Daily Technical Report

March 26, 2013

Sensex (18681) / NIFTY (5634)

Yesterday for the 3rd consecutive session, the markets pared all gains during the last hour of trade and eventually closed marginally in the negative territory. The Capital Goods, Auto and Metal counters were among the major losers whereas Realty, Power and Oil & Gas stocks ended with some gains. The advance to decline ratio was strongly in favor of declining counters (A=1028 D=1884) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 19165 / 5789 and 19146 / 5796 levels, respectively. The 200 Day SMA is placed at 18536 / 5621. 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:
Yesterday, we witnessed a gap up opening by nearly a percent in-line with other positive Asian bourses. Indices then slipped into a consolidation mode and lingered around the hourly 20 EMA placed at 18875 / 5695. However, just before the start of the final hour, we witnessed tremendous selling pressure which eventually dragged indices significantly lower from days high. In this process, indices traded just below last weeks low of 18669 / 5631. The Downward Sloping Trend Line mentioned in our earlier report is now being tested for the second time in two consecutive sessions. Considering the strong support zone of this trend line and 200 day SMA, we reiterate that Fresh short positions should not be initiated at current levels as the risk to reward ratio is unfavorable. For the day, we expect 18610 / 5593 to act as a decent support level. On the flipside, the daily Stochastic momentum oscillator is placed well inside the extreme oversold. Hence, possibilities of a near term bounce towards 19083 19240 / 5758 5820 levels cannot be ruled out.

Actionable points:
View Resistance levels Support levels Neutral 5691 - 5720 5620 5593

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Daily Technical Report

March 26, 2013

Bank Nifty Outlook - (11126)

Yesterday, Bank Nifty opened on a positive note and traded in a narrow range during first half of the session. However during the second half selling pressure near the resistance level of 11395 led the index lower to close at the mentioned support of 11125. At this juncture the index is hovering around the trend line support formed by joining the significant lows of December 24, 2012 and February 28, 2013. In addition the index has formed Last Engulfing Bottom candlestick pattern coupled with positive divergence in RSI momentum oscillator on the daily and hourly chart. The mentioned pattern is a bullish reversal pattern but requires confirmation in the form of a close above the 11373 mark. For the day 11021 10940 levels are likely to act as support and 11347 11373 levels are likely to act as resistance for the day. Actionable points:
View Resistance Levels Support Level Neutral 11347 11373 11021 - 10940

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon:

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Daily Technical Report

March 26, 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 18,466 5,565 10,924 1,139 166 4,769 1,280 1,769 634 281 175 363 271 376 291 229 1,709 302 2,814 754 791 604 1,573 85 455 984 133 2,818 297 341 61 618 1,323 619 849 1,244 138 295 702 102 415 791 332 2,007 147 542 812 265 93 303 1,518 1,845 423 S1 18,574 5,599 11,025 1,147 169 4,824 1,295 1,786 646 285 177 368 274 378 294 236 1,738 308 2,840 761 799 607 1,596 86 458 998 136 2,835 300 346 62 625 1,345 625 857 1,264 140 300 713 103 425 800 338 2,032 150 548 816 268 94 309 1,531 1,854 427 PIVOT 18,762 5,659 11,199 1,159 175 4,913 1,315 1,812 667 291 181 373 280 382 297 241 1,767 318 2,881 767 809 610 1,631 89 462 1,023 142 2,850 304 354 64 636 1,383 632 868 1,297 143 305 729 104 432 812 347 2,079 153 556 822 272 96 319 1,541 1,865 434 R1 18,870 5,693 11,300 1,167 178 4,968 1,329 1,829 679 295 183 378 283 384 301 248 1,795 324 2,906 773 816 613 1,653 91 465 1,038 145 2,868 307 359 66 643 1,404 638 876 1,318 145 310 740 105 442 821 353 2,105 156 563 826 275 97 324 1,554 1,874 438 R2 19,058 5,753 11,474 1,178 183 5,056 1,349 1,856 700 301 186 384 289 388 304 253 1,824 334 2,948 779 826 616 1,688 94 468 1,063 150 2,882 311 367 68 655 1,442 645 888 1,351 147 315 756 105 449 833 362 2,151 160 571 832 279 99 334 1,565 1,885 445

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Daily Technical Report

March 26, 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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