27 March 2012

Aranca India Technical Daily

NIFTY INDEX : OPEN 5,274.35|HIGH 5,274.95|LOW 5,174.90|CLOSE 5,184.25 |DOWN 1.8%

RESISTANCE 1 5,247.8|RESISTANCE 2 5,311.4|SUPPORT1 5,147.8|SUPPORT2 5,111.3

Outlook

NIFTY summary
Particulars

26Mar12

23Mar12

Ch. (%)

Index

5,184.25

5,278.20

(1.78%)

Volume (000's)

169,786

172,739

(1.7%)

Value ` (Cr)

5,582

6,371

(12.4%)

Cos Traded

50

50

40

(36)

46

10

36

Winners
Losers
No Change

The Nifty remained under pressure throughout the day and ended the trading session 94 points or
1.78% lower at 5,184.25. On the daily charts, it ended in a bearish candlestick formation and
closed below prior sessions low. However, it is trading near the 200-day SMA placed near 5,160
levels. Also, on hourly charts, MACD is witnessing positive divergence and RSI is in oversold
territory, indicating that the index is likely to rebound in the near term. If the Index sustains above
5,160 it may test 5,250 and 5,280 in next trading sessions and on the flip side, it may find support
at 5,120 and 5,080 levels.

Source: NSE India Website

5,275
5,260
5,245
5,230
5,215
5,200
5,185
5,170
09:18 09:58 10:38 11:18 11:58 12:38 13:18 13:58 14:38 15:18

Source: Thomson Reuters

NIFTY Price vs. volume (1-month)

5,700
5,600
5,500
5,400
5,300
5,200
5,100
5,000
4,900
17-Feb

NIFTY- 1 yr movement & volume

400
350
300
250
200
150
100
50
0
26-Mar

(Shares mn)

NIFTY Intraday Daily

27-Feb

3-Mar

Vol ume (RHS)

12-Mar

19-Mar
Ni f ty

Source: NSE India Website, ARANCA Research

Source: NSE India Website, ARANCA Research

NIFTY Technical Chart Daily

Source: ThomsonReuters, ARANCA Research

ARANCA INDIA TECHNICAL ANALYSIS DAILY | 27 March 2012 | 2012, Aranca. All rights reserved.

Recommendation 1: JAIPRAKASH ASSOCIATES (JAIPRA )

Recommendation Buy
CMP ` 81.90
Stop Loss ` 76.00
Target `87.50

The stock advanced 3.08% to end the day at `81.90. The stock ended above the previous sessions high with
increased participation, indicating upside momentum may continue in the near-term. RSI in positive territory confirms
this trend. Traders could consider buying the stock at current levels and on declines up to `80.50 for a price target of
`85.00 and `87.50 with a stop loss of `76.00
Source: Thomson Reuters, ARANCA Research

Recommendation 2: IDEA CELLULAR (IDEA)

Recommendation Buy
CMP ` 98.70
Stop Loss `96.00
Target `106.00
0.

The stock gained 0.71% to end the day at `98.70. Intraday, the stock tested the trend line and ended in a bullish
candlestick formation, suggesting support at current levels. Momentum oscillators are positively poised confirming
this trend. Traders could consider buying the stock at current levels with a stop loss of `96.00 for a target of `103.00
and `106.00.
Source: ThomsonReuters, ARANCA Research

ARANCA INDIA TECHNICAL ANALYSIS DAILY | 27 March 2012 | 2012, Aranca. All rights reserved.

List of stocks close to technical levels CNX 100

Companies closest to resistance
Company

NSE Symbol

Container Cor

CONCOR

Itc

ITC

Dr Reddy Lab
Glaxosmith P

Companies closest to support

Mcap ` Cr

Price

R1

R2

Company

NSE Symbol

Mcap ` Cr

Price

S1

S2

11,287

284.35

282.58

280.82

5,289

88.85

86.43

84.02

171,569

222.70

221.03

219.37

34,633

477.35

464.40

451.45

40,825

531.15

523.23

515.32

12,504

895.00

901.55

908.10

Hind Petrol

HINDPETRO

171,569

222.70

224.33

225.97

Housing Dev

HDIL

DRREDDY

27,590

1663.60

1676.40

1689.20

Itc

ITC

GLAXO

19,636

2189.60

2207.00

2224.40

Hcl Techno

HCLTECH

Hind Petrol

HINDPETRO

11,287

284.35

286.63

288.92

Kotak Mah Bk KOTAKBANK

Hind Unilever

HINDUNILVR

75,258

403.35

407.02

410.68

Mphasis

MPHASIS

Mah & Mah

M&M

44,707

681.45

688.27

695.08

Colgate

COLPAL

Infosys Tech

INFY

166,465

2830.75

2859.47

2888.18

Housing Dev

HDIL

5,289

88.85

86.43

84.02

Sun Pharma

SUNPHARMA

56,723

577.90

583.90

589.90

Glaxosmith P

GLAXO

19,636

2189.60

2174.10

2158.60

Hous Dev Fin

HDFC

97,804

651.25

658.10

664.95

Sun Pharma

SUNPHARMA

56,723

577.90

572.00

566.10

Mcap ` Cr

Price

RSI

29,557

120.55

18.96

4,860

231.40

19.96

Companies with highest RSI

9,006

430.75

417.00

403.25

14,450

1090.30

1073.63

1056.97

Companies with lowest RSI

Company

NSE Symbol

Aditya Birla

ABIRLANUVO

Glaxosmith P

GLAXO

Tech Mahindra

TECHM

Hind Unilever

HINDUNILVR

Itc

ITC

Ashok Leyland

ASHOKLEY

Jaiprak Asso

JPASSOCIAT

Sun Pharma

SUNPHARMA

Mcap ` Cr

Price

RSI

Company

NSE Symbol

10,773

951.95

19,636

2189.60

77.58

Mundra Port

ADANIPORTS

72.49

Biocon

BIOCON

8,783

720.50

71.40

Tata Power

TATAPOWER

24,643

95.60

20.10

75,258

403.35

70.56

Hindalco

HINDALCO

23,512

128.00

23.84

171,569

222.70

68.26

Cipla

CIPLA

21,005

289.00

24.07

7,335

28.95

66.30

ONGC

ONGC

224,122

261.85

24.95

19,173

81.90

64.85

Tata Chemical

TATACHEM

7,836

339.40

25.27

56,723

577.90

64.35

Jindal Steel

JINDALSTEL

52,299

526.05

27.41

Mcap ` Cr

Price

MFI

Mcap ` Cr

Price

MFI

5,289

88.85

11.55

48,214

440.15

25.44

Companies with highest MFI

Companies with lowest MFI

Company

NSE Symbol

Tech Mahindra

TECHM

Aditya Birla

ABIRLANUVO

Glaxosmith P

GLAXO

Itc

ITC

Bharat Forge

BHARATFORG

Patni Com Sy

PATNI

Coal India

COALINDIA

Mphasis

MPHASIS

Company

NSE Symbol

8,783

720.50

90.09

Housing Dev

HDIL

10,773

951.95

84.02

Tata Steel

TATASTEEL

19,636

2189.60

82.68

Tata Power

TATAPOWER

24,643

95.60

25.60

171,569

222.70

79.23

Reliance

RELIANCE

258,537

730.10

27.31

7,693

306.95

78.74

Hindalco

HINDALCO

23,512

128.00

27.81

4,836

505.40

77.11

Torrent Pow

TORNTPOWER

11,006

207.85

27.97

210,540

331.95

76.97

Bhel

BHEL

69,845

258.15

28.03

9,006

430.75

73.36

Canara Bank

CANBK

20,129

445.40

28.75

Mcap ` Cr

Price

MACD

Company

NSE Symbol

Mcap ` Cr

Price

MACD

Companies with highest MACD

Companies with lowest MACD

Company

NSE Symbol

Sbi

SBIN

145,833

2117.45

22.07

Tech Mahindra

TECHM

8,783

720.50

(13.14)

Asian Paint

ASIANPAINT

33,095

3060.70

20.74

Glaxosmith P

GLAXO

19,636

2189.60

(6.43)

Oracle Fin

OFSS

21,622

2568.95

13.72

Hero Honda

HEROMOTOCO

40,188

2000.75

(6.29)

Grasim Ind

GRASIM

24,724

2639.80

13.25

Aditya Birla

ABIRLANUVO

10,773

951.95

(4.56)

Bajaj Auto

BAJAJ-AUTO

48,701

1661.90

12.96

Hind Unilever

HINDUNILVR

75,258

403.35

(2.43)

Axis Bank

AXISBANK

52,292

1125.15

12.75

Patni Com Sy

PATNI

4,836

505.40

(1.95)

Maruti Suzuki

MARUTI

41,403

1297.45

11.46

Mah & Mah

M&M

44,707

681.45

(1.75)

Companies with highest ADX

Companies with lowest ADX

Mcap ` Cr

Price

ADX

Company

NSE Symbol

24,643

95.60

56.25

Federal Bank

FEDERALBNK

4,860

231.40

55.35

Larsen & Tou

LT

29,557

120.55

53.91

Crompton Gr

CROMPGREAV

48,603

276.30

50.23

Glenmark Phrm

GLENMARK

21,911

509.50

49.70

Wipro

WIPRO

8,783

720.50

47.75

Indusind Bk

21,005

289.00

47.66

Idbi

2189.60

44.43

Gmr Infrast

Company

NSE Symbol

Tata Power

TATAPOWER

Biocon

BIOCON

Mundra Port

ADANIPORTS

Adani Ent

ADANIENT

Lupin

LUPIN

Tech Mahindra

TECHM

Cipla

CIPLA

Glaxosmith P

GLAXO

19,636

Mcap `Cr

Price

ADX

8,038

426.65

11.94

81,963

1279.75

14.07

9,614

138.85

14.71

7,137

301.50

15.02

101,223

423.10

15.49

INDUSINDBK

15,146

306.85

16.00

IDBI

11,754

105.40

16.28

GMRINFRA

12,376

29.50

16.43

Source: ThomsonReuters, ARANCA Research

ARANCA INDIA TECHNICAL ANALYSIS DAILY | 27 March 2012 | 2012, Aranca. All rights reserved. | www.aranca.com

NIFTY Stocks Technical Levels

Company
name

NSE Symbol

Mcap Avg Vol 5d

(` Cr)
(mn)

ACC

ACC

23,073

0.3

Ambuja Cem

AMBUJACEM

26,985

Axis Bank

AXISBANK

52,292

Bajaj Auto

BAJAJ-AUTO

Bharti Airtel

BHARTIARTL

Bhel

BHEL

Bharat Petro
Cairn India

Price % Change

R1 % Chnage
R2
1356.00

1381.70

S1

S2

RSI

MACD1

MACD
Signal

1314.30

1298.30

44.02

19.68

17.88

18.41

ADX EMA 20D

1330.30

(3.04)

1284.81

2.6

168.05

(2.92)

171.92

175.78

165.72

163.38

50.06

0.86

1.39

23.08

164.39

2.3

1125.15

(4.60)

1160.03

1194.92

1105.13

1085.12

33.19

24.09

11.34

17.72

1129.47

48,701

0.3

1661.90

(2.78)

1703.6

1745.3

1636.6

1611.3

35.25

10.62

(2.34)

28.24

1687.23

122,308

5.1

328.85

(2.13)

335.03

341.22

324.43

320.02

44.76

(5.36)

(5.52)

16.89

344.83

69,845

6.7

258.15

(3.22)

264.00

269.85

254.65

251.15

35.21

(2.03)

(5.39)

29.95

277.54

BPCL

28,891

0.5

665.40

(2.27)

680.37

695.33

656.12

646.83

45.78

20.39

17.00

25.48

623.46

CAIRN

58,222

1.6

348.20

(1.69)

353.50

358.80

344.40

340.60

39.23

(1.23)

(4.00)

31.94

355.64

Cipla

CIPLA

21,005

1.7

289.00

(4.05)

298.03

307.07

283.13

277.27

24.07

(6.77)

(7.28)

47.66

317.44

Dlf

DLF

35,094

6.7

189.20

(3.59)

194.63

200.07

186.13

183.07

35.07

(6.23)

(7.01)

34.67

209.57

Dr Reddy Lab

DRREDDY

27,590

0.2

1663.60

(0.14)

1676.40

1689.20

1646.40

1629.20

36.76

9.49

5.54

23.34

1649.58

Gail

GAIL

49,296

0.9

362.60

(1.97)

370.32

378.03

357.47

352.33

45.40

(3.34)

(2.58)

21.05

374.28

Grasim Ind

Grasim

24,724

0.1

2639.80

(2.03)

2679.43

2719.07

2610.73

2581.67

30.50

7.10

(6.14)

22.39

2669.04

Hcl Techno

HCLTECH

34,633

1.6

477.35

(1.57)

497.40

517.45

464.40

451.45

34.48

8.31

4.22

21.51

467.63

Hous Dev Fin

HDFC

97,804

3.7

651.25

(1.41)

658.10

664.95

646.95

642.65

38.87

(6.26)

(6.94)

21.55

673.17

Hdfc Bank

HDFCBANK

132,234

2.4

511.65

(0.45)

516.88

522.12

506.03

500.42

48.99

1.65

0.01

20.84

502.24

Hero Honda

HEROMOTOC

40,188

0.4

2000.75

(0.83)

2030.40

2060.05

1964.55

1928.35

62.53

(4.89)

1.40

25.63

1958.17

Hindalco

HINDALCO

23,512

11.5

128.00

(2.59)

131.43

134.87

125.43

122.87

23.84

(2.31)

(3.49)

36.16

140.24

Hind Unilever

HINDUNILVR

Icici Bank

ICICIBANK

Infra Develop
Infosys Tech

75,258

2.7

403.35

0.06

407.02

410.68

398.12

392.88

70.56

1.49

3.92

42.23

388.29

115,579

3.5

872.50

(4.18)

896.30

920.10

857.40

842.30

36.65

5.18

0.67

18.76

885.39

IDFC

21,189

9.7

128.50

(4.92)

133.17

137.83

125.47

122.43

29.59

2.02

(0.10)

21.01

133.50

INFY

166,465

0.8

2830.75

(1.46)

2859.47

2888.18

2811.57

2792.38

44.58

10.84

4.93

20.66

2815.78

Itc

ITC

171,569

9.4

222.70

0.11

224.33

225.97

221.03

219.37

68.26

3.22

4.37

43.94

209.27

Jindal Steel

JINDALSTEL

52,299

3.1

526.05

(1.84)

543.18

560.32

514.58

503.12

27.41

0.10

(7.31)

25.66

564.81

Jaiprak Asso

JPASSOCIAT

19,173

21.9

81.90

3.08

83.03

84.17

80.13

78.37

58.70

1.41

1.52

18.67

74.02

Kotak Mah Bk

KOTAKBANK

40,825

0.8

531.15

1.06

538.93

546.72

523.23

515.32

41.38

2.87

(2.56)

33.73

529.43

Larsen & Tou

LT

81,963

2.0

1279.75

(1.61)

1293.70

1307.65

1269.90

1260.05

41.25

(0.99)

(5.75)

14.07

1305.03

Mah & Mah

M&M

44,707

2.2

681.45

(0.92)

688.27

695.08

674.37

667.28

47.90

(5.32)

(3.57)

18.76

694.04

Maruti Suzuki

MARUTI

41,403

0.7

1297.45

(0.70)

1316.37

1335.28

1284.47

1271.48

32.61

32.46

20.99

30.80

1246.79

NTPC

NTPC

143,219

1.6

165.45

(3.70)

170.13

174.82

162.88

160.32

30.14

(0.82)

(1.76)

31.40

173.72

ONGC

ONGC

224,122

2.6

261.85

(2.08)

267.60

273.35

258.45

255.05

24.95

(0.93)

(3.42)

31.84

276.01

Punjab Nat Bk PNB

32,459

0.4

911.35

(4.21)

940.40

969.45

894.15

876.95

36.04

(1.39)

(6.48)

22.02

952.15

Power Grid

POWERGRID

48,123

2.2

105.95

(1.62)

107.22

108.48

104.97

103.98

35.53

0.26

(0.46)

38.14

107.33

Ranbaxy Lab

RANBAXY

18,961

0.4

410.55

(1.26)

418.53

426.52

405.78

401.02

44.17

(7.23)

(6.77)

22.74

430.72

Reliance Com

RCOM

17,290

7.3

86.35

(3.41)

88.78

91.22

84.98

83.62

33.26

(0.33)

(1.37)

23.42

91.04

Coal India

COALINDIA

210,540

3.0

331.95

(0.87)

336.20

340.45

328.15

324.35

45.82

1.80

1.22

18.80

331.11

Reliance

RELIANCE

258,537

4.8

730.10

(1.87)

740.33

750.57

723.43

716.77

30.31

(10.56)

(17.19)

33.66

788.90

Reliance Infr

RELINFRA

15,666

3.2

582.55

(2.08)

598.37

614.18

571.97

561.38

38.09

15.61

5.54

17.45

562.74

Reliance Pow

RPOWER

32,902

8.8

118.80

(2.50)

121.75

124.70

117.05

115.30

34.29

5.16

2.61

19.65

113.54

Steel Author

SAIL

49,194

2.8

92.70

(2.01)

94.30

95.90

91.60

90.50

38.53

(1.52)

(1.93)

18.78

97.92

Sbi

SBIN

145,833

2.6

2117.45

(2.28)

2147.63

2177.82

2098.63

2079.82

35.86

25.19

3.13

22.98

2119.31

Sesa Goa

SESAGOA

17,672

2.9

188.90

(4.91)

196.98

205.07

183.73

178.57

29.25

(4.01)

(5.24)

26.31

205.49

Siemens

SIEMENS

28,946

0.1

765.95

(1.62)

778.22

790.48

757.47

748.98

36.86

4.20

(0.03)

21.55

773.98

Sterlite P

STER

38,693

9.2

108.15

(3.95)

112.40

116.65

105.20

102.25

28.06

(1.07)

(2.00)

28.38

115.71

Sun Pharma

SUNPHARMA

56,723

1.2

577.90

(0.43)

583.90

589.90

572.00

566.10

58.51

7.46

7.19

20.74

548.43

Tata Motors

TATAMOTORS

79,780

15.7

268.40

(1.58)

271.97

275.53

265.57

262.73

39.20

7.29

4.42

29.55

253.73

Tata Power

TATAPOWER

24,643

3.9

95.60

(4.02)

98.75

101.90

93.55

91.50

20.10

(0.97)

(2.61)

56.25

105.38

Tata Steel

TATASTEEL

48,214

5.1

440.15

(1.86)

448.50

456.85

434.90

429.65

39.62

0.72

(1.20)

18.62

446.42

Tata Consult

TCS

228,105

1.8

1161.60

(1.95)

1179.73

1197.87

1148.73

1135.87

44.56

(7.15)

(10.29)

29.16

1176.96

Wipro

WIPRO

101,223

1.2

#N/A

(0.51)

428.28

433.47

419.43

415.77

40.18

0.19

(1.11)

15.49

422.83

ARANCA INDIA TECHNICAL ANALYSIS DAILY | 27 March 2012 | 2012, Aranca. All rights reserved. | www.aranca.com

Stocks rising / falling for 3 consecutive days

Company

NSE Symbol

Daily performance (%)

Mcap (` Cr)

Avg Vol
5d (mn)

Price

1D

2D

3D

Stocks rising for 3 consecutive days

Stocks falling for 3 consecutive days

ONGC

ONGC

224,122

2.56

261.85

(2.08)

(1.16)

(0.37)

Jindal Steel

JINDALSTEL

52,299

3.07

526.05

(1.84)

(1.97)

(7.21)

Tata Steel

TATASTEEL

48,214

5.08

440.15

(1.86)

(0.31)

(4.76)

Maruti Suzuki

MARUTI

41,403

0.65

1297.45

(0.70)

(1.79)

(2.41)

Sterlite P

STER

38,693

9.17

108.15

(3.95)

(0.84)

(1.65)

Siemens

SIEMENS

28,946

0.15

765.95

(1.62)

(1.14)

(1.72)

Mcap (` Cr)

Avg Vol
5d (mn)

Price

1D

2D

171,569

9.45

222.70

0.11

1.25

Source: NSE India Website, ARANCA Research

Stocks rising / falling for 2 consecutive days

Company

NSE Symbol

Daily performance (%)

Stocks rising for 2 consecutive days

ITC

ITC

Hind Unilever

HINDUNILVR

75,258

2.69

403.35

0.06

1.83

Kotak Mah Bk

KOTAKBANK

40,825

0.77

531.15

1.06

1.54

Jaiprak Asso

JPASSOCIAT

19,173

21.94

81.90

3.08

3.72

COALINDIA

210,540

3.00

331.95

(0.87)

(1.12)

Stocks falling for 2 consecutive days

Coal India

Source: NSE India Website, ARANCA Research

Top 5 shares of the Day

Top gainers - change %

Top losers - change %

Company

NSE Symbol

Mcap (` Cr)

Price

% chg

Company

NSE Symbol

Mcap (` Cr)

Price

% chg

Jaiprak Asso

JPASSOCIAT

19,173

81.90

3.08

Infra Develop

IDFC

21,189

128.50

(4.92)

Kotak Mah Bk

KOTAKBANK

40,825

531.15

1.06

Sesa Goa

SESAGOA

17,672

188.90

(4.91)

ITC

ITC

171,569

222.70

0.11

Axis Bank

AXISBANK

52,292

1125.15

(4.60)

Hind Unilever

HINDUNILVR

75,258

403.35

0.06

Punjab Nat Bk

PNB

32,459

911.35

(4.21)

Dr Reddy Lab

DRREDDY

27,590

1663.60

-0.14

Icici Bank

ICICIBANK

115,579

872.50

(4.18)

Most active by volume

Most active by value

Company

NSE Symbol

Mcap (` Cr)

Price

Volume (mn)

Company

NSE Symbol

Mcap (` Cr)

Price

Value (` Cr)

Jaiprak Asso

JPASSOCIAT

19,173

81.90

28.48

SBI

SBIN

145,833

2117.45

427.93

Tata Motors

TATAMOTORS

79,780

268.40

10.70

Reliance

RELIANCE

258,537

730.10

387.83

Infra Develop

IDFC

21,189

128.50

9.93

Icici Bank

ICICIBANK

115,579

872.50

346.03

Hindalco

HINDALCO

23,512

128.00

9.77

Tata Motors

TATAMOTORS

79,780

268.40

287.39

Sterlite P

STER

38,693

108.15

8.43

Axis Bank

AXISBANK

52,292

1125.15

258.40

Source: NSE India Website, ARANCA Research

ARANCA INDIA TECHNICAL ANALYSIS DAILY | 27 March 2012 | 2012, Aranca. All rights reserved. | www.aranca.com

NIFTY Technical Chart Daily

RSI in the negative terrain

indicates the index may correct
or consolidate in the near term

NIFTY Technical Chart Weekly

The Nifty ended the week 15.65

points, or 0.29%, lower at
5,317.90. The index is trading
above the 40-week SMA

NIFTY Technical Chart Monthly

The Nifty ended the month 186
points, or 3.58%, higher at 5,385
the index is trading below the
20-month SMA

Source: ThomsonReuters, Aranca Research

ARANCA INDIA TECHNICAL ANALYSIS DAILY | 27 March 2012 | 2012, Aranca. All rights reserved. | www.aranca.com

Glossary
RSI

The Relative Strength Index (RSI) is a momentum oscillator that ranges from 0 to
100. It compares the extent of the stock's recent price movements by evaluating
recent gains and losses. Stocks with RSI above 70 could be considered
overbought, and below 30 could be considered oversold. Generally, if the RSI falls
below 70, it is a bearish signal. Conversely, if the RSI of a stock rises above 30 it is
considered bullish. The RSI used is of 14 days

MACD1

MACD1 shows the relationship between a longer period moving average and a
short period moving average of a stocks price. Generally, the 26-day exponential
moving average (EMA) and the 12-day EMA are used to calculate MACD1.

MACD Signal line

The MACD signal line is the nine-day EMA of the MACD that is used as a trigger for
buy and sell signals. MACD falling below the signal line indicates bearishness and
MACD rising above the signal line indicates bullishness

ADX / DMI

Average Directional Movement Index (ADX) is an indicator, which measures

purely the strength of the current trend not considering whether it is up or down.
ADX is derived from the relationship of the Directional Movement Index (DMI)
lines. Positive DMI measures the strength of up moves, while negative DMI
measures the strength of down moves. ADX above 40 indicates a strong trend and
below 20, a weak trend.

Support

Support is the level at which the stock is likely to see increased interest from
buyers. The buying support will prevent the stock from falling further
S1 is the first level expected to witness increased buying interest in a declining
market If the market continues to fall below the S1 then S2 is the next level at
which buyers are expected to acquire the stock, thereby preventing falling
declines

Resistance

Resistance is the level at which the stock is likely to see increased interest from
sellers. The selling pressure will prevent the stock from rising further
R1 is the first level expected to witness increased selling interest in a rising
market. If the market breaks the first resistance R2 is the next level at which
increased selling can be expected

Exponential moving
average - EMA

Exponential moving average (EMA) is the weighted average of the prices of a

given security where higher weights are given to recent data points. EMA is used
to analyze the trend of a stock

Simple moving average - A simple moving average (SMA) is the average of the closing price of a security for
SMA
a given period.
NIFTY daily technical
chart

Daily technical chart plots the daily movement of NIFTY for a period of last six
months using each day as a single data point. These charts are used to track shortterm price movements

NIFTY weekly technical

chart

Weekly technical chart is a series of prices which shows each week as a single
data point, used to track medium term price movements

NIFTY monthly technical Monthly technical chart is a series of prices which shows each month as a single
chart
data point, used to track long term price movements
ARANCA Research

ARANCA INDIA TECHNICAL ANALYSIS DAILY | 27 March 2012 | 2012, Aranca. All rights reserved. | www.aranca.com

DISCLAIMER
This technical daily has been prepared by Aranca. Such technical reports focus on studying charts of a stock's price
movement and trading volume, as opposed to focusing on a company's fundamentals and as such, may not match
with a report on a company's fundamentals. The opinions expressed by our analysts in this technical daily are
subject to possible change without notice.
This technical daily may contain forward looking statements, which involve risk and uncertainty. The analysis in
these pages is not a complete analysis of every material fact regarding companies, industry, or economy. This
document is prepared for assistance only and is not intended to be used as the primary basis of investment
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ARANCA INDIA TECHNICAL ANALYSIS DAILY | 27 March 2012 | 2012, Aranca. All rights reserved. | www.aranca.com