Technical Research | April 09, 2012

Daily Technical Report Sensex (17486) / NIFTY (5323)

On Wednesday April 04, 2012, our benchmark indices opened with a minor downside gap and traded in a narrow range throughout the day to close in red. Our indices almost tested the mentioned support level of 17420 / 5300 and managed to close above the same. On sectoral front, Realty, Metal and Banking counters were among the major losers, whereas Power and Consumer durables ended with a nominal gain. The advance to decline ratio was marginally in favour of advancing counters (A=1446 D=1344) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
The 200-day SMA (Simple Moving Average) and 20day EMA (Exponential Moving Average) have now shifted to 17100 / 5150 and 17400 / 5300, respectively. The 20-Week EMA is placed at 17200 / 5200 level. The positive crossover in daily RSI-smoothened

oscillator is still intact. We are witnessing a Downward Sloping Trend Line

Source: Falcon

resistance around 17630 / 5365 level.

Trading strategy:
We have witnessed a small trading range during the truncated week. On account of public holidays, participation in the market was lower and volumes were below average. As expected, after crossing last weeks high of 17440 / 5307, indices moved towards the Downward Sloping Trend Line resistance level of 17630 / 5365. Going forward, 17664 / 5379 is likely to act as an immediate resistance level. The positive momentum is likely to resume after crossing this resistance and would lead to a break out from the mentioned Downward Trend Line resistance. In this scenario, we may witness a rally with enhanced positive momentum to test 18041 18250 / 5500 5540 levels.

Actionable points:
View Resistance Levels Support Levels Neutral 5340 5380 5300 5278

Conversely, indices may face selling pressure only if the support level of 17382 / 5278 is breached. In this case, indices may slide towards the next support zone of 17105 16920 / 5203 5135 levels.

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Technical Research | April 09, 2012

Bank Nifty Outlook - (10340)

On Wednesday, Bank Nifty opened with a minor downside gap and traded in a narrow range throughout the session. We had mentioned in our previous report that the momentum oscillators on the hourly chart are negatively poised and a minor pullback cannot be ruled out. The momentum oscillator Stochastic on the daily chart is in an overbought condition. Looking at the above technical evidences and price patterns on the Daily chart, it is likely that if the index sustains below Wednesdays low of 10267 then it may drift towards 10174 10100 levels. On the upside 10375 10503 levels are expected to act as intermediate resistance levels. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Resistance Levels Support Levels Neutral 10375 10503 10267 - 10174 10100

Source: Falcon

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Technical Research | April 09, 2012

Negative Bias:
Negative Below 1170 Expected Target 1110

Stock Name Jubilant Foods

CMP 1186

5 Day EMA 1171

20 Day EMA 1105.7

Remarks View will change above 1205

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Technical Research | April 09, 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 17,375 5,289 10,223 1,321 166 1,147 1,613 325 258 689 351 301 330 199 1,685 362 495 674 522 1,962 129 394 870 135 2,826 224 512 83 543 1,325 688 1,289 165 271 917 108 454 83 736 587 119 96 2,117 190 774 108 555 24 275 98 467 1,156 434 S1 17,431 5,306 10,281 1,333 167 1,157 1,623 327 266 694 355 303 336 202 1,699 367 502 677 524 1,987 131 397 880 137 2,838 226 519 85 547 1,335 693 1,302 166 272 923 110 466 84 741 594 120 97 2,140 192 781 109 560 25 277 99 471 1,167 439 PIVOT 17,492 5,322 10,327 1,348 169 1,165 1,635 332 270 699 359 307 340 204 1,710 373 507 681 527 2,015 132 401 891 138 2,857 227 529 86 553 1,344 699 1,320 168 274 928 110 474 85 749 602 122 98 2,159 195 787 111 565 25 279 102 475 1,178 445 R1 17,547 5,339 10,385 1,360 170 1,175 1,646 334 278 704 363 310 346 207 1,724 378 514 684 529 2,040 134 403 901 140 2,869 229 535 88 557 1,354 704 1,333 169 276 935 112 486 87 755 609 123 99 2,182 197 794 112 569 26 281 103 479 1,190 450 R2 17,609 5,355 10,431 1,375 172 1,184 1,658 339 282 709 367 314 350 209 1,735 384 520 688 531 2,067 136 407 911 141 2,888 231 546 89 562 1,363 710 1,351 171 278 940 113 494 88 763 617 125 100 2,202 200 800 114 575 26 284 106 483 1,201 457

Technical Research Team

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Technical Research | April 09, 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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