Daily Technical Report

May 23, 2012

Sensex (16026) / NIFTY (4861)

Yesterday, markets opened significantly higher in-line strong cues from European and US bourses. However, once again sharp rupee depreciation continued to spoil the upward momentum. As a result, indices drifted sharply from the days high to close almost at the lowest point of the day. On sectoral front, Metal, Banking and Power corrected sharply during yesterdays session; whereas Teck and IT counters ended on the gaining side. The advance to decline ratio was strongly in favor of declining counters (A=1082 D=1567) (Source www.bseindia.com) Formation The 200-day SMA (Simple Moving Average) and 20-day EMA (Exponential Moving Average) have now shifted to 16837 / 5079 and 16532 / 5009, respectively. The 20-Week EMA is placed at 17000 / 5150 level. Indices have now tested the 15860 / 4766 level, which is the 78.6% Fibonacci Retracement level of the rise from 15135 / 4531 (Low on December 23, 2011) to 18524 / 5630 (High on February 22, 2012). The daily RSI Smoothened oscillator is placed well inside the oversold territory. The candlestick pattern on the weekly chart represents a bullish Hammer.

Exhibit 1: Nifty Daily Chart

Source: Falcon

Actionable points:
View Resistance Levels Support Levels Neutral 4938 - 4957 4840 4759

Trading strategy: Yesterday, markets opened on an optimistic note after a flat closing on Monday's session. However, significant rupee depreciation during the second half had a negative impact on equity markets as we lost all early gains and eventually closed in the negative territory. Going forward, we maintain our view that, although the daily chart continues to be in a lower top lower bottom formation, due to extreme oversold condition of 'RSI-Smoothened', we may not witness a sharp correction in the markets. If indices manage to sustain above last week's high of 16391 / 4957, then they are likely to test 16700 16840 / 5050 5090 levels.

Conversely, Fridays low of 15809 / 4789 is likely to act as a decent support in coming trading sessions.

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Daily Technical Report

May 23, 2012

Bank Nifty Outlook - (9269)

Yesterday, Bank Nifty opened on with an upside gap and traded in a narrow range during first half of the session but pared early gains to close near the low point of the day. As stated in our previous report we witnessed a pullback from the mentioned resistance level of 9533. The positive crossover in Stochastic and RSI momentum oscillator on the daily chart mentioned in our previous reports is still intact. However, the momentum oscillators on the hourly chart are negatively poised. As the momentum oscillators on the hourly and daily chart paint a mixed picture we expect the ongoing volatility to continue. Thus, going forward 9377 9427 are likely to act as resistance and on the downside 9194 9108 are likely to act as support in coming trading session. Actionable points:
View Resistance Levels Support Levels Neutral 9377 - 9427 9194 - 9108 Source: Falcon

Exhibit 2: Bank Nifty Daily Chart

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Daily Technical Report

May 23, 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 15,765 4,782 9,079 1,105 136 3,598 945 1,470 648 290 203 714 314 307 299 179 1,616 302 2,319 472 628 476 1,811 103 418 782 115 2,300 225 449 58 534 1,119 623 1,093 138 240 709 102 475 679 428 90 1,861 175 646 91 556 260 85 389 1,199 376 S1 15,896 4,821 9,174 1,118 138 3,637 955 1,489 659 293 206 721 319 309 302 183 1,638 308 2,356 480 635 482 1,832 105 421 791 116 2,320 229 456 60 542 1,139 631 1,123 140 242 715 103 484 685 435 91 1,900 179 658 93 565 262 88 394 1,211 379 PIVOT 16,131 4,889 9,348 1,138 142 3,696 969 1,513 669 296 210 731 327 313 309 188 1,667 317 2,402 487 644 494 1,863 109 425 808 119 2,344 234 465 62 556 1,175 643 1,174 142 247 723 104 490 695 448 92 1,970 188 679 98 581 266 92 402 1,226 383 R1 16,262 4,928 9,443 1,150 144 3,735 979 1,531 680 299 212 739 333 315 312 191 1,689 323 2,438 495 652 501 1,884 111 428 818 121 2,365 238 471 64 564 1,195 651 1,205 144 249 729 104 499 701 456 93 2,009 193 691 100 590 269 95 407 1,238 386 R2 16,497 4,995 9,617 1,170 147 3,794 993 1,556 690 302 216 749 340 319 318 197 1,718 332 2,484 502 661 512 1,916 114 432 834 124 2,389 243 480 66 578 1,231 664 1,255 147 254 737 105 505 711 468 94 2,079 201 711 104 606 272 100 415 1,253 390

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Daily Technical Report

May 23, 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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