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Technical Research | March 19, 2012
On Friday, our Benchmark indices opened on a pessimistic
note and traded with extreme volatility throughout the
session to close marginally above the 5300 mark. On the
sectoral front, Oil & Gas, Power and Consumer Goods
were among the major looser, whereas FMCG ended on a
gaining side. The advance to decline ratio was strongly in
favor of declining counters. (A= 1044 D= 1801) (Source –
www.bseindia.com)
Formation:
• The 200-day SMA (Simple Moving Average) and 20-
day EMA (Exponential Moving Average) have now shifted to
17164 / 5163 and 17607 / 5350, respectively.
• The “20-Week EMA” is placed at 17150 / 5188 level.
• The Daily momentum oscillators and “3 & 8 EMA” are
negatively poised.
• Indices have closed around the 61.8% Fibonacci
retracement level of the rise from 17008 to 18041 / 5171
to 5500.
Trading strategy:
As mentioned in the previous weekly report, volatili ty surged
on the back of major domestic events. Further, strong
selling pressure on the Budget day dragged indices
significantly lower to test 61.8% Fibonacci retracement level
of the rise from 17008 to 18041 / 5171 to 5500. At this
juncture, the momentum oscillators and “3 & 8 EMA” ondaily chart are negatively poised. Hence, in the coming
week, if indices sustain below Friday’s low of 17426 /
5305, then we may witness further selling pressure. In this
scenario, markets may drift lower to test 17239 – 17008 /
5244 – 5171 levels. On the upside, 18040 / 5500 level is
likely to act as resistance for the Indices. A sustainable move
beyond this level may push indices higher to test swing high
of 18524 / 5630.
Daily Technical Report
Sensex (17466) / NIFTY (5318)
Exhibit 1: N ifty Daily Chart
Source: Falcon
Actionable points:
View NeutralResistance Levels 5353 - 5387Support Levels 5305 - 5244
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On Friday, in line with our benchmark indices, Bank Nifty
too traded with extreme volatility throughout the session.
The “Bearish Engulfing” candle stick pattern mentioned in
our previous report has been confirmed as the index
closed below 10556 levels. The negative crossover in
“RSI” momentum oscillator mentioned in our previous
report is still intact. Thus, if Bank Nifty sustains below
Friday’s low of 10348 then we may drift towards 10169 –
10073 levels. On the upside 10536 – 10700 levels are
likely to act as resistance in coming trading session.
Actionable points:
View Negative Below 10348Expected Target 10169 – 10073Resistance Levels 10536 – 10700
Bank N ifty Outlook - (10391)
Exhibit 2: Bank Nifty Daily Chart
Source: Falcon
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Positive Bias:
Stock Name CMP 5 Day EMA 20 DayEMA
PositiveAbove
ExpectedTarget
Remarks
M & M 678 669 683.5 685 715View will change below
655
Negative Bias:
Stock Name CMP 5 Day EMA20 Day
EMANegative
BelowExpectedTarget
Remarks
Tata Motors 286.7 285.6 274 282.5 270 View will change above292
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SCRIPS S2 S1 PIVOT R1 R2
SENSEX 17,144 17,305 17,588 17,749 18,032
NIFTY 5,216 5,267 5,356 5,407 5,497
BANKNIFTY 10,040 10,216 10,524 10,700 11,008
ACC 1,304 1,322 1,339 1,356 1,373
AMBUJACEM 159 164 167 171 174
AXISBANK 1,157 1,187 1,233 1,263 1,309
BAJAJ-AUTO 1,689 1,705 1,731 1,748 1,773
BHARTIARTL 322 325 330 333 338
BHEL 254 264 279 289 305
BPCL 648 656 669 677 690
CAIRN 323 334 352 364 382
CIPLA 294 298 304 308 315
COALINDIA 333 337 343 347 353
DLF 189 193 197 201 206
DRREDDY 1,646 1,663 1,686 1,703 1,726
GAIL 354 360 370 376 385
HCLTECH 483 490 498 505 513
HDFC 654 660 669 675 683
HDFCBANK 493 500 513 520 532
HEROMOTOCO 1,898 1,927 1,955 1,984 2,012
HINDALCO 135 138 141 144 148
HINDUNILVR 380 385 388 394 397
ICICIBANK 884 901 927 944 971
IDFC 138 142 147 150 155
INFY 2,809 2,837 2,875 2,903 2,941
ITC 200 208 216 225 233JINDALSTEL 544 560 582 597 619
JPASSOCIAT 73 76 80 82 86
KOTAKBANK 515 527 547 559 579
LT 1,271 1,296 1,339 1,363 1,406
M&M 628 653 675 700 723
MARUTI 1,291 1,333 1,381 1,423 1,471
NTPC 165 169 175 179 185
ONGC 256 265 277 285 298
PNB 915 939 980 1,004 1,044
POWERGRID 104 106 109 111 114
RANBAXY 403 407 413 417 424
RCOM 89 90 93 95 97RELIANCE 749 761 779 791 809
RELINFRA 608 620 640 652 672
RPOWER 125 128 132 135 140
SAIL 92 94 97 99 103
SBIN 2,126 2,177 2,266 2,317 2,406
SESAGOA 191 195 201 205 212
SIEMENS 731 751 783 804 836
STER 109 112 116 118 122
SUNPHARMA 501 523 558 581 615
SUZLON 26 27 29 30 31
TATAMOTORS 274 280 289 295 304
TATAPOWER 101 103 107 110 114
TATASTEEL 435 445 459 469 483
TCS 1,147 1,158 1,169 1,180 1,191
WIPRO 421 425 430 434 440
Technical Research Team
Daily Pivot Levels for N ifty 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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