Technical Research | April 17, 2012

Daily Technical Report Sensex (17151) / NIFTY (5226)

The week began on flat note in-line with global cues. Further, indices remained choppy and volumes were seen in only selective counters as market participants were a little reluctant to take positions across sectors, prior to the RBI Monetary Policy. On sectoral front, Auto, Banking and Capital Goods sectors were among the major gainers; whereas Teck and IT stocks remained under pressure for yet another trading session. The advance to decline ratio was in favor of advancing counters (A=1551 D=1223) (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. We are witnessing a Downward Sloping Trend Line
Source: Falcon

resistance around 17400 / 5300 level.

Actionable points:
View Resistance levels Support Levels Neutral 5255 5307 5170 5135

Trading strategy:
Yesterday, markets opened on a flat note and remained in a range throughout the session. As expected, Fridays low of 17027 / 5185 acted as a decent support for the markets. There is hardly any change in the technical observations and thus we would reiterate our previous view that if indices sustain below swing low of 17010 / 5170, then we may witness weakness and indices may drift towards the strong support level of 16920 / 5135. Conversely, positive momentum may be witnessed above 17173 / 5234 level. In this case, indices are likely to move towards 17408 / 5307 level. Only a sustainable move, with strong volumes, above the weekly high 17408 / 5307 will indicate resumption of a strong uptrend. Indices then may rally towards 17664 18041 / 5379 5500 levels.

The coming trading session is expected to trade with enhanced volatility on account of announcement of RBI Monetary Policy. Hence, we advise traders to stay light on positions and trade with strict stop losses.

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Technical Research | April 17, 2012

Bank Nifty Outlook - (10433)

Yesterday, Bank Nifty opened on a flat note and traded with extreme volatility throughout the session to close near the highest point of the day. It was seen that market participants are taking positions in anticipation of a favorable RBI monetary policy. The positive crossover in momentum oscillators on the daily chart is still intact; however it does not imply much confidence. Broadly speaking the index is currently in a sideways trading range of 10600 10150. Only a move beyond the mentioned trading range will dictate a clear direction of the trend. Within this range, on the upside 10512 10588 10625 levels are likely to act as resistance and 10235 10150 levels are likely to act as support in coming trading sessions. In view of RBI monetary policy we expect Bank Nifty to be volatile in todays session. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
Source: Falcon

View Resistance Levels Support Levels

Neutral 10512 10588 10625 10235 10150

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Technical Research | April 17, 2012

Positive Bias:
Positive Above 1353 98.5 Expected Target 1448 114

Stock Name Maruti Karnataka Bank

CMP 1342.3 95.7

5 Day EMA 1317.5 94.7

20 Day EMA 1313.1 95.5

Remarks View will change below 1300 View will change below 91

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Technical Research | April 17, 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 16,948 5,164 10,211 1,209 155 1,143 1,620 310 252 666 335 308 332 193 1,701 343 464 670 521 2,020 122 417 851 129 2,281 232 482 75 574 1,265 674 1,292 163 256 882 110 491 82 728 531 112 91 2,174 181 771 103 568 24 281 102 440 1,045 406 S1 17,050 5,195 10,322 1,224 157 1,170 1,635 314 256 672 340 310 336 196 1,730 350 475 674 526 2,044 123 419 862 131 2,323 236 492 77 579 1,283 680 1,317 164 258 903 111 499 83 738 541 113 92 2,220 183 787 105 573 24 291 102 448 1,057 414 PIVOT 17,111 5,214 10,385 1,245 160 1,185 1,648 318 260 678 343 314 338 199 1,747 354 481 677 528 2,064 124 423 869 132 2,375 239 500 79 584 1,295 686 1,335 165 260 915 112 505 85 746 548 115 94 2,246 185 798 106 581 24 296 103 452 1,066 421 R1 17,213 5,245 10,496 1,259 162 1,212 1,662 321 264 684 347 316 341 202 1,776 361 492 681 532 2,089 125 425 881 135 2,416 244 509 81 589 1,313 692 1,360 167 261 936 113 513 86 756 558 116 95 2,292 187 814 107 586 24 306 104 460 1,078 428 R2 17,274 5,264 10,559 1,281 164 1,227 1,675 325 267 690 350 320 344 205 1,793 365 498 685 535 2,108 126 428 888 136 2,468 247 517 83 594 1,324 698 1,378 168 264 948 113 519 88 763 565 117 97 2,318 188 825 108 594 25 312 105 464 1,087 435

Technical Research Team

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Technical Research | April 17, 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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