Technical Report 9th April 2012

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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.





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





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





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





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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Technical Report 9th April 2012

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