Daily Technical Report

March 25, 2013

Sensex (18736) / NIFTY (5651)

On Friday, once again our markets opened on a flat note inline with mixed global cues. However, indices traded with extreme high volatility to close near the initial opening level. Consumer Durables, Realty and IT counters were among the major losers whereas Power and Metal stocks ended with marginal gains. The advance to decline ratio was strongly in favor of declining counters (A=984 D=1882) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 19216 / 5806 and 19195 / 5813 levels, respectively. The 200 Day SMA is placed at 18526 / 5618. The Lower Top Lower Bottom formation on weekly chart is confirmed for the first time after January 14, 2011. We are witnessing a Downward Sloping trend line support drawn by joining the lows of December 18, 2012 and March 04, 2013.

Source: Falcon:

Trading strategy:
During the week, the uncertainty on the domestic front has dampened market sentiments. This resulted in weekly closing below the psychological level of 5700 in Nifty after nearly four months. This price action has now confirmed a Lower Top Lower Bottom formation for the first time after January 14, 2011 and indicates a probability of intermediate downtrend in the market. On the other hand, looking at the daily chart, it is clearly seen that indices are precisely trading at the Downward Sloping Trend Line support level. This trend line is drawn by joining two significant lows of 19149 / 5823 (low of December 18, 2012) and 18760 / 5663 (low of March 04, 2013). In addition, the 200-day SMA is also placed around 18525 / 5620 level (the 200-day SMA level of Nifty precisely coincides with the trend line support; whereas in Sensex it is marginally lower). Considering these contra evidences, we are of the opinion that if indices close below 18525 / 5600 then we may witness continuation of the downtrend in coming weeks. In such a scenario, indices may test 18255 17800 / 5548 5441 levels.

Actionable points:
View Expected target Support levels Bullish above 5691 5757 5632 5615

We specifically would advise traders not to initiate fresh short positions for this down leg. On the flipside, the daily chart now depicts a Spinning Top Japanese candlestick pattern. The said pattern will be confirmed once indices close above Fridays high of 18860 / 5692. This is also supported by the extreme oversold condition of daily Stochastic momentum oscillator. Hence, in such a scenario, indices may bounce towards 19083 19240 / 5758 5820 levels. The coming week is likely to trade with high volatility on account of March month derivative expiry. Moreover, the weekly closing can be very crucial as it will also provide a closing for the Quarterly charts.

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Daily Technical Report

March 25, 2013

Bank Nifty Outlook - (11204)

On Friday, Bank Nifty opened on a flat note and yet again traded with extreme volatility throughout the session to close with a loss of 0.31%. The positive divergence in RSI momentum oscillator on daily chart mentioned in our previous report is still intact hence fresh selling at current levels is not advisable. The index is now approaching the major support level of 11125. Looking at placement of momentum oscillators on the daily and hourly chart and the strong support level we believe that the index is likely to bounce going forward. On the downside the level of 11125 is likely to act as support whereas the 11395 / 11416 levels are likely to act as resistance for the day. Actionable points:
View Resistance Levels Support Level Neutral 11395 - 11416 11125

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon:

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Daily Technical Report

March 25, 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 18,564 5,599 11,078 1,112 166 4,822 1,272 1,726 632 283 176 356 272 375 288 221 1,719 316 2,860 756 781 595 1,606 86 450 1,000 131 2,811 301 335 61 615 1,371 612 849 1,281 135 284 704 100 416 795 327 2,043 149 529 809 258 92 316 1,515 1,819 424 S1 18,650 5,625 11,141 1,130 171 4,888 1,286 1,773 654 289 178 361 275 378 292 226 1,735 318 2,876 762 789 600 1,633 88 454 1,014 137 2,837 304 344 62 627 1,385 620 861 1,293 137 290 716 101 424 803 335 2,063 152 541 815 264 94 319 1,529 1,836 430 PIVOT 18,755 5,658 11,236 1,142 174 4,944 1,307 1,808 672 294 180 367 278 382 298 233 1,765 320 2,891 769 797 607 1,654 89 462 1,032 141 2,856 305 351 64 639 1,399 627 878 1,308 140 295 728 102 433 812 342 2,097 154 550 825 271 96 323 1,545 1,864 435 R1 18,841 5,685 11,299 1,160 179 5,010 1,321 1,855 695 300 182 372 281 385 302 238 1,781 321 2,907 775 805 612 1,680 91 466 1,046 147 2,882 307 359 65 651 1,413 634 890 1,321 142 300 739 103 442 820 350 2,117 156 562 831 277 98 327 1,559 1,881 440 R2 18,945 5,718 11,394 1,171 183 5,066 1,342 1,890 712 305 183 377 284 389 308 245 1,811 323 2,922 782 814 619 1,701 93 474 1,063 151 2,902 309 366 67 664 1,428 641 907 1,336 145 305 751 105 451 829 358 2,151 158 571 842 284 100 331 1,576 1,909 445

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Daily Technical Report

March 25, 2013
Research Team Tel: 022 - 30940000 E-mail: advisory@angelbroking.com Website: www.angelbroking.com

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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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