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Technical Research | April 27, 2012
Yesterday, for the third consecutive session, indices opened
on flat note. Likewise previous few trading sessions, markets
remained under narrow range throughout the session.
Surprisingly, we did not witness any volatility during
yesterday’s session as generally observed on other
derivative expiry sessions. On sectoral front, Power, Realty
and Auto counters were among the major losers, whereas
defensive sectors like, IT and FMCG ended in the positive
territory. The advance to decline ratio was in favor of
declining counters (A= 1109 D= 1321) (Source –
www.bseindia.com)
Formation:
• The 200-day SMA (Simple Moving Average) and 20-day
EMA (Exponential Moving Average) have now shifted to
17050 / 5135 and 17400 / 5300, respectively.
• The ‘20-Week EMA’ is placed at 17200 / 5180 level.
Trading strategy:
Despite being a derivative expiry, we witnessed a very
narrow trading range during yesterday’s session. Going
forward, our view remains unchanged and the lackluster
movement is likely to be witnessed until we breakout from
the trading range of 5340 – 5135. Meanwhile, the
immediate resistance level is seen at 17250 / 5236. Amove beyond this may push indices higher to test 17444 /
5311 level. Conversely, ‘200-day SMA’ level of 16930 /
5135 is likely to provide decent support for the markets.
Daily Technical Report
Sensex (17131) / NIFTY (5189)
Exhibit 1: N ifty Daily Chart
Source: Falcon
Actionable points:
View NeutralResistance levels 5236 – 5311Support Level 5135
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Yesterday, Bank Nifty opened on a flat note in line with
our benchmark indices and traded in a narrow range
throughout the session. The negative crossover in “RSI -
Smoothened” momentum oscillator on the daily chart
mentioned in our previous report is still intact. We
reiterate our view, that the momentum oscillator “RSI -
Smoothened” on the hourly chart is placed in an extreme
oversold condition and possibility of a bounce back
cannot be ruled out. The trading range of 10600 –
10150 mentioned in our previous reports has beenbreached as the index managed to close marginally
below it. However, this breach cannot be qualified as a
signal to sell as the breakdown is on thin volumes. On the
upside 10280 – 10345 levels are likely to act as
resistance whereas 10083 – 10040 levels may act as
support.
Actionable points:
View NeutralResistance Levels 10280 – 10345Support Levels 10040 - 9985
Bank N ifty Outlook - (10128)
Exhibit 2: Bank Nifty Daily Chart
Source: Falcon
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Positive Bias:
Stock Name CMP 5 Day EMA 20 Day EMA PositiveAbove
ExpectedTarget
Remarks
RelianceIndustries
745.05 739.8 745.1 749 776View will change below
733
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SCRIPS S2 S1 PIVOT R1 R2
SENSEX 17,027 17,079 17,136 17,188 17,245
NIFTY 5,158 5,174 5,195 5,210 5,231
BANKNIFTY 10,025 10,076 10,135 10,187 10,246
ACC 1,182 1,201 1,213 1,231 1,243
AMBUJACEM 147 149 151 152 154
AXISBANK 1,064 1,076 1,087 1,098 1,110
BAJAJ-AUTO 1,558 1,582 1,625 1,650 1,693
BHARTIARTL 299 304 310 315 322
BHEL 225 228 231 234 236
BPCL 637 649 669 681 700
CAIRN 324 331 340 346 355
CIPLA 299 304 310 314 320
COALINDIA 337 348 355 367 374
DLF 177 179 184 186 191
DRREDDY 1,744 1,759 1,775 1,791 1,807
GAIL 311 317 328 334 345
HCLTECH 489 495 502 509 516
HDFC 668 671 675 679 683
HDFCBANK 532 536 543 547 554
HEROMOTOCO 2,083 2,126 2,190 2,233 2,296
HINDALCO 112 114 118 120 123
HINDUNILVR 408 411 416 419 423
ICICIBANK 831 836 841 846 851
IDFC 117 118 121 122 125
INFY 2,323 2,339 2,359 2,376 2,396
ITC 242 246 248 251 253JINDALSTEL 466 477 489 500 512
JPASSOCIAT 69 71 72 74 76
KOTAKBANK 554 568 577 592 601
LT 1,205 1,216 1,227 1,238 1,249
M&M 692 698 706 712 720
MARUTI 1,349 1,366 1,382 1,399 1,415
NTPC 157 159 163 165 168
ONGC 260 262 264 267 269
PNB 814 829 856 872 898
POWERGRID 105 107 109 110 112
RANBAXY 494 500 508 514 522
RCOM 74 75 77 78 80RELIANCE 727 736 743 752 758
RELINFRA 503 509 520 527 537
RPOWER 98 100 103 105 107
SAIL 95 96 98 100 102
SBIN 2,111 2,137 2,162 2,188 2,213
SESAGOA 181 183 186 188 191
SIEMENS 755 764 772 781 789
STER 102 103 107 109 112
SUNPHARMA 582 590 595 602 607
SUZLON 22 22 22 23 23
TATAMOTORS 307 310 313 315 318
TATAPOWER 98 100 104 106 109
TATASTEEL 457 462 468 473 479
TCS 1,150 1,172 1,187 1,210 1,224
WIPRO 390 397 405 411 419
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 [email protected]
Research Team: 022-3952 6600 Website: www.angelbroking.com
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