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

(A=1180 D=1621) (Source -www.bseindia.com)

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 |

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 |

Technical Research | April 23, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

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

KOTAKBANK

576

584

593

601

611

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

RELIANCE

720

726

733

739

746

RELINFRA

539

546

556

563

572

RPOWER

112

113

116

118

120

SAIL

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

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

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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