Daily Technical Report

June 01, 2012

Sensex (16219) / NIFTY (4924)

Yesterday, despite extremely weak GDP data, our markets bounced in the latter half of the day to close above 4900 mark. The session was less volatile than previous derivative expiry sessions. On sectoral front, Auto, Banking heavyweights corrected during yesterdays session; whereas Realty and IT sectors ended on the gaining side. The advance to decline ratio was strongly in of declining counters (A=1184 D=1416) (Source www.bseindia.com) Formation The 200-day SMA (Simple Moving Average) and 20-day EMA (Exponential Moving Average) have now shifted to 16800 / 5070 and 16429 / 4980, respectively. The 20-Week EMA is placed at 16930 / 5130 level. Indices have taken a support near 16113 / 4886 level, which is the 61.8 % Fibonacci Retracement level of the rise from 15847 / 4804 (Low on 23rd May, 2012) to 16544 / 5020 (High on 29th May , 2012). The candlestick pattern on the weekly chart represents another bullish Hammer.

Exhibit 1: Nifty Daily Chart

Source: Falcon

Actionable points:
View Expected targets Support Levels Buy Above 4949 4982 - 5020 4883 - 4850

Trading strategy: Yesterday, once again indices opened lower in-line with negative global cues. Despite the weakest GDP growth data since March 2003, the indices bounced from lower levels to close well above the 4900 mark. We are observing that the market has taken support near an important Fibonacci retracement support level (16113 / 4886) and the possibility of a further upside cannot be ruled out. Going forward, we expect a rally towards 16429 - 16544 / 4982 - 5020 levels, once the Index sustains above yesterday's high of 16278 / 4949 level. Conversely, yesterday's low of 16086 / 4883 may provide decent support for the markets.

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Daily Technical Report

June 01, 2012

Bank Nifty Outlook - (9441)

For the second consecutive session, Bank Nifty opened with a downside gap and traded in a narrow range throughout the day. The index found support near the mentioned level of 9370 and bounced back. The momentum oscillator Stochastic on the daily chart continues with its sell signal. The negative crossover in RSI - Smoothened oscillator on the hourly chart mentioned in our previous report is still intact. However, it is about to enter the oversold territory. We are also witnessing a Spinning Top candlestick pattern, which is a sign of indecisiveness prevailing at current levels. Thus we expect range bounce activity in the coming session. On the upside 9520 9564 levels are likely to act as resistance and 9360 9270 levels are likely to act as support for the day. Actionable points:
View Resistance Levels Support Levels Neutral 9520 - 9564 9360 - 9270

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon

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Daily Technical Report

June 01, 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 16,003 4,853 9,308 1,115 147 3,588 949 1,478 656 296 204 673 324 301 311 175 1,661 315 2,232 490 636 490 1,803 113 412 770 116 2,297 225 427 56 532 1,143 643 1,068 142 246 703 104 505 659 439 88 2,009 175 637 92 552 225 90 395 1,206 398 S1 16,111 4,889 9,374 1,128 149 3,805 960 1,495 672 299 208 685 329 305 316 180 1,674 318 2,269 497 646 498 1,817 115 420 777 121 2,363 227 434 59 548 1,158 648 1,084 145 249 729 105 512 682 444 92 2,033 181 657 93 559 229 92 399 1,226 404 PIVOT 16,194 4,919 9,427 1,148 151 3,998 975 1,513 689 303 212 695 334 308 321 183 1,682 322 2,327 502 653 503 1,834 117 425 788 123 2,457 230 444 62 557 1,176 653 1,109 146 252 747 106 519 706 451 94 2,061 185 671 94 571 234 94 404 1,241 410 R1 16,302 4,954 9,494 1,161 153 4,215 986 1,529 705 307 216 707 340 313 326 188 1,694 326 2,364 510 662 512 1,848 119 433 794 128 2,524 232 451 65 573 1,191 657 1,125 148 256 773 107 525 729 456 98 2,084 192 691 95 578 238 95 408 1,261 416 R2 16,385 4,985 9,546 1,182 155 4,408 1,002 1,548 722 311 220 717 345 316 331 191 1,702 330 2,422 515 669 517 1,865 122 439 805 131 2,618 235 461 67 582 1,209 662 1,150 150 258 790 108 533 752 464 100 2,112 196 705 96 589 243 97 412 1,276 422

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Daily Technical Report

June 01, 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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