Daily Technical Report

May 06, 2013

Sensex (19576) / NIFTY (5944)

On Friday, indices opened on a flat note and traded in between Thursdays trading range with extreme volatility to close with a loss of nearly 1%. For the session Banking, Auto and Realty counters ended on a losing side whereas Metal and Capital Goods stocks ended with gains. The advance to decline ratio was in favor of declining counters (A=1027 D=1339) (Sourcewww.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 20-week EMA and the 20-day EMA are placed at 19090/ 5784 and 19120/ 5801 levels, respectively. The 89-day EMA and the 200-day SMA are placed at 19105/ 5787and 18750 / 5685, respectively. The weekly ADX (9) indicator and the RSI-Smoothened oscillator have signaled a positive crossover. The 78.60%Fibonacci retracement levels of the fall from 20204 / 6112 to 18144 / 5477 is placed at 19762 / 5976.
Source: Falcon:

Trading strategy:
For the third consecutive week, our benchmark indices have closed in the positive territory. During the week, indices managed to sneak beyond the 78.60% Fibonacci retracement level of 19762 / 5976. This has negated the Lower Top Lower Bottom formation seen in the weekly chart. However, indices have registered a weekly closing below this level. Similar to last week, the price action seen in the last trading session of this week can be termed as an Inside Day pattern. This candlestick formation occurs when the entire price range of a given day falls within the price range of the previous day. The pattern signals indecisiveness in the market because neither the bulls nor the bears are able to send the price beyond the range of the previous day. The said pattern will be confirmed below Thursdays low of 19451 / 5910.

Actionable points:
View Expected Target Resistance Levels Bearish Below 5930 5880 5867 5973 - 5958

In this scenario, indices may correct towards 19250 19120 / 5860 5800 levels in the coming few sessions. With all the policy events out of the way and major quarterly results already declared, the lack of fresh triggers will be a concern for the bulls. Conversely, the weekly ADX (9) indicator and the RSI-Smoothened oscillator are signaling a positive crossover. Hence, any move beyond this weeks high of 19792 / 6020 would push indices higher to test the 52week high of 20204 / 6112.

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Daily Technical Report

May 06, 2013

Bank Nifty Outlook - (12394)

On Friday, Bank Nifty opened on a flat note and traded with extreme volatility on account of RBI monetary policy to close with a loss of 2.49%. We are witnessing that the index is taking support on the gap formed on April 22, 2013 from the past few sessions. Further correction in the index is likely to continue only if it falls below the 12313 mark. In this case the index is likely to drift towards 12241 12117 levels. On the upside 12574 12694 levels are likely to act as resistance for the day.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Target Resistance levels Bearish Below 12313 12241 12117 12574 12694 Source: Falcon:

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Daily Technical Report

May 06, 2013

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS SENSEX NIFTY BANKNIFTY ACC AMBUJACEM ASIANPAINT AXISBANK BAJAJ-AUTO BANKBARODA BHARTIARTL BHEL BPCL CAIRN CIPLA COALINDIA DLF DRREDDY GAIL GRASIM HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK IDFC INDUSINDBK INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT LUPIN M&M MARUTI NMDC NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SBIN SESAGOA SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS ULTRACEMCO S2 19,419 5,888 12,165 1,189 182 4,644 1,439 1,759 679 306 186 393 298 392 312 224 1,985 326 2,897 732 837 669 1,570 93 566 1,093 146 449 2,258 327 298 73 699 1,510 691 924 1,638 124 156 317 725 109 442 783 364 2,150 154 951 278 93 296 1,385 1,846 S1 19,497 5,916 12,279 1,208 185 4,670 1,457 1,783 689 312 189 398 301 396 315 228 1,993 331 2,921 741 846 675 1,591 96 569 1,111 149 458 2,283 329 308 74 711 1,540 698 942 1,652 125 158 321 734 111 446 792 377 2,182 158 968 282 93 303 1,402 1,866 PIVOT 19,621 5,958 12,479 1,242 190 4,704 1,485 1,824 702 322 192 407 305 404 318 234 2,007 339 2,950 749 854 685 1,608 97 573 1,141 153 467 2,303 331 315 76 720 1,562 706 958 1,676 127 160 326 751 113 451 804 391 2,238 161 979 288 94 309 1,425 1,885 R1 19,699 5,986 12,593 1,261 194 4,730 1,503 1,848 712 327 194 412 307 408 321 238 2,015 343 2,974 758 863 690 1,628 100 576 1,159 155 477 2,329 333 325 77 731 1,592 713 977 1,689 128 162 329 760 114 455 813 404 2,269 164 995 292 95 317 1,441 1,905 R2 19,823 6,028 12,793 1,294 199 4,765 1,531 1,889 725 337 197 420 311 416 323 244 2,028 351 3,003 766 871 700 1,645 101 580 1,189 160 486 2,349 336 331 79 740 1,614 720 992 1,713 130 164 334 777 117 459 825 418 2,325 167 1,006 298 96 322 1,464 1,923

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Daily Technical Report

May 06, 2013
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Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Ankur Lakhotia Head Technicals Technical Analyst Technical Analyst Technical Analyst

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