Technical Research | April 24, 2012

Daily Technical Report

Sensex (17097) / NIFTY (5201)

Exhibit 1: Nifty Daily Chart

The week began on a flat note in-line with mixed global

cues. However, we witnessed strong selling pressure during

the second half, which dragged indices significant lower to

close at the support level near the 5200 mark. On sectoral

front, Realty, Teck, IT and Metal sectors corrected sharply

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

positive territory. The advance to decline ratio was strongly

in favor of declining counters (A=990 D=1800) (Source -

www.bseindia.com)

Formation:

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

Source: Falcon

EMA (Exponential Moving Average) have now shifted to

17050 / 5135 and 17400 / 5300, respectively.

• The ‘20-Week EMA’ is placed at 17200 / 5200 level.

Actionable points:

Trading strategy:

View

Neutral

Resistance level

5311

We witnessed a quiet opening on the back of mixed

Support Levels

5187 - 5135

sentiments across Asian markets. Indices moved in a narrow

range during the first half, but immense selling pressure

near day’s high dragged indices significantly lower to close

well in the negative territory. Going forward, yesterday’s low

of 17056 / 5187, which also nearly coincides with the “20

week EMA”, remains a crucial intermediate support for our

markets. In case of a violation of this low, the market is

likely to drift further down to test 16920 / 5135 level which

is near the ‘200-day SMA’ mark. On the upside, yesterday’s

high of

17445 / 5311 is likely to act as immediate

resistance for the coming few sessions.

For Private Circulation Only |

Technical Research | April 24, 2012

Bank Nifty Outlook - (10243)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened on a flat note and selling

pressure dragged the index to close marginally below the

mentioned support level of 10250. We are now observing

a negative crossover in “RSI - Smoothened” momentum

oscillator on the daily chart. The trading range of 10600

- 10150 mentioned in our previous reports is still intact.

Moreover, on the hourly chart we are observing an

upward sloping trend line breakdown at 10330 which is

a sign of concern. Thus, a sustainable move below

yesterday’s low of 10206 level is likely drag the index

lower to test 10150 - 10125 levels. On the upside 10350

- 10401 level is likely to act as resistance in coming

trading session.

Actionable points:

View

Neutral

Support Levels

10150 - 10125

Source: Falcon

Resistance Levels

10350 - 10401

For Private Circulation Only |

Technical Research | April 24, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,812

16,954

17,199

17,342

17,587

NIFTY

5,109

5,155

5,233

5,278

5,356

BANKNIFTY

10,009

10,126

10,324

10,441

10,638

ACC

1,199

1,221

1,237

1,260

1,276

AMBUJACEM

154

156

159

161

165

AXISBANK

1,089

1,112

1,150

1,173

1,211

BAJAJ-AUTO

1,634

1,655

1,687

1,708

1,741

BHARTIARTL

300

306

316

323

333

BHEL

227

231

240

244

252

BPCL

655

665

682

692

709

CAIRN

331

336

344

349

357

CIPLA

308

312

318

322

329

COALINDIA

343

349

358

364

374

DLF

183

186

191

194

199

DRREDDY

1,745

1,762

1,788

1,805

1,831

GAIL

343

348

356

361

369

HCLTECH

485

490

499

504

513

HDFC

677

680

685

688

693

HDFCBANK

536

540

548

553

561

HEROMOTOCO

2,093

2,120

2,165

2,192

2,236

HINDALCO

114

116

121

124

128

HINDUNILVR

411

414

419

422

428

ICICIBANK

817

831

850

863

882

IDFC

119

122

126

130

134

INFY

2,250

2,281

2,335

2,366

2,420

ITC

242

243

246

247

249

JINDALSTEL

464

474

489

499

514

JPASSOCIAT

KOTAKBANK

562

571

584

593

606

1,249

1,251

1,279

1,281

1,308

M&M

693

704

719

730

745

MARUTI

1,350

1,364

1,386

1,400

1,422

NTPC

162

164

165

167

169

ONGC

262

265

268

271

274

PNB

867

878

896

907

925

POWERGRID

108

109

112

113

116

RANBAXY

511

514

518

521

525

RCOM

RELIANCE

714

725

735

747

757

RELINFRA

497

512

537

553

578

RPOWER

103

106

111

114

119

SAIL

100

103

SBIN

2,121

2,157

2,218

2,254

2,316

SESAGOA

174

178

184

188

195

SIEMENS

768

778

796

807

824

STER

105

107

110

SUNPHARMA

579

587

593

602

608

SUZLON

TATAMOTORS

302

306

313

317

324

TATAPOWER

100

103

105

107

TATASTEEL

448

455

467

475

487

TCS

1,017

1,040

1,071

1,095

1,126

WIPRO

419

421

424

427

429

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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