Technical Research | March 20, 2012

Daily Technical Report

Sensex (17273) / NIFTY (5257)

Exhibit 1: Nifty Daily Chart

Yesterday, markets opened on a quiet note in-line with

other Asian markets. However, selling pressure intensified

as the day progressed which led indices to close in the

negative territory. On the sectoral front, Realty, Power and

Capital Goods were among the major losers, whereas

FMCG ended on a gaining side. The advance to decline

ratio was strongly in favor of declining counters. (A=1004

D=1868) (Source -www.bseindia.com)

Formation:

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

day EMA (Exponential Moving Average) have now shifted to

17164 / 5163 and 17575 / 5344, respectively.

• The “20-Week EMA” is placed at 17150 / 5188 level.

• The Daily momentum oscillators and “3 & 8 EMA” are

negatively poised.

• Indices have closed around the “Upward Sloping Trend

Source: Falcon

Line” level of 17250 / 5255.

Trading strategy:

Actionable points:

View

Neutral

After a flat opening, indices witnessed a strong selling

Support Levels

5238 - 5188 - 5163

pressure throughout the day. As mentioned in our previous

Resistance Levels

5305 - 5341

report, the negative impact of the technical tools such as,

momentum oscillators and “3 & 8 EMA” was seen on the

violation of Friday’s low 17426 / 5305. Subsequently,

indices drifted down to fill the upward gap created on

March 9, 2012 and eventually closed around this support

zone. This also coincides with the “Upward Sloping Trend

Line” level of 17250 / 5255. Going forward, if indices

manage to sustain below yesterday’s low of 17226 / 5238,

then we may see further selling pressure and indices may

slide down to test strong support zone of 17164 - 17150 /

5188 - 5163. Conversely, 17426 - 17562 / 5305 - 5341

levels may act as a intermediate resistances for the coming

trading session. A close beyond 17562 / 5341 would be a

sign of reversal of bearish momentum.

For Private Circulation Only |

Technical Research | March 20, 2012

Bank Nifty Outlook - (10189)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened on a pessimistic note and

selling pressure dragged the index lower to test 78.6%

retracement of the rise from March 7, 2012 - March 14,

2012. The index has managed to give a close well below

its “20 EMA” and there is a negative crossover in “RSI -

Smoothened” oscillator on the daily chart, which is a sign

of weakness in the index. On the flip side, the momentum

oscillators on the hourly chart are in an oversold

condition and the possibility of minor pullback from the

78.86% retracement support cannot be ruled out. Thus,

on the upside 10432 - 10524 levels are likely to act as

intermediate resistance in coming trading session. A

breach of yesterday’s low of

10135 would signal

likelihood of further selling pressure and the index may

drift towards 10040 - 9939 levels.

Actionable points:

View

Neutral

Resistance Levels

10432 - 10524

Support Levels

10135 - 10040 - 9939

Source: Falcon

For Private Circulation Only |

Technical Research | March 20, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

17,019

17,146

17,354

17,481

17,689

NIFTY

5,177

5,217

5,279

5,319

5,381

BANKNIFTY

9,949

10,069

10,255

10,375

10,561

ACC

1,296

1,326

1,355

1,384

1,413

AMBUJACEM

162

165

169

171

175

AXISBANK

1,159

1,179

1,209

1,228

1,258

BAJAJ-AUTO

1,672

1,691

1,713

1,732

1,754

BHARTIARTL

317

321

326

330

335

BHEL

249

255

265

270

280

BPCL

649

657

663

672

678

CAIRN

329

341

348

359

366

CIPLA

297

299

302

304

307

COALINDIA

328

331

336

340

344

DLF

186

190

194

197

202

DRREDDY

1,639

1,657

1,672

1,689

1,704

GAIL

355

359

365

369

375

HCLTECH

482

490

496

505

511

HDFC

633

642

657

665

681

HDFCBANK

486

493

501

508

516

HEROMOTOCO

1,897

1,919

1,942

1,964

1,987

HINDALCO

137

139

141

143

145

HINDUNILVR

382

388

394

400

406

ICICIBANK

876

892

911

927

947

IDFC

132

135

139

142

146

INFY

2,761

2,799

2,850

2,888

2,938

ITC

212

216

220

224

228

JINDALSTEL

550

564

572

587

595

JPASSOCIAT

KOTAKBANK

519

525

531

538

544

1,262

1,279

1,303

1,321

1,345

M&M

676

684

691

698

705

MARUTI

1,339

1,351

1,365

1,376

1,390

NTPC

169

170

173

174

176

ONGC

263

268

272

276

280

PNB

896

912

941

956

985

POWERGRID

104

106

107

109

110

RANBAXY

390

395

404

410

419

RCOM

RELIANCE

731

743

763

775

795

RELINFRA

559

576

607

624

655

RPOWER

119

123

128

131

137

SAIL

SBIN

2,095

2,126

2,182

2,213

2,269

SESAGOA

191

194

200

203

209

SIEMENS

742

758

771

787

800

STER

110

112

115

117

120

SUNPHARMA

537

546

552

561

566

SUZLON

TATAMOTORS

275

279

286

290

297

TATAPOWER

101

104

105

108

TATASTEEL

435

442

453

459

470

TCS

1,077

1,099

1,134

1,157

1,192

WIPRO

417

422

426

431

435

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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