Technical Research | March 29, 2012

Daily Technical Report Sensex (17122) / NIFTY (5195)

Yesterday, markets opened with a minor downside gap and selling pressure during the latter part of the session dragged indices lower to close marginally below 5200 mark. On sectoral front, Consumer Durables, Banking and PSU counters were among the major losers, whereas FMCG and Health Care counters ended with a nominal gain. The advance to decline ratio was strongly in favour of declining counters (A=896 D=2021) (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 17607 / 5350, respectively. The 20-Week EMA is placed at 17150 / 5188 level.
Source: Falcon

Trading strategy:
Indices opened marginally down during yesterdays session in-line with other global bourses and selling pressure intensified in the latter part of the day. Consequently, indices drifted lower to test mentioned support level of 17008 / 5171. Considering the global cues, it is likely that our markets will open on a negative note. Going forward, we reiterate that 17008 / 5171 level is likely to act as strong support. A sustainable move below this level may result in increase in selling pressure and indices are likely to slide towards the next support zone of 16828 16600 / 5076 5000. Conversely, 17367 / 5278 mark is likely to act as a resistance in coming trading session. If indices manage to sustain above this level, then further rally may be witnessed up to 17458 17687 / 5312 5386 levels.

Actionable points:
View Resistance Levels Support Levels Neutral 5278 5312 5386 5171 5076

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Technical Research | March 29, 2012

Bank Nifty Outlook - (9960)

Yesterday, Bank Nifty opened on a pessimistic note and selling pressure was witnessed throughout the session which led the index to close at the lowest level in last 1 month. The Homing Pigeon candlestick pattern mentioned in our previous report has been negated as the index has managed to close below 9967 level. The RSI momentum oscillator on the daily chart is still below 50 which suggest weakness in the index. However, the momentum oscillators on the hourly chart signal signs of positive divergence; hence a possibility of a minor pullback, after the expected gap down opening today, cannot be ruled out. On the upside 10075 10115 levels are likely to act as resistance in coming trading session. On the downside a breach of 9900 level will lead the index to test the 200 day SMA which is placed at 9800 level. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Resistance Levels Support Levels Neutral 10075 10115 9900 9800

Source: Falcon

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Technical Research | March 29, 2012

Positive Bias:
Positive Above 426.5 Expected Target 440

Stock Name Ranbaxy

CMP 419.5

5 Day EMA 414.9

20 Day EMA 418.3

Remarks View will change below 413.5

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Technical Research | March 29, 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 16,930 5,133 9,774 1,297 163 1,091 1,594 332 246 660 328 296 326 193 1,664 359 459 656 506 1,948 123 406 840 126 2,797 223 515 74 506 1,277 667 1,238 158 250 894 104 406 82 712 554 112 90 2,030 185 747 107 546 26 267 93 435 1,145 419 S1 17,026 5,164 9,867 1,310 165 1,103 1,616 335 249 664 334 298 329 195 1,682 363 465 658 510 1,968 124 409 850 128 2,820 225 521 75 514 1,293 674 1,263 160 254 903 105 413 83 719 561 114 91 2,055 188 758 108 557 26 269 94 445 1,155 424 PIVOT 17,136 5,200 9,995 1,325 167 1,121 1,642 338 254 667 344 301 331 197 1,700 367 471 662 514 1,989 126 414 862 129 2,847 226 527 78 526 1,308 684 1,279 162 260 915 106 420 85 727 572 117 93 2,088 191 767 110 571 27 271 96 451 1,165 428 R1 17,232 5,231 10,088 1,338 169 1,133 1,664 341 257 671 350 303 334 199 1,718 370 477 665 518 2,009 128 417 872 130 2,871 228 532 80 534 1,323 691 1,304 164 264 925 107 426 86 734 579 119 94 2,113 193 778 111 583 28 273 98 462 1,175 433 R2 17,342 5,267 10,215 1,353 171 1,150 1,690 344 262 674 359 305 336 201 1,736 374 484 668 522 2,030 130 422 884 131 2,898 230 538 82 546 1,338 701 1,320 166 270 937 108 433 88 743 589 122 96 2,146 197 787 113 597 29 275 99 468 1,185 437

Technical Research Team

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Technical Research | March 29, 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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