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Technical Research | April 20, 2012

Daily Technical Report Sensex (17504) / NIFTY (5332)


Yesterday, we witnessed a flat opening in-line with other Asian markets. Our benchmark indices traded above hourly 20 EMA and momentum picked up during the second half, to at the highest point of the session. On the sectoral front, Auto, Health Care and FMCG counters contributed heavily in yesterdays up move; whereas Capital Goods and Power sectors ended on the losing side. The advance to decline ratio was in favor of advancing counters (A=1504 D=1356) (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 17100 / 5150 and 17324 / 5271, respectively. The 20-Week EMA is placed at 17200 / 5200 level. We are witnessing a Downward Sloping Trend Line
Source: Falcon

breakout around 17400 / 5300 level.

Actionable points: Trading strategy:


Markets opened on a flat note and lingered around the hourly 20 EMA during the first half. However, strong buying emerged near this support zone, which pushed indices higher to test mentioned resistance level of 5330 / 17475. We reiterate our bullish opinion on the market considering the breakout from the downward sloping trend line. The markets have closed marginally below previous days high of 17523 / 5342. Going forward, once indices manage to trade above 17531 / 5343 level, then we may witness enhanced buying interest among market participants. In this scenario, markets are likely to rally towards the next resistance zone of 17664 17900/ 5380 5441. Conversely, yesterdays low of 17361 / 5291 holds a key support for the markets. View Expected Targets Support Levels Positive Above 5343 5380 5441 5291

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Technical Research | April 20, 2012

Bank Nifty Outlook - (10568)


Yesterday, Bank Nifty opened on a flat note and traded with extreme volatility throughout the session. For the third consecutive session we are observing a narrow range body formation, which is a sign of indecisiveness prevailing at current levels. Hence, we reiterate our view that the index is in a trading range of 10650 10150. Only a sustainable move outside the mentioned range will dictate a clear direction of the trend. On the upside a sustainable move above 10650 will trigger fresh momentum on the upside and the index may rally towards the resistance zone of 10750 10775. On the downside a fall below yesterdays low of 10438 may lead the index to test the support zone of 10250 10235. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Resistance Levels Support Levels Positive Above 10650 10750 10775 10438 - 10250 - 10235
Source: Falcon

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Technical Research | April 20, 2012

Positive Bias:
Positive Above 124.7 129.2 Expected Target 139 132.5

Stock Name Tata Global United Phosphorous

CMP 124.45 128.2

5 Day EMA 120.5 127.9

20 Day EMA 117.3 131

Remarks View will change below 115.9 View will change below 126

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Technical Research | April 20, 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 17,297 5,271 10,378 1,188 160 1,171 1,709 319 244 687 345 311 342 195 1,755 351 490 678 531 2,093 125 416 858 130 2,349 236 503 78 564 1,293 686 1,339 166 267 909 113 503 84 729 549 115 95 2,229 182 813 107 587 24 306 105 458 1,085 413 S1 17,400 5,302 10,473 1,218 162 1,183 1,719 322 247 691 348 316 352 198 1,781 356 497 684 542 2,144 127 421 868 131 2,377 240 510 79 579 1,306 696 1,365 167 270 915 114 511 85 735 558 116 97 2,249 187 821 108 592 24 312 106 463 1,094 417 PIVOT 17,465 5,322 10,534 1,268 166 1,196 1,730 324 253 696 351 319 357 201 1,797 363 501 688 549 2,178 129 426 876 133 2,396 243 515 81 590 1,318 703 1,383 168 272 923 114 516 86 745 570 117 98 2,274 191 827 110 600 24 316 108 466 1,100 423 R1 17,569 5,353 10,629 1,298 168 1,209 1,740 326 256 700 354 323 367 203 1,823 368 507 695 561 2,230 130 430 886 135 2,424 246 522 82 605 1,330 713 1,409 169 274 929 115 524 87 751 579 118 99 2,294 197 836 111 605 24 323 109 471 1,109 427 R2 17,634 5,373 10,690 1,349 172 1,222 1,750 328 261 706 358 326 373 206 1,839 375 511 698 567 2,264 133 435 893 136 2,443 249 528 84 615 1,342 720 1,427 171 276 937 116 529 88 760 591 119 101 2,319 200 841 113 612 24 327 110 474 1,116 433

Technical Research Team


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Technical Research | April 20, 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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