Technical Research | March 23, 2012

Daily Technical Report

Sensex (17196) / NIFTY (5228)

Exhibit 1: Nifty Daily Chart

Yesterday, once again markets opened on a flat note in-line

other Asian indices. Strong selling pressure in the second

half of the session led indices to close near the day’s low

marginally above 5200 mark. Weak economy data from

China and Germany coupled with disturbing news flow

from the Government were cited as the main reasons for

the selloff. On the sectoral front, Realty, Power, Banking

and Capital Goods sectors were among the major losers

during yesterday’s session. There was no sector on the

gaining side. The advance to decline ratio was strongly in

favor of declining counters. (A=890 D=2009) (Source -

www.bseindia.com)

Formation:

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

day EMA (Exponential Moving Average) have now shifted to

17131 / 5157 and 17575 / 5329, respectively.

Source: Falcon

Trading strategy:

Actionable points:

View

Negative Below 5205

Markets opened quietly yesterday and traded in a narrow

Expected Targets

5170 - 5157 - 5100

range during the first half. As mentioned, strong selling

Resistance Level

5297

pressure in the second half led indices to break intraday

support level of 17509 / 5329 and close marginally below

the previously mentioned support level of 17211 / 5233.

Going forward, selling pressure is likely to intensify further if

indices trade convincingly below yesterday’s low of 17136 /

5205. In this scenario, they are likely to test strong “200-

day SMA” support zone of 17131 - 17008 / 5170 - 5157

levels. On the upside, 17410 / 5297 levels may act as a

resistance in coming trading session.

For Private Circulation Only |

Technical Research | March 23, 2012

Bank Nifty Outlook - (10174)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, in line with our benchmark indices, the Bank

Nifty too witnessed immense selling pressure which

dragged the index lower to test the trend line support

formed by joining the lows of January 30, 2012 - March

7, 2012. This support coincides with the swing low of

10135. Unfortunately, the pace of the fall in yesterday’s

trading session indicates that the positive momentum

seen on Wednesday is nothing but a whipsaw. As a result,

the “RSI” momentum oscillator has once again fallen

below 50 which is a sign of weakness. Thus a sustainable

move below 10135 level will further intensify the selling

pressure and the index may drift to test 10014 - 9939

levels. On the upside 10370 - 10413 levels are likely to

act as resistance in coming trading session.

Actionable points:

View

Negative Below 10135

Expected Target

10014 - 9939

Resistance Levels

10370 - 10413

Source: Falcon

For Private Circulation Only |

Technical Research | March 23, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,869

17,033

17,360

17,523

17,851

NIFTY

5,093

5,161

5,273

5,341

5,454

BANKNIFTY

9,850

10,012

10,298

10,460

10,746

ACC

1,286

1,315

1,360

1,389

1,434

AMBUJACEM

162

165

170

174

179

AXISBANK

1,122

1,149

1,196

1,224

1,271

BAJAJ-AUTO

1,628

1,658

1,702

1,732

1,775

BHARTIARTL

316

320

327

331

338

BHEL

252

256

265

270

278

BPCL

657

668

684

696

712

CAIRN

330

337

349

357

368

CIPLA

293

296

301

305

310

COALINDIA

323

331

338

346

353

DLF

184

189

197

202

210

DRREDDY

1,637

1,651

1,666

1,680

1,695

GAIL

353

357

365

369

377

HCLTECH

454

466

481

492

507

HDFC

644

652

661

669

679

HDFCBANK

487

495

509

518

531

HEROMOTOCO

1,908

1,927

1,944

1,963

1,980

HINDALCO

128

131

135

137

141

HINDUNILVR

385

390

398

404

412

ICICIBANK

864

882

911

929

958

IDFC

129

132

138

142

148

INFY

2,779

2,804

2,839

2,864

2,899

ITC

213

216

222

225

230

JINDALSTEL

516

531

558

573

599

JPASSOCIAT

KOTAKBANK

492

505

525

538

559

1,242

1,269

1,317

1,344

1,391

M&M

664

675

690

701

717

MARUTI

1,300

1,315

1,336

1,352

1,373

NTPC

166

169

173

175

179

ONGC

266

268

272

274

278

PNB

905

925

956

977

1,008

POWERGRID

103

105

107

108

110

RANBAXY

395

403

414

423

434

RCOM

RELIANCE

707

722

747

761

786

RELINFRA

543

565

600

621

656

RPOWER

114

117

124

128

134

SAIL

102

SBIN

2,083

2,122

2,189

2,227

2,294

SESAGOA

189

194

201

205

212

SIEMENS

749

768

791

810

833

STER

109

111

115

117

120

SUNPHARMA

551

558

568

575

584

SUZLON

TATAMOTORS

259

265

274

279

288

TATAPOWER

101

104

108

TATASTEEL

429

439

458

468

486

TCS

1,143

1,155

1,172

1,185

1,202

WIPRO

411

416

424

430

438

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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