Technical Research | April 23, 2012
Daily Technical Report
Sensex (17374) / NIFTY (5291)
Exhibit 1: Nifty Daily Chart
On Friday, our benchmark indices opened on a flat note
and traded in a narrow range during the first half of the
session. However, profit booking during the latter half
dragged indices to close near mentioned support level of
17361 / 5291. On sectoral front, Consumer Goods, Power
and Realty counters were among the major losers, whereas
FMCG and Auto counters ended with a nominal gain. The
advance to decline ratio was in favour of declining counters
Formation:
• The 200-day SMA (Simple Moving Average) and 20-day
EMA (Exponential Moving Average) have now shifted to
17050 / 5135 and 17400 / 5300, respectively.
• The ‘20-Week EMA’ is placed at 17200 / 5200 level.
Source: Falcon
• We are witnessing a break out from the ‘Downward
Sloping Trend Line’ resistance around 17400 / 5300 level.
Actionable points:
Trading strategy:
View
Positive Above 5343
Broadly speaking, the view on the markets remains
Expected Targets
5380 - 5441
unchanged from last week and indices continue to trade in
Support Levels
5245 - 5217
the trading range of 17000 to 17530 / 5345 to 5180. Only
a breakout from the said range on either side would dictate
As a result, indices may rally towards their next resistance
the direction for the markets. This week indices managed to
levels of 17664 - 17900 / 5380 - 5441. Conversely, the
cross ‘Downward Sloping Trend Line’ resistance of 17400 /
‘200-day SMA’ level of 16920 / 5135 holds key support in
5300 level during the week. However, the movement above
coming trading sessions. A violation of this swing low may
this resistance was observed on very low volumes and
reinforce the selling pressure and then markets are likely to
hence, cannot be construed as an appropriate technical
drift towards the next support levels of 16828 - 16600 /
breakout. We are of the opinion that, if indices sustain
5076 - 5000.
above the weekly high of 17531 / 5343 on the back of
strong volumes, then we are likely to witness enhanced
buying interest among market participants.
For Private Circulation Only |
1
Technical Research | April 23, 2012
Bank Nifty Outlook - (10457)
Exhibit 2: Bank Nifty Daily Chart
On Friday, similar to the benchmark indices Bank Nifty
opened on a flat note and traded in a narrow range
almost throughout the session. However, during the last
hour of trade we witnessed some selling pressure which
dragged the index lower to test 10400 level. The trading
range of 10600 - 10150 mentioned in our previous
reports is still intact. On the upside only a sustainable
move above 10650 will give clear direction of uptrend
and the index may rally towards the resistance zone of
10750 - 10775. On the downside a sustainable move
below Friday’s low of 10387 will lead the index to test the
support zone of 10300 - 10250.
Actionable points:
View
Neutral
Resistance Levels
10580 - 10650
Support Levels
10387 - 10300 - 10250
Source: Falcon
For Private Circulation Only |
2
Technical Research | April 23, 2012
Positive Bias:
Positive
Expected
Stock Name
CMP
5 Day EMA
20 Day EMA
Remarks
Above
Target
View will change below
TECHM
711.3
711
702
726
760
699
Negative Bias:
Negative
Expected
Stock Name
CMP
5 Day EMA
20 Day EMA
Remarks
Below
Target
Bombay
View will change Above
548.3
559.3
551.2
545
500
Dyeing
574
For Private Circulation Only |
3
Technical Research | April 23, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,086
17,230
17,375
17,519
17,664
NIFTY
5,200
5,245
5,291
5,336
5,382
BANKNIFTY
10,283
10,370
10,474
10,560
10,664
ACC
1,180
1,203
1,222
1,245
1,264
AMBUJACEM
157
159
161
164
166
AXISBANK
1,140
1,159
1,182
1,200
1,223
BAJAJ-AUTO
1,633
1,671
1,714
1,752
1,796
BHARTIARTL
316
320
324
328
332
BHEL
237
241
247
251
257
BPCL
675
686
697
708
720
CAIRN
339
343
349
353
359
CIPLA
316
319
321
324
326
COALINDIA
352
357
361
366
370
DLF
191
194
198
202
206
DRREDDY
1,748
1,770
1,793
1,816
1,839
GAIL
353
357
361
364
368
HCLTECH
493
499
504
510
515
HDFC
669
677
684
692
699
HDFCBANK
540
546
552
557
563
HEROMOTOCO
2,153
2,171
2,194
2,213
2,236
HINDALCO
121
123
126
128
130
HINDUNILVR
412
418
422
427
431
ICICIBANK
842
851
865
875
889
IDFC
124
126
130
132
135
INFY
2,334
2,370
2,399
2,436
2,465
ITC
240
243
245
248
250
JINDALSTEL
483
495
507
519
531
JPASSOCIAT
75
77
78
80
82
KOTAKBANK
576
584
593
601
611
LT
1,253
1,272
1,294
1,313
1,335
M&M
696
711
720
736
745
MARUTI
1,359
1,375
1,396
1,412
1,433
NTPC
161
163
166
168
171
ONGC
258
262
269
273
280
PNB
879
893
909
922
939
POWERGRID
112
113
114
115
116
RANBAXY
506
512
519
525
532
RCOM
84
85
86
88
89
RELIANCE
720
726
733
739
746
RELINFRA
539
546
556
563
572
RPOWER
112
113
116
118
120
SAIL
95
96
97
98
99
SBIN
2,213
2,237
2,262
2,286
2,311
SESAGOA
184
187
191
194
198
SIEMENS
794
802
817
826
840
STER
106
108
110
111
113
SUNPHARMA
573
581
593
601
613
SUZLON
23
23
24
24
24
TATAMOTORS
308
313
317
321
325
TATAPOWER
101
103
105
107
110
TATASTEEL
459
465
470
475
480
TCS
1,061
1,075
1,091
1,105
1,122
WIPRO
417
421
424
428
432
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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