Daily Technical Report

March 05, 2013

Sensex (18878) / NIFTY (5699)

The week opened on a quiet note in-line with muted global cues. Subsequently, indices slipped immediately during the initial hour to test last weeks low of 5672. However, a gentle recovery post midsession led indices to close marginally in the negative territory. During the day, mostly all the sectors ended on a losing side except for Banking which ended with marginal gains. The advance to decline ratio was strongly in favor of declining counters (A=860 D=1958) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 19372 / 5863 and 19175 / 5813 levels, respectively. The monthly chart exhibits a Bearish Engulfing pattern. The monthly momentum oscillators are signaling a negative crossover.
Source: Falcon:

The level of the weekly RSI momentum oscillator has now dropped below the 50 mark. Indices have closed marginally above the Downward Sloping Trend Line, drawn by joining two significant highs of 21109 / 6339 (high of November 05, 2010 weekly candle) and 19137 / 5816 (high of October 05, 2012 weekly candle).

Actionable points:
View Support levels Resistance levels Neutral 5663 -5648 5712 - 5766

Trading strategy:
After a flat opening, indices immediately slipped during the initial hour of the trade. However, post midsession indices recovered partially and closed with marginal loss. The daily chart now depicts a 'Bullish Hammer' Japanese candlestick pattern but needs further confirmation in the form of closing above yesterday's high of 18931 / 5712. Thus a move beyond 18931 / 5712 levels may lead the market higher to test 18989 / 5740 level. On the flipside, yesterday's low would act as a key support for our market. Any sustainable move below this level would negate the pattern and indices may slide towards the next support levels of 18450 - 18255 / 5600 5548 levels.

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Daily Technical Report

March 05, 2013

Bank Nifty Outlook - (11576)

Yesterday, Bank Nifty opened on a flat note in line with our benchmark indices and traded with positive bias throughout the session. As there is no major change in the chart structure we reiterate our view that creation of fresh short positions at current level is not advisable. The momentum oscillators on the daily chart continue to be oversold territory and hence further consolidation or a relief rally in the index cannot be ruled out. For the day 11593 11810 levels are likely to act as resistance and 11392 11256 levels are likely to act as support. Traders holding short position in the index should maintain a stop loss of 11810. Actionable points:
View Resistance Levels Support levels Neutral 11593 - 11810 11392 - 11256

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon:

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Daily Technical Report

March 05, 2013

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS SENSEX NIFTY BANKNIFTY ACC AMBUJACEM ASIANPAINT AXISBANK BAJAJ-AUTO BANKBARODA BHARTIARTL BHEL BPCL CAIRN CIPLA COALINDIA DLF DRREDDY GAIL GRASIM HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK IDFC INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT LUPIN M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SBIN SESAGOA SIEMENS SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS ULTRACEMCO WIPRO S2 18,686 5,643 11,394 1,182 177 4,237 1,330 1,934 693 303 196 379 281 359 304 241 1,726 321 2,850 701 761 613 1,596 91 432 1,035 139 2,836 281 329 64 645 1,341 576 867 1,376 146 304 769 105 372 799 407 2,063 145 473 782 283 95 329 1,479 1,823 414 S1 18,782 5,671 11,485 1,202 182 4,283 1,350 1,962 701 309 198 383 285 366 310 246 1,745 325 2,887 708 767 620 1,617 93 437 1,047 142 2,870 287 336 66 650 1,353 585 876 1,388 148 308 776 107 377 806 413 2,081 147 481 790 286 96 332 1,496 1,836 417 PIVOT 18,856 5,691 11,544 1,231 187 4,322 1,366 1,994 709 314 200 389 290 369 314 253 1,759 330 2,938 719 775 625 1,637 96 444 1,058 145 2,906 290 348 69 654 1,372 592 883 1,402 149 313 782 108 382 812 421 2,095 150 491 801 289 97 336 1,508 1,850 421 R1 18,952 5,719 11,634 1,250 192 4,368 1,386 2,021 717 320 202 393 294 376 320 258 1,778 334 2,975 726 781 633 1,659 97 449 1,070 147 2,940 296 355 71 659 1,384 601 892 1,413 151 317 788 110 387 819 427 2,113 153 499 809 293 98 339 1,525 1,863 423 R2 19,027 5,740 11,693 1,279 197 4,407 1,403 2,053 725 325 204 399 299 379 323 265 1,792 339 3,026 736 789 638 1,679 100 456 1,082 150 2,976 300 367 75 662 1,403 609 899 1,428 152 321 795 111 391 825 436 2,127 156 508 820 296 99 343 1,537 1,877 427

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Daily Technical Report

March 05, 2013
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Research Team
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Ankur Lakhotia Head Technicals Technical Analyst Technical Analyst Technical Analyst

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