Technical Research | March 22, 2012

Daily Technical Report Sensex (17602) / NIFTY (5365)

Yesterday, yet again we witnessed a flat opening in-line with global cues. However, strong buying emerged near mentioned support levels and indices finally closed at the highest point of the day. On the sectoral front, Capital Goods, Realty, Banking and Power sectors contributed heavily in yesterdays rally. There was no sector on the losing side. The advance to decline ratio was strongly in favor of advancing counters. (A=1757 D=1135) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
The 200-day SMA (Simple Moving Average) and 20day EMA (Exponential Moving Average) have now shifted to 17164 / 5163 and 17575 / 5344, respectively. On the daily chart, we are witnessing a positive

crossover in RSI oscillator. Indices have closed around the Upward Sloping Trend
Source: Falcon

Line level of 17250 / 5255.

Trading strategy:
After a quiet opening, markets drifted marginally lower during the initial trade. However, post mid-session, indices gained momentum after crossing high of the Bullish Harami pattern mentioned in our earlier report. This was supported by positively poised oscillators and 5 & 20 EMA in the hourly chart. We are now observing a positive crossover in daily RSI oscillator and expect the current rally to continue further to higher levels over the next few sessions. For the day, once the indices manage to cross above yesterdays high of 17623 / 5372, then they are likely to test 17756 17871 / 5414 5446 levels. On the downside, 17410 17211 / 5297 5233 levels may provide decent support for the markets.

Actionable points:
View Expected Target Support Levels Bullish above 5372 5414 5446 5297 5233

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Technical Research | March 22, 2012

Bank Nifty Outlook - (10524)

Yesterday, Bank Nifty opened on a flat note and gained momentum as the day progressed to test the mentioned resistance level of 10556. The Tweezer Bottom pattern formation mentioned in our previous report has been confirmed as the index managed to close above the 10369 level. We are observing a positive crossover in RSI momentum oscillator on the daily chart. Moreover, the momentum oscillator RSI has moved above 50 which is a sign of strength in the index. Thus if the Bank Nifty manages to sustain above yesterdays high of 10562 then it is likely to rally further to test 10683 10750 levels. On the downside 10348 10298 levels are likely to act as support in coming trading session. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Target Support Levels Positive Above 10562 10683 10750 10348 10298

Source: Falcon

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Technical Research | March 22, 2012

Positive Bias:
Positive Above 73.8 702 940 Expected Target 78.5 723 975

Stock Name Escorts M&M ICICI Bank

CMP 73.7 699.6 934

5 Day EMA 73.1 686.4 921.5

20 Day EMA 75.6 685.9 914.3

Remarks View will change below 69.8 View will change below 683.5 View will change below 913

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Technical Research | March 22, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS SENSEX NIFTY BANKNIFTY ACC AMBUJACEM AXISBANK BAJAJ-AUTO BHARTIARTL BHEL BPCL CAIRN CIPLA COALINDIA DLF DRREDDY GAIL HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK IDFC INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RCOM RELIANCE RELINFRA RPOWER SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA SUZLON TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 17,153 5,215 10,090 1,339 166 1,158 1,644 318 256 665 347 300 325 189 1,651 355 483 652 497 1,892 133 392 881 133 2,790 219 562 75 531 1,247 677 1,316 170 267 938 106 393 89 747 568 118 91 2,153 191 758 110 558 27 259 102 439 1,121 418 S1 17,377 5,290 10,307 1,365 170 1,194 1,689 325 263 680 352 303 328 196 1,664 362 488 660 506 1,909 135 397 908 139 2,829 222 575 79 538 1,297 688 1,340 173 269 956 107 408 91 758 594 123 94 2,193 197 780 113 563 28 268 103 456 1,148 423 PIVOT 17,500 5,331 10,435 1,381 173 1,218 1,714 330 267 691 356 306 330 201 1,674 368 492 664 512 1,927 136 401 924 142 2,859 223 583 81 542 1,327 695 1,356 175 272 967 108 416 92 766 610 127 97 2,216 202 796 115 569 29 273 104 465 1,164 428 R1 17,724 5,406 10,652 1,407 176 1,253 1,759 337 274 707 361 310 334 208 1,686 375 497 672 521 1,944 138 407 950 147 2,898 226 597 84 549 1,377 706 1,380 177 274 986 110 430 94 776 636 132 100 2,256 208 817 118 574 30 281 105 482 1,192 433 R2 17,847 5,447 10,779 1,423 179 1,278 1,785 342 278 718 365 312 336 212 1,696 381 501 677 527 1,962 140 410 966 150 2,928 227 604 86 554 1,407 713 1,396 179 276 996 111 439 96 784 652 135 102 2,279 212 833 120 581 31 286 106 491 1,207 439

Technical Research Team

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Technical Research | March 22, 2012 Technical Report

RESEARCH TEAM
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Mehul Kothari Ankur Lakhotia Head - Technicals Technical Analyst Technical Analyst Technical Analyst Technical Analyst

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