Daily Technical Report

May 03, 2013

Sensex (19736) / NIFTY (5999)

Yesterday, indices opened on a flat note in-line quiet trading mood across the globe. During the initial hour itself, indices managed to move beyond Tuesdays high of 19620 / 5963 and eventually closed with more than a percent gain. For the session all the sectors ended in the positive territory amongst which IT, Teck and Capital Goods counters were among the major gainers. The advance to decline ratio was in favor of advancing counters (A=1271 D=1117) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 20-week EMA and the 20-day EMA are placed at 19146/ 5806 and 19072/ 5787 levels, respectively. The 61.8% and 78.6% Fibonacci retracement levels of the fall from 20204 / 6112 to 18144 / 5477 are placed at 19416 / 5870 and 19765 / 5976.
Source: Falcon:

Trading strategy:
Yesterday, our benchmark indices traded with strong positive bias throughout the session. In the process, Nifty has managed to close convincingly above the stiff resistance of 5976. The coming trading session is expected to trade with immense volatility on account of RBI monetary policy. Hence, we advise traders to remain light on positions and trade with strict stop losses. We are of the view that a 25 bps cut in interest rates is already factored in by the markets and would fail to impress the street. Any bigger positive development from the event may result in continuation of the uptrend in the near term as well. The immediate resistance is seen at 19865 / 6025. Hence, a sustainable move beyond this level would push indices higher to test 52-week high of 20204 / 6112. On the flipside, a disappointing outcome from the policy may trigger pessimism in the market. In this case, indices may slide towards 19451 19249 / 5910 5860 levels.

Actionable points:
View Support Levels Resistance Levels Neutral 5910 - 5860 6025

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Daily Technical Report

May 03, 2013

Bank Nifty Outlook - (12710)

Yesterday, Bank Nifty opened on a flat note and gained strength during the first half of session. During the second half we witnessed a consolidation in the index. In this process the index convincingly broke out of the narrow range of 12330 12680 and managed to give a close above it. Post a steep rise in the index the risk to reward ratio is not in favor of the bulls. Hence traders are advised to refrain from creating fresh long positions in the index. As mentioned previously, Todays session is likely to be volatile on account of RBI monetary policy. For the day 12851 12952 levels are likely to act as resistance and 12660 12515 levels are likely to act as support.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Resistance levels Support Levels Neutral 12851 12952 12660 - 12515 Source: Falcon:

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Daily Technical Report

May 03, 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 19,319 5,868 12,452 1,223 184 4,636 1,465 1,830 683 293 188 411 302 402 311 232 1,987 339 2,889 706 835 678 1,571 94 563 1,146 151 460 2,216 321 297 73 691 1,478 686 889 1,609 124 155 319 748 110 446 774 368 2,235 154 935 288 93 300 1,350 1,830 S1 19,527 5,934 12,581 1,236 187 4,682 1,490 1,845 698 305 190 414 304 405 314 235 1,998 343 2,919 721 849 685 1,593 95 567 1,159 154 466 2,251 328 301 75 704 1,515 692 921 1,645 126 158 324 758 112 450 789 379 2,267 156 951 293 94 302 1,392 1,857 PIVOT 19,660 5,977 12,682 1,248 189 4,716 1,510 1,872 706 315 192 418 307 409 318 239 2,017 348 2,949 736 860 690 1,632 96 575 1,173 157 472 2,271 331 307 77 715 1,538 700 945 1,677 127 159 328 769 114 454 798 387 2,297 158 963 297 95 304 1,415 1,893 R1 19,868 6,042 12,811 1,261 192 4,762 1,535 1,887 721 327 193 421 310 413 322 242 2,028 352 2,979 751 874 697 1,654 97 580 1,186 159 478 2,307 337 311 79 728 1,575 705 977 1,712 128 162 333 780 117 459 812 398 2,329 160 979 301 95 307 1,457 1,919 R2 20,000 6,085 12,912 1,273 194 4,796 1,554 1,914 729 337 195 425 313 417 326 245 2,047 357 3,009 766 885 701 1,693 98 588 1,200 162 483 2,327 341 317 81 738 1,598 714 1,001 1,745 129 164 337 790 118 463 821 406 2,359 163 990 305 96 309 1,481 1,955

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Daily Technical Report

May 03, 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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