Technical Research | April 23, 2012

Daily Technical Report Sensex (17374) / NIFTY (5291)

On Friday, our benchmark indices opened on a flat note and traded in a narrow range during the first half of the session. However, profit booking during the latter half dragged indices to close near mentioned support level of 17361 / 5291. On sectoral front, Consumer Goods, Power and Realty counters were among the major losers, whereas FMCG and Auto counters ended with a nominal gain. The advance to decline ratio was in favour of declining counters (A=1180 D=1621) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
The 200-day SMA (Simple Moving Average) and 20-day EMA (Exponential Moving Average) have now shifted to 17050 / 5135 and 17400 / 5300, respectively. The 20-Week EMA is placed at 17200 / 5200 level.
Source: Falcon

We are witnessing a break out from the Downward Sloping Trend Line resistance around 17400 / 5300 level.

Trading strategy:
Broadly speaking, the view on the markets remains unchanged from last week and indices continue to trade in the trading range of 17000 to 17530 / 5345 to 5180. Only a breakout from the said range on either side would dictate the direction for the markets. This week indices managed to cross Downward Sloping Trend Line resistance of 17400 / 5300 level during the week. However, the movement above this resistance was observed on very low volumes and hence, cannot be construed as an appropriate technical breakout. We are of the opinion that, if indices sustain above the weekly high of 17531 / 5343 on the back of strong volumes, then we are likely to witness enhanced buying interest among market participants.

Actionable points:
View Expected Targets Support Levels Positive Above 5343 5380 5441 5245 - 5217

As a result, indices may rally towards their next resistance levels of 17664 17900 / 5380 5441. Conversely, the 200-day SMA level of 16920 / 5135 holds key support in coming trading sessions. A violation of this swing low may reinforce the selling pressure and then markets are likely to drift towards the next support levels of 16828 16600 / 5076 5000.

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Technical Research | April 23, 2012

Bank Nifty Outlook - (10457)

On Friday, similar to the benchmark indices Bank Nifty opened on a flat note and traded in a narrow range almost throughout the session. However, during the last hour of trade we witnessed some selling pressure which dragged the index lower to test 10400 level. The trading range of 10600 10150 mentioned in our previous reports is still intact. On the upside only a sustainable move above 10650 will give clear direction of uptrend and the index may rally towards the resistance zone of 10750 10775. On the downside a sustainable move below Fridays low of 10387 will lead the index to test the support zone of 10300 10250. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Resistance Levels Support Levels Neutral 10580 10650 10387 - 10300 - 10250
Source: Falcon

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Technical Research | April 23, 2012

Positive Bias:
Positive Above 726 Expected Target 760

Stock Name TECHM

CMP 711.3

5 Day EMA 711

20 Day EMA 702

Remarks View will change below 699

Negative Bias:
Negative Below 545 Expected Target 500

Stock Name Bombay Dyeing

CMP 548.3

5 Day EMA 559.3

20 Day EMA 551.2

Remarks View will change Above 574

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Technical Research | April 23, 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 17,086 5,200 10,283 1,180 157 1,140 1,633 316 237 675 339 316 352 191 1,748 353 493 669 540 2,153 121 412 842 124 2,334 240 483 75 576 1,253 696 1,359 161 258 879 112 506 84 720 539 112 95 2,213 184 794 106 573 23 308 101 459 1,061 417 S1 17,230 5,245 10,370 1,203 159 1,159 1,671 320 241 686 343 319 357 194 1,770 357 499 677 546 2,171 123 418 851 126 2,370 243 495 77 584 1,272 711 1,375 163 262 893 113 512 85 726 546 113 96 2,237 187 802 108 581 23 313 103 465 1,075 421 PIVOT 17,375 5,291 10,474 1,222 161 1,182 1,714 324 247 697 349 321 361 198 1,793 361 504 684 552 2,194 126 422 865 130 2,399 245 507 78 593 1,294 720 1,396 166 269 909 114 519 86 733 556 116 97 2,262 191 817 110 593 24 317 105 470 1,091 424 R1 17,519 5,336 10,560 1,245 164 1,200 1,752 328 251 708 353 324 366 202 1,816 364 510 692 557 2,213 128 427 875 132 2,436 248 519 80 601 1,313 736 1,412 168 273 922 115 525 88 739 563 118 98 2,286 194 826 111 601 24 321 107 475 1,105 428 R2 17,664 5,382 10,664 1,264 166 1,223 1,796 332 257 720 359 326 370 206 1,839 368 515 699 563 2,236 130 431 889 135 2,465 250 531 82 611 1,335 745 1,433 171 280 939 116 532 89 746 572 120 99 2,311 198 840 113 613 24 325 110 480 1,122 432

Technical Research Team

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Technical Research | April 23, 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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