Daily Technical Report

April 11, 2013

Sensex (18414) / NIFTY (5559)

Yesterday, indices opened with a decent upside gap in-line positive global cues but failed to sustain at higher level and corrected lower in the first half. Post midsession, indices registered a low of 18173 / 5477 and then bounced back sharply to close well inside the positive territory. Almost all the sectors ended on the gaining side except for FMCG counters which ended with marginal losses. The advance to decline ratio was in favor of declining counters (A=1154 D=1213) (Sourcewww.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 20-week EMA and the 20-day EMA are placed at 19028 / 5756 and 18790 / 5669 levels, respectively. The 89-week EMA and 200 Day SMA are placed at 18200 / 5500 and 18626 / 5647, respectively. The Lower Top Lower Bottom formation on weekly chart is still intact.
Source: Falcon:

Trading strategy:
Despite positive opening, the first half of yesterdays session was dominated by the bears. In the process, indices slipped nearly 1% lower to register a low of 18173 / 5477. This level precisely coincides with the 161.8% Fibonacci retracement level of the rise from 18760 / 5663 (low on March 04, 2013) to 19755 / 5971(high on March 11, 2013). This 161.8% ratio is considered as a Golden Ratio and hence, accordingly provided strong support for the market during yesterdays session. The daily chart now depicts a Bullish Hammer Japanese candlestick pattern. This is a bullish pattern and requires confirmation in the form of a close above yesterdays high of 18462 / 5569. This is also supported by the positive crossover in daily momentum oscillators. Hence, a move beyond 18462 / 5569 may attract significant buying interest among participants. In this scenario, indices may bounce towards 18562 18630 / 5605 5650 levels. On the flipside, yesterdays low of 18173 / 5477 would act as a key support in coming trading session.

Actionable points:
View Expected Targets Support levels Bullish Above 5569 5605 5650 5477

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Daily Technical Report

April 11, 2013

Bank Nifty Outlook - (11122)

Yesterday, Bank Nifty opened on a positive note in line with our benchmark indices and found support at the trend line formed by joining the lows of December 24, 2012 and February 28, 2012 during the initial hour of trade. However, buying interest near this support trend line led the index to close in the positive territory. We had mentioned in our previous that the 'RSI' momentum oscillator on the daily and hourly chart is showing positive divergence. Now we are witnessing positive crossover in 'RSI' momentum oscillator on the daily chart. The effect of this technical this technical tool would be seen if the index sustains above yesterday's high of 11144. In this scenario the index is likely to rally towards 11250 - 11365. On the downside yesterdays low of 10888 is likely to act as support for the day.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Target Support Levels Bullish Above 11444 11250 11365 10888 Source: Falcon:

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Daily Technical Report

April 11, 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 INDUSINDBK INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT LUPIN M&M MARUTI NMDC NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SBIN SESAGOA SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS ULTRACEMCO S2 18,062 5,443 10,797 1,102 165 4,422 1,185 1,681 624 271 173 360 285 388 300 226 1,875 310 2,678 723 743 614 1,434 87 458 972 137 378 2,755 276 314 62 610 1,306 606 819 1,371 122 139 292 672 102 419 766 312 1,957 141 826 254 93 296 1,486 1,736 S1 18,238 5,501 10,959 1,125 167 4,479 1,212 1,701 636 276 175 365 289 394 305 231 1,887 313 2,710 744 763 623 1,449 89 463 988 141 382 2,785 280 321 64 624 1,330 615 828 1,392 123 141 297 690 103 428 773 328 1,990 144 842 261 94 301 1,508 1,764 PIVOT 18,350 5,535 11,052 1,142 169 4,534 1,227 1,713 644 280 178 371 292 397 308 233 1,903 315 2,742 758 775 628 1,464 91 470 998 143 388 2,807 286 329 65 632 1,345 621 835 1,405 124 142 301 700 104 434 778 337 2,009 146 862 265 95 305 1,523 1,786 R1 18,526 5,593 11,214 1,164 172 4,591 1,255 1,733 656 285 180 375 296 403 312 238 1,915 317 2,774 779 796 637 1,479 92 475 1,014 148 393 2,837 290 337 67 646 1,369 630 845 1,425 126 144 307 718 105 443 785 353 2,043 150 878 272 96 309 1,546 1,815 R2 18,638 5,627 11,306 1,181 174 4,646 1,270 1,745 664 288 183 381 298 406 315 240 1,930 319 2,807 793 808 643 1,493 94 482 1,023 150 398 2,858 296 345 69 654 1,384 635 852 1,438 127 145 311 728 106 449 791 362 2,062 152 898 276 96 314 1,561 1,837

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Daily Technical Report

April 11, 2013
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Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Ankur Lakhotia Head Technicals Technical Analyst Technical Analyst Technical Analyst

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