Daily Technical Report

May 08, 2012

Sensex (16913) / NIFTY (5114)

The week opened on a very pessimistic note as indices opened significantly lower in-line with global cues. However, as expected and mentioned, clarification on GAAR had a significant impact on the Indices and a bounce towards the latter part of the session led indices to close on the positive note. On sectoral front, Capital Goods, Metal and Consumer Durables counters contributed heavily in yesterdays sharp bounce; whereas FMCG, Oil & Gas sectors ended marginally on losing side. The advance to decline ratio was in favor of advancing counters (A=1440 D=1270) (Source www.bseindia.com) Formation The 200-day SMA (Simple Moving Average) and 20-day EMA (Exponential Moving Average) have now shifted to 17100 / 5120 and 17220 / 5225, respectively. The 20-Week EMA is placed at 17200 / 5200 level. We are now witnessing a negative crossover in weekly 5 & 20 EMA. Indices have now tested 16830 / 5080 which is the 50% Fibonacci Retracement level of the rise from 15135 / 4531 (Low on December 23, 2011) to 18524 / 5630 (High on February, 2012).
Source: Falcon

Exhibit 1: Nifty Daily Chart

Actionable points:
View Expected Targets Support Level Bullish Above 5125 5177 5210 4988

Trading strategy: Yesterday, markets opened significantly lower on the back of negative sentiments swaying across global bourses and subsequently indices slipped marginally below 5000 mark. However, deferment of implementation of GAAR by the Finance Minister and Rupee appreciation during the latter half of the session led indices to bounce sharply from days low. We are now observing that hourly momentum oscillators are positively poised. These technical tools can come into action if indices manage to sustain above yesterdays high of 19514 / 5125. In this scenario, indices may rally towards 17122 17200 / 5177 5210 levels. Conversely, yesterdays low of 16513 / 4988 may provide decent support for the markets.

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Daily Technical Report

May 08, 2012

Bank Nifty Outlook - (9876)

Yesterday, Bank Nifty opened on a flat note and drifted below the 200 day SMA support level during the day but managed to give a close well above this support. During the day the index found support near its prior swing low of 9509 and bounced back sharply. Going forward yesterdays low of 9480 holds significant importance. We expect volatility to continue as the oscillators on the daily and hourly chart paint mixed picture. Thus on the upside 9975 10140 levels are likely to act as resistance zone and 9695 9568 are likely to act as support in coming trading session. Actionable points:
View Resistance Levels Support Levels Neutral 9975 10140 9695 9568 Source: Falcon

Exhibit 2: Bank Nifty Daily Chart

Positive Bias:
Stock Name HINDALCO CMP 115.7 Positive Above 116.5 Expected Target 126 Remarks View will be negated below 112

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Daily Technical Report

May 08, 2012 Daily Pivot Levels for Nifty 50 Stocks
SCRIPS SENSEX NIFTY BANKNIFTY ACC AMBUJACEM ASIANPAINT AXISBANK BAJAJ-AUTO BANKBARODA BHARTIARTL BHEL BPCL CAIRN CIPLA COALINDIA DLF DRREDDY GAIL GRASIM HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK IDFC INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 16,360 4,939 9,326 1,166 137 3,464 946 1,447 641 304 201 637 311 323 321 171 1,685 311 2,239 492 640 510 1,862 111 421 776 107 2,337 231 457 65 544 1,074 656 1,223 151 253 750 102 486 697 463 89 1,817 173 714 96 590 285 96 413 1,237 400 S1 16,636 5,027 9,601 1,201 141 3,554 984 1,482 660 310 214 661 318 325 325 180 1,700 315 2,365 497 652 521 1,908 113 425 812 113 2,387 233 480 67 560 1,138 673 1,267 153 257 773 104 495 707 488 91 1,923 178 737 99 595 297 99 427 1,255 407 PIVOT 16,790 5,076 9,756 1,221 144 3,636 1,007 1,506 674 314 221 680 322 328 329 186 1,723 319 2,445 504 659 528 1,940 115 430 833 116 2,418 236 494 69 570 1,177 686 1,298 155 260 788 105 500 714 502 92 1,981 182 754 101 600 303 101 436 1,267 414 R1 17,067 5,163 10,031 1,256 148 3,726 1,045 1,542 694 320 234 705 328 331 332 196 1,738 323 2,571 509 671 539 1,986 117 434 869 121 2,468 239 517 71 587 1,241 703 1,342 158 263 811 107 510 723 527 94 2,087 187 777 105 605 315 104 450 1,285 421 R2 17,221 5,212 10,186 1,277 151 3,807 1,068 1,566 708 324 241 724 332 334 336 202 1,761 328 2,651 517 678 546 2,017 119 439 890 124 2,499 242 531 73 597 1,280 716 1,373 160 266 827 109 515 731 541 96 2,145 190 793 107 610 322 105 458 1,297 427

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Daily Technical Report

May 08, 2012
Research Team Tel: 022 - 39357800 E-mail: research@angelbroking.com Website: www.angelbroking.com

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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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