Technical Research | March 21, 2012

Daily Technical Report

Sensex (17316) / NIFTY (5275)

Exhibit 1: Nifty Daily Chart

Yesterday, once again markets opened on a flat note and

traded in a narrow range throughout the day. Selling

pressure was seen around noon which dragged indices

lower to test Monday’s low. However, buying emerged near

this level and indices closed marginally in the positive

territory. On the sectoral front, Consumer Durables, Realty

and FMCG counters were among the major gainers,

whereas Auto sector remained under pressure during

yesterday’s session. The advance to decline ratio was in

favor of declining counters. (A=1340 D=1536) (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 daily chart exhibits the formation of a “Bullish

Harami” candlestick pattern.

• 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.

Actionable points:

Trading strategy:

View

Positive Above 5297

Markets traded in a narrow range of 17410 to 17211 /

Expected Targets

5341 - 5390

5297 to 5233 throughout the day. Eventually, we witnessed

Support Level

5233

a closing marginally above the “Upward Sloping Trend

Line” level of 17250 / 5255. Moreover, the formation of the

View

Negative Below 5233

Expected Targets

5188 - 5163

Bullish Harami candlestick pattern is seen on the charts

Resistance Level

5297

near this support level. (Pattern is largely prominent in the

Sensex than the Nifty). Going forward, a sustainable move

above 17410 / 5297 level may push indices higher to

17562 - 17623 / 5341 - 5390 levels. On the flip side, the

negative momentum is likely to resume only if indices

manage to sustain below yesterday’s low of 17211 / 5233.

In this scenario, the selling pressure may increase further

which can drag indices lower to test strong support zone of

17164 - 17150 / 5188 - 5163.

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Technical Research | March 21, 2012

Bank Nifty Outlook - (10282)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened on a flat note and traded

with extreme volatility throughout the session. We had

mentioned in our previous report that the momentum

oscillators on the hourly chart are in an oversold

condition and a bounce back is likely. The index has

taken support near the mentioned support level of

10135. We are witnessing a “Tweezer Bottom” pattern

formation near 78.6% retracement of the rise from March

2012 - March 14, 2012. The said pattern will be

confirmed if the index sustains above yesterday’s high of

10369. In this case the index may rally towards 10441 -

10556 levels. However, it must be noted that the negative

crossover in “RSI - Smoothened” oscillator on daily chart

is still intact. On the downside a fall and close below the

10135 support level will negate the bullish “Tweezer

Bottom” pattern and may drag the index to test 9939.

Actionable points:

View

Positive Above 10369

Expected Target

10441 - 10556

Source: Falcon

Support Levels

10135

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Technical Research | March 21, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

17,114

17,215

17,313

17,414

17,511

NIFTY

5,204

5,240

5,268

5,304

5,333

BANKNIFTY

10,031

10,157

10,263

10,388

10,494

ACC

1,321

1,340

1,359

1,378

1,397

AMBUJACEM

165

167

169

171

172

AXISBANK

1,155

1,171

1,196

1,212

1,237

BAJAJ-AUTO

1,640

1,664

1,690

1,714

1,739

BHARTIARTL

317

320

323

326

329

BHEL

250

256

262

268

273

BPCL

655

670

681

696

708

CAIRN

343

352

358

367

374

CIPLA

299

302

304

308

310

COALINDIA

319

323

329

333

339

DLF

190

193

195

198

200

DRREDDY

1,644

1,660

1,672

1,688

1,701

GAIL

356

360

364

368

372

HCLTECH

478

485

493

500

508

HDFC

645

651

656

662

667

HDFCBANK

485

495

503

513

521

HEROMOTOCO

1,859

1,896

1,927

1,963

1,994

HINDALCO

134

136

140

142

146

HINDUNILVR

389

392

396

399

402

ICICIBANK

888

898

910

920

932

IDFC

130

134

137

142

145

INFY

2,779

2,805

2,829

2,855

2,879

ITC

217

220

222

226

228

JINDALSTEL

572

580

586

594

600

JPASSOCIAT

KOTAKBANK

514

526

534

546

554

1,258

1,273

1,294

1,309

1,330

M&M

670

678

689

697

707

MARUTI

1,315

1,337

1,350

1,371

1,384

NTPC

167

170

172

175

177

ONGC

269

271

272

274

276

PNB

908

933

949

974

989

POWERGRID

105

106

108

109

110

RANBAXY

391

397

402

408

412

RCOM

RELIANCE

743

752

759

768

775

RELINFRA

556

575

589

608

622

RPOWER

120

123

125

128

130

SAIL

SBIN

2,111

2,149

2,176

2,214

2,241

SESAGOA

193

196

200

203

206

SIEMENS

759

772

780

792

801

STER

111

113

115

117

119

SUNPHARMA

551

561

568

578

585

SUZLON

TATAMOTORS

259

265

276

282

292

TATAPOWER

100

102

103

105

107

TATASTEEL

440

448

452

459

464

TCS

1,108

1,122

1,133

1,147

1,158

WIPRO

423

426

428

432

434

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

Website: www.angelbroking.com

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