Technical Research | March 07, 2012

Daily Technical Report Sensex (17173) / NIFTY (5222)

Once again for the second consecutive session, markets opened on a pessimistic note in-line with weak global cues. As expected, we witnessed an extremely volatile session on

Exhibit 1: Nifty Daily Chart

account of the results from the UP elections. Massive selling pressure dragged indices significantly lower in the second half to close well inside the negative territory for the day. On the sectoral front, Metal, Power and Capital goods counters were among the major losers, whereas FMCG and Consumer Durables sectors ended on a positive side. The advance to decline ratio was strongly in favor of declining counters. (A=1063 D=1746) (Source www.bseindia.com)

Formation:
The 200-day SMA and 20-day EMA have now shifted to 17180 / 5167 and 17682 / 5362, respectively. The 38.8 % and 50 % Fibonacci retracement of the rise from 15135 / 4530 to 18524 / 5630 levels are at 17230 / 5210 and 16830 / 5080 respectively.
Source: Falcon

Trading strategy:
Yesterday, indices tumbled significantly lower to test mentioned support level of 17230 / 5210. The rise in the dollar index and a weakening rupee continue to impede trader sentiment in Indian markets. At this juncture, indices are hovering around the 200-day SMA support zone

Actionable points:
View Resistance Levels Support level Neutral 5265 5382 5167 / 5080

17230 17180 / 5210 5167. We are the opinion that indices may take support around these levels as 200day SMA is considered as strong support level. In case the markets break this support zone then Indices may head further lower to test the 16830 / 5080 mark. On the upside, 17312 17692 / 5265 5382 levels may
act as strong resistance in coming trading session.

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Technical Research | March 07, 2012

Bank Nifty Outlook - (10058)

Yesterday, Bank Nifty opened on a pessimistic note and traded with extreme volatility throughout the session. The trend line breakdown formed by joining the lows of January 30, 2012 February 27, 2012 is still intact. As stated in our previous report the RSI momentum oscillator has dropped below 50 and when coupled with negative crossover in 5 & 20 EMA, suggests further weakness in the index. Thus, if Bank Nifty sustains below yesterdays low of 10020 then it is likely to drift towards the support zone 9900 9843 .On the upside 10340 10460 levels are likely to act as resistance in coming trading session. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Target Resistance Levels Negative Below 10020 9900 - 9838 10340 10460
Source: Falcon

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Technical Research | March 07, 2012

Positive Bias:
Positive Above 211.7 Expected Target 218

Stock Name ITC

CMP 210.4

5 Day EMA 208

20 Day EMA 206.7

Remarks View will change below 205

Negative Bias:
Negative Below 71 Expected Target 65

Stock Name Delta Corp

CMP 71.4

5 Day EMA 74.6

20 Day EMA 76.3

Remarks View will change above 74.1

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Technical Research | March 07, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS SENSEX NIFTY BANKNIFTY ACC AMBUJACEM AXISBANK BAJAJ-AUTO BHARTIARTL BHEL BPCL CAIRN CIPLA COALINDIA DLF DRREDDY GAIL HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK IDFC INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RCOM RELIANCE RELINFRA RPOWER SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA SUZLON TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 16,767 5,095 9,755 1,252 157 1,057 1,618 324 255 651 344 298 319 178 1,639 340 466 639 493 1,749 123 373 824 132 2,766 203 517 63 532 1,181 660 1,278 169 276 893 109 401 86 752 570 115 86 2,027 189 746 107 547 26 255 103 400 1,172 420 S1 16,970 5,159 9,906 1,272 159 1,102 1,661 330 265 660 352 302 325 188 1,664 346 474 645 500 1,810 128 377 839 136 2,809 207 532 66 542 1,208 671 1,305 172 279 913 110 407 89 764 594 120 89 2,088 193 766 111 553 26 261 106 413 1,187 426 PIVOT 17,331 5,270 10,172 1,294 161 1,151 1,708 340 282 670 364 309 330 196 1,687 351 483 656 511 1,871 135 382 865 141 2,845 209 558 69 555 1,258 681 1,327 176 284 941 111 416 94 787 637 130 94 2,175 202 780 116 561 27 270 110 435 1,204 433 R1 17,534 5,334 10,324 1,314 163 1,196 1,751 346 293 679 372 313 336 206 1,712 357 490 662 518 1,933 139 385 880 146 2,888 213 573 73 564 1,285 692 1,354 179 287 961 112 423 97 799 661 135 97 2,236 207 801 120 567 28 276 113 447 1,219 439 R2 17,895 5,446 10,590 1,335 165 1,245 1,798 357 310 689 384 319 341 214 1,734 363 499 672 528 1,994 146 390 906 151 2,923 216 599 76 578 1,335 702 1,377 183 292 988 113 432 102 822 704 145 102 2,323 216 815 126 574 29 285 117 469 1,236 445

Technical Research Team

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Technical Research | March 07, 2012 Technical Report

RESEARCH TEAM
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Mehul Kothari Ankur Lakhotia Head - Technicals Technical Analyst Technical Analyst Technical Analyst Technical Analyst

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