Technical Research | April 20, 2012

Daily Technical Report

Sensex (17504) / NIFTY (5332)

Exhibit 1: Nifty Daily Chart

Yesterday, we witnessed a flat opening in-line with other

Asian markets. Our benchmark indices traded above hourly

20 EMA and momentum picked up during the second half,

to at the highest point of the session. On the sectoral front,

Auto, Health Care and FMCG counters contributed heavily

in yesterday’s up move; whereas Capital Goods and Power

sectors ended on the losing side. The advance to decline

ratio was in favor of advancing counters (A=1504

D=1356) (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 17324 / 5271, respectively.

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

Source: Falcon

• We are witnessing a ‘Downward Sloping Trend Line’

breakout around 17400 / 5300 level.

Actionable points:

Trading strategy:

View

Positive Above 5343

Expected Targets

5380 - 5441

Markets opened on a flat note and lingered around the

Support Levels

5291

hourly ’20 EMA’ during the first half. However, strong

buying emerged near this support zone, which pushed

indices higher to test mentioned resistance level of 5330 /

17475. We reiterate our bullish opinion on the market

considering the breakout from the downward sloping trend

line. The markets have closed marginally below previous

day’s high of 17523 / 5342. Going forward, once indices

manage to trade above 17531 / 5343 level, then we may

witness enhanced buying interest among market

participants. In this scenario, markets are likely to rally

towards the next resistance zone of 17664 - 17900/ 5380

- 5441. Conversely, yesterday’s low of 17361 / 5291 holds

a key support for the markets.

For Private Circulation Only |

Technical Research | April 20, 2012

Bank Nifty Outlook - (10568)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened on a flat note and traded

with extreme volatility throughout the session. For the

third consecutive session we are observing a narrow

range body formation, which is a sign of indecisiveness

prevailing at current levels. Hence, we reiterate our view

that the index is in a trading range of 10650 - 10150.

Only a sustainable move outside the mentioned range

will dictate a clear direction of the trend. On the upside a

sustainable move above

10650 will trigger fresh

momentum on the upside and the index may rally

towards the resistance zone of 10750 - 10775. On the

downside a fall below yesterday’s low of 10438 may lead

the index to test the support zone of 10250 - 10235.

Actionable points:

View

Positive Above 10650

Source: Falcon

Resistance Levels

10750 - 10775

Support Levels

10438 - 10250 - 10235

For Private Circulation Only |

Technical Research | April 20, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

17,297

17,400

17,465

17,569

17,634

NIFTY

5,271

5,302

5,322

5,353

5,373

BANKNIFTY

10,378

10,473

10,534

10,629

10,690

ACC

1,188

1,218

1,268

1,298

1,349

AMBUJACEM

160

162

166

168

172

AXISBANK

1,171

1,183

1,196

1,209

1,222

BAJAJ-AUTO

1,709

1,719

1,730

1,740

1,750

BHARTIARTL

319

322

324

326

328

BHEL

244

247

253

256

261

BPCL

687

691

696

700

706

CAIRN

345

348

351

354

358

CIPLA

311

316

319

323

326

COALINDIA

342

352

357

367

373

DLF

195

198

201

203

206

DRREDDY

1,755

1,781

1,797

1,823

1,839

GAIL

351

356

363

368

375

HCLTECH

490

497

501

507

511

HDFC

678

684

688

695

698

HDFCBANK

531

542

549

561

567

HEROMOTOCO

2,093

2,144

2,178

2,230

2,264

HINDALCO

125

127

129

130

133

HINDUNILVR

416

421

426

430

435

ICICIBANK

858

868

876

886

893

IDFC

130

131

133

135

136

INFY

2,349

2,377

2,396

2,424

2,443

ITC

236

240

243

246

249

JINDALSTEL

503

510

515

522

528

JPASSOCIAT

KOTAKBANK

564

579

590

605

615

1,293

1,306

1,318

1,330

1,342

M&M

686

696

703

713

720

MARUTI

1,339

1,365

1,383

1,409

1,427

NTPC

166

167

168

169

171

ONGC

267

270

272

274

276

PNB

909

915

923

929

937

POWERGRID

113

114

115

116

RANBAXY

503

511

516

524

529

RCOM

RELIANCE

729

735

745

751

760

RELINFRA

549

558

570

579

591

RPOWER

115

116

117

118

119

SAIL

101

SBIN

2,229

2,249

2,274

2,294

2,319

SESAGOA

182

187

191

197

200

SIEMENS

813

821

827

836

841

STER

107

108

110

111

113

SUNPHARMA

587

592

600

605

612

SUZLON

TATAMOTORS

306

312

316

323

327

TATAPOWER

105

106

108

109

110

TATASTEEL

458

463

466

471

474

TCS

1,085

1,094

1,100

1,109

1,116

WIPRO

413

417

423

427

433

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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