Daily Technical Report

May 23, 2013

Sensex (20062) / NIFTY (6095)

Yesterday, our benchmark indices opened slightly higher inline with mixed global cues. During the first half, indices oscillated within a very narrow trading range; but post midsession came off very sharply to close well inside the negative territory. For the day FMCG and Health Care stocks were among the major gainers, whereas Capital Goods and Realty sectors ended in the red. The advance to decline ratio was strongly in favor of declining counters. (A=867 D=1449) (Sourcewww.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 20-week EMA and the 20-day EMA are placed at 19366/ 5875 and 19829/ 6026 levels, respectively. The 89-day EMA and the 200-day SMA are placed at 19354/ 5873 and 18912 / 5749, respectively.
Source: Falcon:

The

weekly

RSI-Smoothened

oscillator

remains

positively poised.

Trading strategy:
The bulls made a valiant attempt to move higher in the first half of yesterdays session. However, post midsession, lowerthan-expected results from the capital goods heavyweight, Larsen & Toubro put pressure on the bulls. In our previous report, we had mentioned a possibility of some weakness below 20048 / 6100. Indices then precisely met with our target of 19955 / 6070, which coincides with the hourly 89 EMA and as expected, found decent support for the day. Going forward, if indices sustain below yesterday's low of 20000 / 6074 then a further correction towards 19870 19760 / 6046 6018 is possible. Conversely, yesterdays high of 20220 / 6148 would act as immediate intraday resistance for our market.

Actionable points:
View Resistance level Support Levels Neutral 6148 6074 6046 6018

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Daily Technical Report

May 23, 2013

Bank Nifty Outlook - (13008)

Yesterday, Bank Nifty opened on a quite note in line with our benchmark indices and traded in a narrow range during first half of the session. However during the second half we witnessed selling pressure in all the banking stocks which led the index to test the mentioned level of 12928. The coming session is likely to be volatile on account of quarterly results for SBI. Thus going forward, a move below 12928 levels would trigger further downside in the index. In this scenario the index is likely to test 12838 12776 levels. On the upside 13160 13225 levels are likely to act as resistance for the day. Actionable points:

Exhibit 2: Bank Nifty Daily Chart

View Resistance Levels Support Levels

Neutral 13160 13225 12928 12838 Source: Falcon:

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Daily Technical Report

May 23, 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 19,875 6,032 12,795 1,201 181 4,725 1,481 1,816 688 303 199 365 280 409 306 213 2,004 323 3,006 730 889 690 1,617 107 583 1,191 156 481 2,344 326 297 69 753 1,403 748 970 1,662 119 150 312 784 111 424 802 395 2,314 157 959 284 89 298 1,483 1,908 S1 19,969 6,063 12,902 1,210 184 4,780 1,497 1,833 699 307 201 377 284 413 308 220 2,030 327 3,028 737 895 697 1,634 109 584 1,201 158 488 2,365 331 300 71 761 1,459 758 980 1,675 120 153 321 795 112 427 810 402 2,338 159 980 287 90 302 1,491 1,929 PIVOT 20,094 6,106 13,039 1,221 186 4,816 1,514 1,851 720 311 205 391 291 417 311 231 2,052 333 3,064 745 899 704 1,661 110 585 1,214 159 496 2,399 334 305 75 767 1,555 768 993 1,695 122 154 326 813 113 431 822 412 2,370 162 997 293 92 308 1,500 1,949 R1 20,188 6,137 13,145 1,230 188 4,871 1,530 1,868 731 315 207 404 295 421 313 238 2,077 336 3,086 752 905 711 1,677 112 586 1,223 161 503 2,419 339 308 77 774 1,611 779 1,003 1,708 123 156 335 824 113 435 831 418 2,395 163 1,019 297 93 312 1,508 1,970 R2 20,314 6,179 13,282 1,241 190 4,907 1,547 1,886 752 319 210 417 302 426 317 250 2,099 342 3,122 760 909 718 1,705 113 586 1,236 162 511 2,454 342 313 80 781 1,707 789 1,015 1,727 124 158 340 841 114 439 843 428 2,427 166 1,035 302 94 317 1,517 1,990

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Daily Technical Report

May 23, 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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