Daily Technical Report
May 30, 2012
Exhibit 1: Nifty Daily Chart
Sensex (16439) / NIFTY (4990)
Yesterday, our benchmark indices gained some
positive momentum during the initial hours of trade
but pared gains in the later half to end just below the
5,000 mark. On sectoral front, IT, Teck and Realty
were among the major gainers whereas; FMCG,
Consumer Durables and Healthcare counters ended
on a losing side. The advance to decline ratio was
strongly in of advancing counters (A=1421 D=1281)
Formation
The 200-day SMA (Simple Moving Average) and
20-day EMA (Exponential Moving Average) have
now shifted to 16800 / 5070 and 16429 /
4980, respectively.
The ‘20-Week EMA’ is placed at 16930 / 5130
level.
Indices have taken a support near 15860 /
Source: Falcon
4766 level, which is the
78.6% Fibonacci
Retracement level of the rise from 15135 / 4531
(Low on December 23, 2011) to 18524 / 5630
(High on February 22, 2012).
Actionable points:
The daily ‘RSI - Smoothened’ oscillator has now
View
Neutral
signaled a positive crossover in the oversold
Resistance Levels
5020 - 5050
territory
Support Levels
4943 - 4912
The candlestick pattern on the weekly chart
represents another bullish “Hammer”.
On the daily chart we are witnessing positive
In such a scenario, 16290 / 4943 to 16195 / 4912
crossover in “3&8 EMA”.
levels can act as a decent support for the markets.
Conversely, momentum on the upside would resume
once indices trade convincingly above 16544 / 5020
Trading strategy:
level. On crossing this level, indices are likely to move
Yesterday, our benchmark indices witnessed a range
towards 16700 - 16840 / 5050 - 5090 levels, which
bound activity throughout the session. On the daily
nearly coincide with the ‘200-day SMA”.
chart, the momentum oscillators along with “ADX (9)”
indicator are still positively poised. However, looking
at the overbought condition of oscillators on hourly
charts, chances of a minor consolidation or a
pullback from current levels cannot be ruled out. Also,
the SGX Nifty and other Asian markets suggest that
our indices could witness a gap down opening.
1
Daily Technical Report
May 30, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (9708)
Yesterday, Bank Nifty opened with an upside gap and
traded in a narrow range throughout the session. The
momentum oscillators on the daily chart continue with
their buy signal along with positive crossover in “ADX
(9)” indicator. However similar to the benchmark
Indices we are witnessing a negative crossover in “RSI
- Smoothened” oscillator on the hourly chart which
suggests that we may see some consolidation. Also,
the “Spinning Top” candlestick pattern on the daily
chart indicates indecisiveness prevailing at current
levels. In coming trading session, 9847 - 9900 levels
are likely to act as resistance and 9544 - 9470 levels
should give some support to the Index.
Actionable points:
View
Neutral
Resistance Levels
9847 - 9900
Source: Falcon
Support Levels
9554 - 9370
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Daily Technical Report
May 30, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
16,330
16,384
16,464
16,519
16,599
NIFTY
4,959
4,975
4,997
5,013
5,035
BANKNIFTY
9,631
9,669
9,726
9,765
9,822
ACC
1,107
1,123
1,149
1,164
1,190
AMBUJACEM
141
144
146
149
151
ASIANPAINT
3,781
3,812
3,832
3,863
3,883
AXISBANK
1,009
1,016
1,027
1,035
1,046
BAJAJ-AUTO
1,480
1,504
1,519
1,544
1,558
BANKBARODA
684
690
695
701
706
BHARTIARTL
296
298
301
303
307
BHEL
214
216
218
221
223
BPCL
682
691
705
714
728
CAIRN
324
330
335
341
346
CIPLA
304
307
312
315
320
COALINDIA
314
318
321
325
328
DLF
184
186
189
190
193
DRREDDY
1,679
1,690
1,699
1,710
1,719
GAIL
325
327
330
333
336
GRASIM
2,333
2,359
2,396
2,422
2,459
HCLTECH
489
497
502
511
516
HDFC
653
657
662
666
671
HDFCBANK
496
501
506
511
516
HEROMOTOCO
1,842
1,851
1,860
1,869
1,878
HINDALCO
112
113
115
116
117
HINDUNILVR
411
414
417
419
422
ICICIBANK
829
834
839
844
849
IDFC
121
123
125
127
129
INFY
2,357
2,383
2,404
2,430
2,451
ITC
226
229
232
235
238
JINDALSTEL
447
451
457
461
467
JPASSOCIAT
61
61
62
63
64
KOTAKBANK
546
553
558
565
570
LT
1,187
1,195
1,206
1,214
1,225
M&M
648
652
656
660
665
MARUTI
1,092
1,110
1,123
1,141
1,154
NTPC
143
144
145
146
147
ONGC
252
254
256
258
260
PNB
739
744
751
756
763
POWERGRID
105
106
107
108
110
RANBAXY
516
526
534
544
552
RELIANCE
691
696
703
709
715
RELINFRA
459
466
472
478
484
SAIL
89
91
94
96
99
SBIN
2,080
2,100
2,125
2,145
2,170
SESAGOA
181
183
187
189
192
SIEMENS
663
671
683
691
704
STER
95
96
98
99
100
SUNPHARMA
555
561
569
574
582
TATAMOTORS
267
272
277
282
287
TATAPOWER
92
93
93
94
95
TATASTEEL
407
411
415
420
424
TCS
1,206
1,223
1,236
1,253
1,265
WIPRO
392
401
406
415
420
3
Daily Technical Report
May 30, 2012
Research Team Tel: 022 - 39357800
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
Mehul Kothari
-
Technical Analyst
Ankur Lakhotia
-
Technical Analyst
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