technical report 15th march 2012

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Technical Research | March 15, 2012

Yesterday, for the fourth consecutive session, we witnessed

a gap up opening due to positive sentiments across global

markets. However, after the gap up opening, markets

witnessed some profit booking in the later half and closed

marginally above 5450 mark. On the sectoral front,

Banking, Capital Goods and PSU counters were among the

major gainers, whereas Realty and IT sectors remained

under pressure. The advance to decline ratio was

marginally in favor of declining counters. (A= 1401

D= 1505) (Source –www.bseindia.com)

Formation:

• The positive crossover in “5 & 20-day EMA” and “RSI

Smoothened” oscillator is still intact.

Trading strategy:

In today’s trading session, it is likely that our markets open

lower in line with global clues. The US DOLLAR INDEX has

strengthened and the charts indicate probability of a further

upside move in this index. With regards to our markets, the

volatility is expected to rise on account of the RBI monetary

policy. Thus, going forward, positive momentum is likely to

resume ONLY if markets sustain above yesterday’s high of

18041 / 5500. In this case, indices are likely to rally

towards 18250 – 18524 / 5538 – 5610 levels. On the

downside, the immediate support is seen around 17837 –

17692 / 5437 – 5382 levels.

Daily Technical Report

Sensex (17919) / NIFTY (5464)

Exhibit 1: N ifty Daily Chart

Source: Falcon

Actionable points:View Neutral

Resistance Levels 5500 - 5538 – 5610Support Levels 5437 – 5382





Yesterday, Bank Nifty opened with an upside gap and

gained momentum as the day progressed to close near

the highest point of the day. The positive crossover in “RSI

Smoothened” oscillator on the daily chart mentioned in

our previous report is still intact. Conversely on the hourly

chart the “RSI Smoothened” oscillator is placed in an

extreme overbought condition, hence possibility of a

minor pullback in the index cannot be ruled out. In such a

scenario the index is likely to find support at 10768 –

10671- 10543 levels. On the upside if the index sustainsabove yesterday’s high of 10912 then it is likely to rally

towards 11013 – 11227 levels.

Note: In view of RBI monetary policy we expect Bank

Nifty to be volatile. Hence traders are advised to trade

with strict stop losses and stay light on their positions.

Actionable points:

View NeutralResistance Levels 10912 – 11013 - 11227Support Levels 10768 – 10671 - 10543

Bank N ifty Outlook - (10890)

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon





Positive Bias:

Stock Name CMP 5 Day EMA 20 DayEMA

PositiveAbove

ExpectedTarget

Remarks

Union Bank 246.6 239.2 236.3 249.6 255View will change below

238

FinancialTechnologies

828.2 810.1 816 837 888View will change below

775

Negative Bias:

Stock Name CMP 5 Day EMA 20 DayEMA

NegativeBelow

ExpectedTarget

Remarks

Tata Steel 460.8 457.2 457.3 458.6 438View will change above

476





SCRIPS S2 S1 PIVOT R1 R2

SENSEX 17,729 17,824 17,932 18,028 18,136

NIFTY 5,405 5,435 5,467 5,496 5,529

BANKNIFTY 10,713 10,802 10,857 10,945 11,000

ACC 1,327 1,341 1,353 1,367 1,380

AMBUJACEM 164 165 169 171 174

AXISBANK 1,247 1,260 1,272 1,286 1,297

BAJAJ-AUTO 1,722 1,743 1,776 1,798 1,831

BHARTIARTL 332 335 340 344 349

BHEL 288 291 294 297 301

BPCL 659 670 680 691 701

CAIRN 369 372 376 379 384

CIPLA 307 308 311 312 315

COALINDIA 342 345 347 351 353

DLF 199 202 207 211 216

DRREDDY 1,647 1,663 1,691 1,707 1,735

GAIL 365 370 373 378 382

HCLTECH 492 498 509 515 526

HDFC 660 669 679 688 698

HDFCBANK 518 523 527 532 535

HEROMOTOCO 1,928 1,950 1,973 1,995 2,017

HINDALCO 141 143 144 145 146

HINDUNILVR 377 379 383 385 388

ICICIBANK 939 947 952 959 965

IDFC 147 149 152 154 157

INFY 2,822 2,850 2,883 2,911 2,944

ITC 209 211 212 214 215JINDALSTEL 588 596 609 618 631

JPASSOCIAT 78 79 82 84 87

KOTAKBANK 561 567 571 577 581

LT 1,370 1,383 1,396 1,409 1,421

M&M 649 659 670 681 692

MARUTI 1,346 1,359 1,379 1,392 1,413

NTPC 173 175 177 179 180

ONGC 283 289 292 297 300

PNB 961 994 1,014 1,047 1,068

POWERGRID 111 112 113 113 114

RANBAXY 418 422 426 430 434

RCOM 96 97 100 101 103RELIANCE 794 804 817 827 840

RELINFRA 646 652 660 666 674

RPOWER 132 134 137 139 141

SAIL 98 99 101 102 104

SBIN 2,312 2,333 2,354 2,375 2,396

SESAGOA 204 207 211 214 218

SIEMENS 800 805 812 817 824

STER 117 119 121 123 125

SUNPHARMA 572 578 586 592 600

SUZLON 29 29 30 31 31

TATAMOTORS 283 287 289 293 295

TATAPOWER 108 109 110 111 112

TATASTEEL 448 454 465 472 482

TCS 1,110 1,132 1,173 1,195 1,236

WIPRO 416 421 426 432 437

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 15th march 2012

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