Technical Research | March 22, 2012
Daily Technical Report
Sensex (17602) / NIFTY (5365)
Exhibit 1: Nifty Daily Chart
Yesterday, yet again we witnessed a flat opening in-line with
global cues. However, strong buying emerged near
mentioned support levels and indices finally closed at the
highest point of the day. On the sectoral front, Capital
Goods, Realty, Banking and Power sectors contributed
heavily in yesterday’s rally. There was no sector on the
losing side. The advance to decline ratio was strongly in
favor of advancing counters. (A=1757 D=1135) (Source -
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.
• On the daily chart, we are witnessing a positive
crossover in “RSI” oscillator.
• Indices have closed around the “Upward Sloping Trend
Line” level of 17250 / 5255.
Source: Falcon
Actionable points:
Trading strategy:
View
Bullish above 5372
After a quiet opening, markets drifted marginally lower
Expected Target
5414 - 5446
during the initial trade. However, post mid-session, indices
Support Levels
5297 - 5233
gained momentum after crossing high of the “Bullish
Harami” pattern mentioned in our earlier report. This was
supported by positively poised oscillators and “5 & 20 EMA”
in the hourly chart. We are now observing a positive
crossover in daily “RSI” oscillator and expect the current
rally to continue further to higher levels over the next few
sessions. For the day, once the indices manage to cross
above yesterday’s high of 17623 / 5372, then they are
likely to test 17756 - 17871 / 5414 - 5446 levels. On the
downside, 17410 - 17211 / 5297 - 5233 levels may
provide decent support for the markets.
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1
Technical Research | March 22, 2012
Bank Nifty Outlook - (10524)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on a flat note and gained
momentum as the day progressed to test the mentioned
resistance level of 10556. The “Tweezer Bottom” pattern
formation mentioned in our previous report has been
confirmed as the index managed to close above the
10369 level. We are observing a positive crossover in
“RSI” momentum oscillator on the daily chart. Moreover,
the momentum oscillator “RSI” has moved above
50
which is a sign of strength in the index. Thus if the Bank
Nifty manages to sustain above yesterday’s high of
10562 then it is likely to rally further to test 10683 -
10750 levels. On the downside 10348 - 10298 levels
are likely to act as support in coming trading session.
Actionable points:
View
Positive Above 10562
Expected Target
10683 - 10750
Support Levels
10348 - 10298
Source: Falcon
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2
Technical Research | March 22, 2012
Positive Bias:
Positive
Expected
Stock Name
CMP
5 Day EMA
20 Day EMA
Remarks
Above
Target
View will change below
Escorts
73.7
73.1
75.6
73.8
78.5
69.8
View will change below
M&M
699.6
686.4
685.9
702
723
683.5
View will change below
ICICI Bank
934
921.5
914.3
940
975
913
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3
Technical Research | March 22, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,153
17,377
17,500
17,724
17,847
NIFTY
5,215
5,290
5,331
5,406
5,447
BANKNIFTY
10,090
10,307
10,435
10,652
10,779
ACC
1,339
1,365
1,381
1,407
1,423
AMBUJACEM
166
170
173
176
179
AXISBANK
1,158
1,194
1,218
1,253
1,278
BAJAJ-AUTO
1,644
1,689
1,714
1,759
1,785
BHARTIARTL
318
325
330
337
342
BHEL
256
263
267
274
278
BPCL
665
680
691
707
718
CAIRN
347
352
356
361
365
CIPLA
300
303
306
310
312
COALINDIA
325
328
330
334
336
DLF
189
196
201
208
212
DRREDDY
1,651
1,664
1,674
1,686
1,696
GAIL
355
362
368
375
381
HCLTECH
483
488
492
497
501
HDFC
652
660
664
672
677
HDFCBANK
497
506
512
521
527
HEROMOTOCO
1,892
1,909
1,927
1,944
1,962
HINDALCO
133
135
136
138
140
HINDUNILVR
392
397
401
407
410
ICICIBANK
881
908
924
950
966
IDFC
133
139
142
147
150
INFY
2,790
2,829
2,859
2,898
2,928
ITC
219
222
223
226
227
JINDALSTEL
562
575
583
597
604
JPASSOCIAT
75
79
81
84
86
KOTAKBANK
531
538
542
549
554
LT
1,247
1,297
1,327
1,377
1,407
M&M
677
688
695
706
713
MARUTI
1,316
1,340
1,356
1,380
1,396
NTPC
170
173
175
177
179
ONGC
267
269
272
274
276
PNB
938
956
967
986
996
POWERGRID
106
107
108
110
111
RANBAXY
393
408
416
430
439
RCOM
89
91
92
94
96
RELIANCE
747
758
766
776
784
RELINFRA
568
594
610
636
652
RPOWER
118
123
127
132
135
SAIL
91
94
97
100
102
SBIN
2,153
2,193
2,216
2,256
2,279
SESAGOA
191
197
202
208
212
SIEMENS
758
780
796
817
833
STER
110
113
115
118
120
SUNPHARMA
558
563
569
574
581
SUZLON
27
28
29
30
31
TATAMOTORS
259
268
273
281
286
TATAPOWER
102
103
104
105
106
TATASTEEL
439
456
465
482
491
TCS
1,121
1,148
1,164
1,192
1,207
WIPRO
418
423
428
433
439
Technical Research Team
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4
Technical Report
RESEARCH TEAM
Shardul Kulkarni
Head - Technicals
Sameet Chavan
Technical Analyst
Sacchitanand Uttekar
Technical Analyst
Mehul Kothari
Technical Analyst
Ankur Lakhotia
Technical Analyst
Research Team: 022-3952 6600
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