Technical Research | April 27, 2012
Daily Technical Report
Sensex (17131) / NIFTY (5189)
Exhibit 1: Nifty Daily Chart
Yesterday, for the third consecutive session, indices opened
on flat note. Likewise previous few trading sessions, markets
remained under narrow range throughout the session.
Surprisingly, we did not witness any volatility during
yesterday’s session as generally observed on other
derivative expiry sessions. On sectoral front, Power, Realty
and Auto counters were among the major losers, whereas
defensive sectors like, IT and FMCG ended in the positive
territory. The advance to decline ratio was in favor of
declining counters (A=1109 D=1321) (Source
-
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 / 5180 level.
Actionable points:
View
Neutral
Resistance levels
5236 - 5311
Trading strategy:
Support Level
5135
Despite being a derivative expiry, we witnessed a very
narrow trading range during yesterday’s session. Going
forward, our view remains unchanged and the lackluster
movement is likely to be witnessed until we breakout from
the trading range of
5340
-
5135. Meanwhile, the
immediate resistance level is seen at 17250 / 5236. A
move beyond this may push indices higher to test 17444 /
5311 level. Conversely, ‘200-day SMA’ level of 16930 /
5135 is likely to provide decent support for the markets.
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1
Technical Research | April 27, 2012
Bank Nifty Outlook - (10128)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on a flat note in line with
our benchmark indices and traded in a narrow range
throughout the session. The negative crossover in “RSI -
Smoothened” momentum oscillator on the daily chart
mentioned in our previous report is still intact. We
reiterate our view, that 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 has been
breached as the index managed to close marginally
below it. However, this breach cannot be qualified as a
signal to sell as the breakdown is on thin volumes. On the
upside
10280
-
10345 levels are likely to act as
resistance whereas 10083 - 10040 levels may act as
support.
Source: Falcon
Actionable points:
View
Neutral
Resistance Levels
10280 - 10345
Support Levels
10040 - 9985
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2
Technical Research | April 27, 2012
Positive Bias:
Positive
Expected
Stock Name
CMP
5 Day EMA
20 Day EMA
Remarks
Above
Target
Reliance
View will change below
745.05
739.8
745.1
749
776
Industries
733
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3
Technical Research | April 27, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,027
17,079
17,136
17,188
17,245
NIFTY
5,158
5,174
5,195
5,210
5,231
BANKNIFTY
10,025
10,076
10,135
10,187
10,246
ACC
1,182
1,201
1,213
1,231
1,243
AMBUJACEM
147
149
151
152
154
AXISBANK
1,064
1,076
1,087
1,098
1,110
BAJAJ-AUTO
1,558
1,582
1,625
1,650
1,693
BHARTIARTL
299
304
310
315
322
BHEL
225
228
231
234
236
BPCL
637
649
669
681
700
CAIRN
324
331
340
346
355
CIPLA
299
304
310
314
320
COALINDIA
337
348
355
367
374
DLF
177
179
184
186
191
DRREDDY
1,744
1,759
1,775
1,791
1,807
GAIL
311
317
328
334
345
HCLTECH
489
495
502
509
516
HDFC
668
671
675
679
683
HDFCBANK
532
536
543
547
554
HEROMOTOCO
2,083
2,126
2,190
2,233
2,296
HINDALCO
112
114
118
120
123
HINDUNILVR
408
411
416
419
423
ICICIBANK
831
836
841
846
851
IDFC
117
118
121
122
125
INFY
2,323
2,339
2,359
2,376
2,396
ITC
242
246
248
251
253
JINDALSTEL
466
477
489
500
512
JPASSOCIAT
69
71
72
74
76
KOTAKBANK
554
568
577
592
601
LT
1,205
1,216
1,227
1,238
1,249
M&M
692
698
706
712
720
MARUTI
1,349
1,366
1,382
1,399
1,415
NTPC
157
159
163
165
168
ONGC
260
262
264
267
269
PNB
814
829
856
872
898
POWERGRID
105
107
109
110
112
RANBAXY
494
500
508
514
522
RCOM
74
75
77
78
80
RELIANCE
727
736
743
752
758
RELINFRA
503
509
520
527
537
RPOWER
98
100
103
105
107
SAIL
95
96
98
100
102
SBIN
2,111
2,137
2,162
2,188
2,213
SESAGOA
181
183
186
188
191
SIEMENS
755
764
772
781
789
STER
102
103
107
109
112
SUNPHARMA
582
590
595
602
607
SUZLON
22
22
22
23
23
TATAMOTORS
307
310
313
315
318
TATAPOWER
98
100
104
106
109
TATASTEEL
457
462
468
473
479
TCS
1,150
1,172
1,187
1,210
1,224
WIPRO
390
397
405
411
419
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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