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Daily Technical Report: Sensex (16183) / NIFTY (4906)

Daily Technical Report May 22, 2012 Sensex (16183) / NIFTY (4906) Yesterday, our benchmark indices opened on a flat note in-line with global cues. Consequently, indices gained positive momentum during the first half but pared their early gains to close marginally above 4900 mark. On sectoral front, Consumer Goods, Realty and Power counters were among the major gainers whereas Teck, FMCG and IT counters ended on the losing side. The advance to decline ratio was strongly in favor of advancing cou

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36 views

Daily Technical Report: Sensex (16183) / NIFTY (4906)

Daily Technical Report May 22, 2012 Sensex (16183) / NIFTY (4906) Yesterday, our benchmark indices opened on a flat note in-line with global cues. Consequently, indices gained positive momentum during the first half but pared their early gains to close marginally above 4900 mark. On sectoral front, Consumer Goods, Realty and Power counters were among the major gainers whereas Teck, FMCG and IT counters ended on the losing side. The advance to decline ratio was strongly in favor of advancing cou

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Angel Broking
Copyright
© Attribution Non-Commercial (BY-NC)
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Download as PDF, TXT or read online on Scribd
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Daily Technical Report

May 22, 2012

Sensex (16183) / NIFTY (4906)


Yesterday, our benchmark indices opened on a flat note in-line with global cues. Consequently, indices gained positive momentum during the first half but pared their early gains to close marginally above 4900 mark. On sectoral front, Consumer Goods, Realty and Power counters were among the major gainers whereas Teck, FMCG and IT counters ended on the losing side. The advance to decline ratio was strongly in favor of advancing counters (A=1643 D=1027) (Source www.bseindia.com) Formation The 200-day SMA (Simple Moving Average) and 20-day EMA (Exponential Moving Average) have now shifted to 16860 / 5085 and 16630 / 5037, respectively. The 20-Week EMA is placed at 17000 / 5150 level. Indices have now tested the 15860 / 4766 level, which is the 78.6% Fibonacci Retracement level of the rise from 15135 / 4531 (Low on December 23, 2011) to 18524 / 5630 (High on February 22, 2012). The daily RSI Smoothened oscillator is placed well inside the oversold territory. The candlestick pattern on the weekly chart represents a bullish Hammer.

Exhibit 1: Nifty Daily Chart

Source: Falcon

Actionable points:
View Neutral 4938 - 4957 4881 4863 Resistance Levels Support Levels

Trading strategy: The week began on a quiet note after a strong intraday rally on Friday's session. As expected, indices moved higher during the initial hour of the session but lost gains on the account of rupee depreciation. Looking at the daily momentum oscillators, we reiterate our view that indices are likely to rally further if they sustain above last week's high of 16391 / 4957. In this scenario, indices may test 16700 16840 / 5050 5090 levels.

Conversely, Fridays low of 15809 / 4789 is likely to act as a decent support in coming trading sessions. A violation of this level would clearly increase the chances of a further fall and as a result indices may slide towards 15678 / 4695 level.

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Daily Technical Report


May 22, 2012

Bank Nifty Outlook - (9412)


Yesterday, Bank Nifty opened on an optimistic note in line with our benchmark indices and traded in a narrow range throughout the session. The positive crossover in Stochastic and RSI momentum oscillator on the daily chart mentioned in our previous report is still intact. However on the hourly chart we are witnessing narrow range body formations which suggest probability of consolidation or a minor pullback after the initial gap up opening expected today. In addition the momentum oscillators on the hourly chart are placed in overbought conditions. Thus, going forward 9480 9533 are likely to act as resistance and on the downside 9299 9227 are likely to act as support in coming trading session. Actionable points:
View Resistance Levels Support Levels Neutral 9480 - 9533 9323 - 9227 Source: Falcon

Exhibit 2: Bank Nifty Daily Chart

Positive Bias:
Stock Name RELINFRA CMP 454 Positive Above 461 Expected Target 485 Remarks View will be negated below 449

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Daily Technical Report


May 22, 2012 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 INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 16,062 4,862 9,218 1,125 140 3,660 942 1,476 630 287 199 712 317 308 299 186 1,636 312 2,352 472 631 486 1,835 107 419 787 114 2,288 230 449 61 542 1,145 628 1,153 140 243 703 102 478 679 433 87 1,930 189 672 97 569 255 89 382 1,192 372 S1 16,122 4,884 9,315 1,135 142 3,707 953 1,497 648 291 203 719 321 310 304 188 1,645 316 2,380 476 636 492 1,849 109 423 799 117 2,314 232 458 62 553 1,169 638 1,181 142 245 711 103 484 687 443 89 1,970 191 679 98 582 259 92 392 1,201 378 PIVOT 16,210 4,911 9,397 1,152 143 3,739 961 1,518 658 297 205 728 324 314 308 190 1,658 319 2,399 481 643 500 1,867 110 428 809 119 2,350 237 470 63 561 1,186 646 1,198 144 248 723 104 490 694 452 90 2,000 195 691 101 589 261 95 399 1,213 386 R1 16,271 4,933 9,494 1,162 145 3,786 971 1,539 677 301 209 735 327 317 314 192 1,667 324 2,427 485 648 506 1,882 112 432 821 122 2,376 239 479 64 571 1,210 655 1,226 146 249 731 105 497 702 462 92 2,040 198 698 102 603 265 98 410 1,221 391 R2 16,359 4,960 9,576 1,179 146 3,817 979 1,560 687 307 212 745 331 321 317 194 1,681 327 2,446 490 655 514 1,899 113 437 831 124 2,411 244 492 65 579 1,227 663 1,244 148 252 743 107 503 709 471 93 2,070 202 710 105 610 268 100 417 1,234 400

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Daily Technical Report


May 22, 2012
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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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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