

1,793

GAIL

343

350

354

361

365

HCLTECH

464

475

481

492

498

HDFC

670

674

677

681

685

HDFCBANK

521

526

528

532

535

HEROMOTOCO

2,020

2,044

2,064

2,089

2,108

HINDALCO

122

123

124

125

126

HINDUNILVR

417

419

423

425

428

ICICIBANK

851

862

869

881

888

IDFC

129

131

132

135

136

INFY

2,281

2,323

2,375

2,416

2,468

ITC

232

236

239

244

247

JINDALSTEL

482

492

500

509

517

JPASSOCIAT

KOTAKBANK

574

579

584

589

594

1,265

1,283

1,295

1,313

1,324

M&M

674

680

686

692

698

MARUTI

1,292

1,317

1,335

1,360

1,378

NTPC

163

164

165

167

168

ONGC

256

258

260

261

264

PNB

882

903

915

936

948

POWERGRID

110

111

112

113

RANBAXY

491

499

505

513

519

RCOM

RELIANCE

728

738

746

756

763

RELINFRA

531

541

548

558

565

RPOWER

112

113

115

116

117

SAIL

SBIN

2,174

2,220

2,246

2,292

2,318

SESAGOA

181

183

185

187

188

SIEMENS

771

787

798

814

825

STER

103

105

106

107

108

SUNPHARMA

568

573

581

586

594

SUZLON

TATAMOTORS

281

291

296

306

312

TATAPOWER

102

103

104

105

TATASTEEL

440

448

452

460

464

TCS

1,045

1,057

1,066

1,078

1,087

WIPRO

406

414

421

428

435

Technical Research Team

For Private Circulation Only |

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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