Daily Technical Report

May 30, 2013

Sensex (20148) / NIFTY (6104)

Yesterday too, our benchmark indices opened on a flat note in-line with quiet trading mood across the globe. Markets faced selling pressure during the initial hours of the session, which dragged indices lower by around half a percent. However, indices managed to bounce during the latter part of the day to close marginally in the negative territory. For the day HealthCare and Consumer Durables stocks were among the major gainers whereas Realty, Metal and Banking sectors ended in the red. The advance to decline ratio was in favor of declining counters. (A=1025 D=1342) (Sourcewww.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 20-week EMA and the 20-day EMA are placed at 19409/ 5886 and 19885/ 6038 levels, respectively. The 89-day EMA and the 200-day SMA are placed at 19369/ 5873 and 18997 / 5769, respectively. The weekly RSI momentum oscillator and the daily ADX (9) indicator are negatively poised. We are observing a Bearish Engulfing Japanese candlestick pattern on weekly chart.
Source: Falcon:

Trading strategy:
Yesterday, indices closed in the red for the first time in this week. We witnessed a very range bound and lackluster price activity throughout the session. It is clearly observed that yesterday indices could neither cross Tuesdays high nor slipped below Tuesdays low. The formation of a narrow range candlestick pattern, precisely at 61.80% Fibonacci retracement level of 20110 / 6116, does not bode well for the bulls. Since there is no major change in the price structure, we continue to mention that indices may show weakness if they trade below Tuesdays low of 19963 / 6055. In this scenario, indices may test 19819 / 6012 level. However, on the other hand, any sustainable move beyond Tuesdays high of 20210 / 6128 would attract buying interest in our market. As a result, indices may rally towards the next resistance levels of 20256 20308 / 6166 6180.

Actionable points:
View Resistance levels Support Levels Neutral 6128 6166 6055 6012

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Daily Technical Report

May 30, 2013

Bank Nifty Outlook - (12853)

Yesterday, Bank Nifty opened on a pessimistic note and immediately drifted below Tuesdays low of 12872. The effect of the narrow range body formation was seen as the index drifted lower to test the 20 day EMA placed at 12770 level. Going forward a sustainable move below yesterdays low of 12770 would intensify the selling pressure and the index may drift lower towards 12715 12620 levels. On the upside 12878 12954 levels are likely to act as resistance for the day. However, on account in derivative expiry volatility is set to rise. Hence traders are advised to trade with strict stop losses. Actionable points:

Exhibit 2: Bank Nifty Daily Chart

View Expected Targets Resistance Levels

Bearish below 12770 12715 12620 12878 12954

Source: Falcon:

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Daily Technical Report

May 30, 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 19,959 6,044 12,695 1,206 181 4,738 1,432 1,790 671 307 196 372 282 389 322 205 2,059 314 2,820 736 889 698 1,723 107 588 1,194 151 508 2,301 335 292 66 757 1,426 735 942 1,598 114 152 330 790 111 377 827 376 2,073 155 995 292 89 306 1,461 1,927 S1 20,045 6,074 12,774 1,221 183 4,777 1,446 1,807 675 311 200 375 285 395 325 208 2,091 318 2,856 742 900 707 1,756 109 591 1,205 153 512 2,327 339 296 68 767 1,436 749 952 1,616 115 153 333 796 112 381 838 382 2,090 157 1,030 298 89 310 1,479 1,953 PIVOT 20,131 6,100 12,853 1,235 184 4,818 1,457 1,834 681 314 203 381 289 399 327 211 2,117 324 2,923 751 912 713 1,776 110 593 1,219 156 519 2,359 341 302 70 775 1,445 762 966 1,639 117 154 335 803 113 387 844 386 2,115 160 1,055 302 90 317 1,503 1,971 R1 20,217 6,130 12,932 1,251 185 4,857 1,471 1,851 685 318 207 385 291 406 329 214 2,148 328 2,960 757 922 722 1,809 111 596 1,229 158 523 2,385 345 306 71 785 1,455 776 975 1,657 119 155 337 809 114 391 854 391 2,131 162 1,091 308 91 321 1,522 1,996 R2 20,303 6,155 13,011 1,265 186 4,899 1,483 1,877 690 320 210 390 295 409 332 218 2,174 334 3,027 766 934 727 1,829 112 598 1,243 160 529 2,417 347 313 73 792 1,464 788 989 1,680 121 156 339 817 115 397 860 395 2,156 165 1,116 311 92 327 1,546 2,014

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Daily Technical Report

May 30, 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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