Technical Research | April 26, 2012

Daily Technical Report

Sensex (17151) / NIFTY (5202)

Exhibit 1: Nifty Daily Chart

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

with other Asian bourses. Indices traded sideways in the

initial hour of the trade but plunged post announcement of

rating agency ‘Standard & Poor’s’. The agency has changed

India’s outlook to negative. On sectoral front, Consumer

Durables and IT counters were among the major losers,

whereas defensive sectors like, FMCG and Health Care

along with Auto sector ended in the positive territory. The

advance to decline ratio was in strongly in favor of declining

counters (A=998 D=1484) (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.

Source: Falcon

• The ‘20-Week EMA’ is placed at 17200 / 5180 level.

Actionable points:

Trading strategy:

View

Neutral

In spite of the volatility seen in yesterday’s session, the

Resistance levels

5236 - 5311

technical outlook on the market remains unchanged and

Support Level

5135

the range bound activity is likely to continue. As mentioned

in previous reports, once again the ’20 week EMA’ has

provided decent support for the markets. Going forward,

only if indices manage to sustain below 16920 / 5135

level, then they likely to drift towards 16828 - 16600 /

5076 - 5000. Conversely, the immediate resistance is seen

around 17250 / 5236 level. A move beyond this may push

indices higher to test 17444 / 5311 level.

Note: It is likely that we may see extreme volatility in today’s

session on account of the derivatives expiry. Traders are

advised to trade with strict stop losses and avoid aggressive

positions.

For Private Circulation Only |

Technical Research | April 26, 2012

Bank Nifty Outlook - (10160)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened on a flat note and traded

with extreme volatility throughout the session. The index

tested the mentioned support level of

10060 and

bounced back. The negative crossover in “RSI

Smoothened” momentum oscillator on the daily chart

mentioned in our previous reports is still intact. On the

contrary, the momentum oscillator “RSI - Smoothened” on

the hourly chart is placed in an extreme oversold

condition and possibility of a bounce back cannot be

ruled out. The trading range of

10600

10150

mentioned in our previous reports was breached during

the day trade but the index managed to claw back and

give a close marginally above it. For the coming session

10280 - 10345 levels are likely to act as resistance and

10040 - 9985 levels may act as support.

Source: Falcon

Actionable points:

View

Neutral

Resistance Levels

10280 - 10345

Support Levels

10040 - 9985

For Private Circulation Only |

Technical Research | April 26, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,910

17,030

17,140

17,261

17,370

NIFTY

5,124

5,163

5,200

5,239

5,275

BANKNIFTY

9,926

10,043

10,160

10,277

10,395

ACC

1,159

1,177

1,206

1,223

1,252

AMBUJACEM

146

148

151

153

156

AXISBANK

1,057

1,076

1,100

1,119

1,144

BAJAJ-AUTO

1,615

1,635

1,661

1,681

1,707

BHARTIARTL

301

307

311

317

322

BHEL

226

229

234

237

242

BPCL

674

680

689

695

704

CAIRN

334

341

346

353

358

CIPLA

308

310

314

316

320

COALINDIA

342

346

352

356

362

DLF

180

183

186

188

191

DRREDDY

1,727

1,754

1,773

1,800

1,819

GAIL

326

331

340

345

354

HCLTECH

499

503

508

512

517

HDFC

666

671

680

685

693

HDFCBANK

533

540

545

551

556

HEROMOTOCO

2,150

2,197

2,227

2,274

2,304

HINDALCO

116

118

120

122

124

HINDUNILVR

414

416

419

422

425

ICICIBANK

812

825

840

854

869

IDFC

120

122

124

126

128

INFY

2,278

2,314

2,339

2,376

2,401

ITC

241

243

245

248

249

JINDALSTEL

465

473

480

488

495

JPASSOCIAT

KOTAKBANK

548

557

566

574

583

1,175

1,203

1,220

1,249

1,266

M&M

691

697

706

713

722

MARUTI

1,351

1,366

1,378

1,393

1,405

NTPC

161

163

165

167

170

ONGC

259

262

266

269

273

PNB

849

862

878

891

906

POWERGRID

106

107

109

110

112

RANBAXY

500

508

520

528

540

RCOM

RELIANCE

721

729

736

743

751

RELINFRA

503

515

527

539

551

RPOWER

100

102

106

108

111

SAIL

100

102

104

SBIN

2,094

2,133

2,170

2,209

2,246

SESAGOA

181

183

185

188

190

SIEMENS

759

769

783

793

807

STER

104

106

107

109

110

SUNPHARMA

579

586

594

601

608

SUZLON

TATAMOTORS

307

310

313

317

319

TATAPOWER

101

104

105

107

109

TATASTEEL

451

458

467

474

483

TCS

1,154

1,162

1,176

1,185

1,199

WIPRO

396

403

413

420

430

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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