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Technical Research | April 09, 2012
On Wednesday April 04, 2012, our benchmark indices
opened with a minor downside gap and traded in a narrow
range throughout the day to close in red. Our indices
almost tested the mentioned support level of 17420 / 5300
and managed to close above the same. On sectoral front,
Realty, Metal and Banking counters were among the major
losers, whereas Power and Consumer durables ended with
a nominal gain. The advance to decline ratio was
marginally in favour of advancing counters (A= 1446
D= 1344) (Source –www.bseindia.com)
Formation:
• The 200-day SMA (Simple Moving Average) and 20-
day EMA (Exponential Moving Average) have now shifted to
17100 / 5150 and 17400 / 5300, respectively.
• The ‘20-Week EMA’ is placed at 17200 / 5200 level.
• The positive crossover in daily ‘RSI-smoothened’
oscillator is still intact.
• We are witnessing a ‘Downward Sloping Trend Line’
resistance around 17630 / 5365 level.
Trading strategy:
We have witnessed a small trading range during the
truncated week. On account of public holidays,participation in the market was lower and volumes were
below average. As expected, after crossing last week’s high
of 17440 / 5307, indices moved towards the ‘Downward
Sloping Trend Line’ resistance level of 17630 / 5365.
Going forward, 17664 / 5379 is likely to act as an
immediate resistance level. The positive momentum is likely
to resume after crossing this resistance and would lead to a
break out from the mentioned ‘Downward Trend Line’
resistance. In this scenario, we may witness a rally with
enhanced positive momentum to test 18041 – 18250 / 5500 – 5540 levels.
Daily Technical Report
Sensex (17486) / NIFTY (5323)
Exhibit 1: N ifty Daily Chart
Source: Falcon
Actionable points:
View NeutralResistance Levels 5340 – 5380
Support Levels 5300 – 5278
Conversely, indices may face selling pressure only if the
support level of 17382 / 5278 is breached. In this case,
indices may slide towards the next support zone of 17105 –
16920 / 5203 – 5135 levels.
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On Wednesday, Bank Nifty opened with a minor
downside gap and traded in a narrow range throughout
the session. We had mentioned in our previous report
that the momentum oscillators on the hourly chart are
negatively poised and a minor pullback cannot be ruled
out. The momentum oscillator “Stochastic” on the daily
chart is in an overbought condition. Looking at the above
technical evidences and price patterns on the Daily chart,
it is likely that if the index sustains below Wednesday’s
low of 10267 then it may drift towards 10174 – 10100levels. On the upside 10375 – 10503 levels are expected
to act as intermediate resistance levels.
Actionable points:
View NeutralResistance Levels 10375 – 10503Support Levels 10267 - 10174 – 10100
Bank N ifty Outlook - (10340)
Exhibit 2: Bank Nifty Daily Chart
Source: Falcon
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Negative Bias:
Stock Name CMP 5 Day EMA 20 Day EMA
Negative
Below
Expected
Target RemarksJubilantFoods
1186 1171 1105.7 1170 1110View will change above
1205
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SCRIPS S2 S1 PIVOT R1 R2
SENSEX 17,375 17,431 17,492 17,547 17,609
NIFTY 5,289 5,306 5,322 5,339 5,355
BANKNIFTY 10,223 10,281 10,327 10,385 10,431
ACC 1,321 1,333 1,348 1,360 1,375
AMBUJACEM 166 167 169 170 172
AXISBANK 1,147 1,157 1,165 1,175 1,184
BAJAJ-AUTO 1,613 1,623 1,635 1,646 1,658
BHARTIARTL 325 327 332 334 339
BHEL 258 266 270 278 282
BPCL 689 694 699 704 709
CAIRN 351 355 359 363 367
CIPLA 301 303 307 310 314
COALINDIA 330 336 340 346 350
DLF 199 202 204 207 209
DRREDDY 1,685 1,699 1,710 1,724 1,735
GAIL 362 367 373 378 384
HCLTECH 495 502 507 514 520
HDFC 674 677 681 684 688
HDFCBANK 522 524 527 529 531
HEROMOTOCO 1,962 1,987 2,015 2,040 2,067
HINDALCO 129 131 132 134 136
HINDUNILVR 394 397 401 403 407
ICICIBANK 870 880 891 901 911
IDFC 135 137 138 140 141
INFY 2,826 2,838 2,857 2,869 2,888
ITC 224 226 227 229 231JINDALSTEL 512 519 529 535 546
JPASSOCIAT 83 85 86 88 89
KOTAKBANK 543 547 553 557 562
LT 1,325 1,335 1,344 1,354 1,363
M&M 688 693 699 704 710
MARUTI 1,289 1,302 1,320 1,333 1,351
NTPC 165 166 168 169 171
ONGC 271 272 274 276 278
PNB 917 923 928 935 940
POWERGRID 108 110 110 112 113
RANBAXY 454 466 474 486 494
RCOM 83 84 85 87 88RELIANCE 736 741 749 755 763
RELINFRA 587 594 602 609 617
RPOWER 119 120 122 123 125
SAIL 96 97 98 99 100
SBIN 2,117 2,140 2,159 2,182 2,202
SESAGOA 190 192 195 197 200
SIEMENS 774 781 787 794 800
STER 108 109 111 112 114
SUNPHARMA 555 560 565 569 575
SUZLON 24 25 25 26 26
TATAMOTORS 275 277 279 281 284
TATAPOWER 98 99 102 103 106
TATASTEEL 467 471 475 479 483
TCS 1,156 1,167 1,178 1,190 1,201
WIPRO 434 439 445 450 457
Technical Research Team
Daily Pivot Levels for Nif ty 50 Stocks
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Technical Report
RESEARCH TEAM
Shardul Kulkarni Head - Technicals
Sameet Chavan Technical Analyst
Sacchitanand Uttekar Technical Analyst
Mehul Kothari Technical Analyst
Ankur Lakhotia Technical Analyst
For any Queries, Suggestions and Feedback kindly mail to sameet.chavan@angelbroking.com
Research Team: 022-3952 6600 Website: www.angelbroking.com
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