Daily Technical Report

May 10, 2012

Sensex (16480) / NIFTY (4975)

Yesterday, we witnessed a gap down opening in-line with other Asian bourses. Subsequently, indices drifted lower to test mentioned support level of 16430 / 4950, which acted as a decent support for the day. On the sectoral front, Realty, Metal and Banking counters corrected sharply for the second consecutive session whereas FMCG and IT sectors ended in the positive territory. The advance to decline ratio was strongly in favor of declining counters (A=936 D=1796) (Source www.bseindia.com) Formation The 200-day SMA (Simple Moving Average) and 20-day EMA (Exponential Moving Average) have now shifted to 16949 / 5115 and 17220 / 5225, respectively. Indices are trading around 61.8% Fibonacci Retracement level of the rise from 15135 / 4531 (Low on December 20, 2011) to 18524 / 5630 (High on February 22, 2012). The Daily chart depicts an Inverted Hammer and Doji Star in Sensex and Nifty, respectively.

Exhibit 1: Nifty Daily Chart

Source: Falcon

Actionable points:
View Expected target Support Levels Bullish Above 5016 5125 4956 - 4900

Trading strategy: We witnessed a range bound session after testing the support level of 16430 / 4950. A minor pull back towards the latter part of the session led indices to close around its initial opening level. Hence, we are observing "Inverted Hammer" and "Doji Star" pattern in the Sensex and Nifty, respectively. Further, these patterns have been formed at the mentioned 61.8% Fibonacci Retracement level. The said pattern will get activated only above yesterday's high of 16616 / 5016 beyond which the markets may rally further towards 16945 / 5125 level. On the downside, yesterday's low of 16423 / 4956 is expected to act as a decent support in coming trading session. The negative momentum is likely to resume only on the violation of yesterday's low. In this case, indices may slide further towards 16270 - 16165 / 4900 - 4850 levels.

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Daily Technical Report

May 10, 2012

Bank Nifty Outlook - (9405)

Yesterday, Bank Nifty opened on a pessimistic note in line with our benchmark indices and traded in a narrow range throughout the session. The index found support near the mentioned support level of 9364 and has managed to give a close well above that. As the momentum oscillators on hourly and daily chart continue to give mixed signals, we expect the ongoing volatility to continue. Also, a clear candlestick pattern formation does not exist at the current juncture. Thus on the upside 9572 9700 levels are likely to act as resistance and 9270 9205 levels are likely to act as support in coming trading session. Actionable points:
View Resistance Levels Support Levels Neutral 9572 9700 9270 9205 Source: Falcon

Exhibit 2: Bank Nifty Daily Chart

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Daily Technical Report

May 10, 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 16,313 4,923 9,207 1,182 139 3,581 939 1,450 621 305 208 659 299 313 321 177 1,650 314 2,346 470 642 496 1,824 110 423 802 109 2,329 222 456 58 514 1,117 634 1,273 147 251 735 102 480 681 453 89 1,826 173 689 94 578 285 96 403 1,178 395 S1 16,396 4,949 9,306 1,192 143 3,645 950 1,484 631 307 212 674 304 318 324 179 1,667 318 2,405 478 646 505 1,848 115 428 812 112 2,348 231 463 59 524 1,137 645 1,287 149 253 751 103 497 688 464 90 1,854 175 703 95 589 289 97 410 1,202 400 PIVOT 16,506 4,983 9,439 1,205 145 3,695 966 1,506 647 310 217 685 309 322 328 184 1,696 323 2,443 483 653 514 1,886 118 432 820 114 2,371 236 475 62 537 1,162 659 1,300 152 256 774 105 508 698 479 91 1,905 177 718 97 596 293 98 421 1,218 405 R1 16,589 5,009 9,538 1,215 149 3,759 977 1,541 658 312 221 700 314 327 331 186 1,713 327 2,502 492 657 522 1,910 122 437 830 117 2,390 245 482 63 547 1,182 669 1,314 154 259 790 106 524 705 489 93 1,933 179 732 98 607 297 99 428 1,242 411 R2 16,699 5,042 9,671 1,229 151 3,809 993 1,563 674 315 227 711 319 332 336 191 1,742 332 2,540 497 664 531 1,948 125 441 838 119 2,413 250 494 65 560 1,208 683 1,326 157 261 813 107 535 715 505 94 1,984 182 747 100 614 301 100 440 1,259 416

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Daily Technical Report

May 10, 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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