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Technical Report 12th March 2012

- The Sensex and Nifty indices rebounded sharply on Friday after testing key support levels during the week, closing well above 5300. Metal, capital goods and banking sectors contributed to gains while FMCG ended lower. - Technical indicators like the 200-day SMA, 20-day EMA, and weekly candlestick patterns suggest the indices may test resistance at 17692/5382 and could potentially reach 18001-18250/5459-5538. - The Bank Nifty is also poised to open higher on an unexpected CRR cut. It may rally to 10585-10735 if it sustains above Friday's high of 10527, with support at 10390-10286.

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165 views

Technical Report 12th March 2012

- The Sensex and Nifty indices rebounded sharply on Friday after testing key support levels during the week, closing well above 5300. Metal, capital goods and banking sectors contributed to gains while FMCG ended lower. - Technical indicators like the 200-day SMA, 20-day EMA, and weekly candlestick patterns suggest the indices may test resistance at 17692/5382 and could potentially reach 18001-18250/5459-5538. - The Bank Nifty is also poised to open higher on an unexpected CRR cut. It may rally to 10585-10735 if it sustains above Friday's high of 10527, with support at 10390-10286.

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Angel Broking
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Technical Research | March 12, 2012

Daily Technical Report Sensex (17503) / NIFTY (5334)


On Friday, markets opened with a significant upside gap on the back of positive global cues and maintained their positive momentum throughout the day to close well above the 5300 mark. On the sectoral front, The Metal, Capital Goods and Banking sectors contributed heavily in Fridays upside rally whereas FMCG sector ended with a nominal loss. The advance to decline ratio was strongly in favor of advancing counters. (A=1845 D=989) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
The 200-day SMA and 20-day EMA have now shifted to 17164 / 5163 and 17556 / 5330, respectively. The 20-Week EMA is placed at 17120 / 5170 level. The Daily momentum oscillators viz., the RSI and the Stochastic are positively poised. The weekly chart depicts a Bullish Hammer and Bullish Dragon Fly Doji Japanese candlesticks pattern in Sensex and Nifty, respectively.
Source: Falcon

Trading strategy:
After a negative start for the week, indices bounced back sharply on Friday after the testing the 200-day SMA support level of 17164 / 5163 during the week. This level coincides with the 20-week EMA. Further, the weekly chart depicts Bullish Japanese candlesticks patterns in both the Sensex and the Nifty. The mentioned patterns will be confirmed once the indices cross and sustain above the high of these patterns.(17692 / 5382). In addition, we are now observing that the momentum oscillators on the daily chart are positively poised. Hence, a move beyond 17692 / 5382 level may push indices higher to test 18001 18250 / 5459 5538 levels.

Actionable points:
View Expected Targets Support level Bullish Above 5382 5459 - 5475 5290

In case the optimism last further on the back of positive global data or a market friendly Union Budget, the possibility of testing recent swing high of 18524 / 5630 cannot be ruled out. Conversely, 17164 17120 / 5170 5163 levels remain to be a strong support zone in coming trading sessions.

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Technical Research | March 12, 2012

Bank Nifty Outlook - (10506)


On Friday, Bank Nifty opened with an upside gap and gained momentum as the day progressed to close near the highest point of the day. The index has managed to give a close well above its 20-day EMA, which is a sign of strength. In addition, we are now witnessing a positive crossover in RSI and Stochastic momentum oscillator on the daily chart. It is likely that the Bank Nifty will open significantly higher on account of the unexpected cut in CRR by the RBI on Friday evening. The positive impact of the mentioned technical tools will come into force once the index sustains above Fridays high of 10527. In this case the index is likely to rally towards 10585 10735 levels. On the downside 10390 10286 levels are likely to act as support in coming trading session. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Target Support Levels Bullish above 10527 10585 - 10735 10390 10286
Source: Falcon

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Technical Research | March 12, 2012

Positive Bias:
20 Day EMA 330 215.5 Positive Above 338.5 206.5 Expected Target 354 218

Stock Name Coal India DLF

CMP 336 204

5 Day EMA 331.4 202.5

Remarks View will change below 330.4 View will change below 201

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Technical Research | March 12, 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 17,248 5,272 10,200 1,287 160 1,172 1,720 328 270 642 357 304 326 199 1,691 344 490 653 516 1,868 130 377 861 139 2,814 204 531 73 545 1,241 650 1,301 168 278 935 108 407 92 764 612 126 91 2,164 193 769 111 556 27 269 106 423 1,189 418 S1 17,375 5,303 10,353 1,303 161 1,193 1,737 333 274 653 366 306 331 202 1,697 347 498 667 520 1,889 133 379 888 142 2,835 206 553 76 552 1,272 664 1,321 171 280 947 109 411 93 769 626 129 93 2,195 197 779 113 563 27 275 107 439 1,199 425 PIVOT 17,454 5,322 10,440 1,317 163 1,206 1,756 337 277 660 371 309 334 204 1,703 350 506 675 523 1,912 134 384 902 145 2,869 210 567 77 558 1,291 674 1,340 173 282 953 110 419 94 774 637 132 94 2,219 201 793 114 569 28 278 109 448 1,213 437 R1 17,581 5,353 10,593 1,333 165 1,227 1,772 342 282 671 380 310 340 207 1,709 352 514 688 527 1,933 136 387 929 148 2,890 211 589 80 565 1,321 688 1,360 176 285 964 111 423 96 779 650 134 96 2,250 204 804 116 577 28 284 111 464 1,223 444 R2 17,659 5,373 10,679 1,347 166 1,240 1,791 345 285 677 386 313 343 209 1,716 356 522 696 531 1,956 138 391 944 151 2,924 215 603 81 571 1,341 698 1,379 177 287 971 112 431 97 785 661 138 97 2,274 208 818 117 583 29 288 112 474 1,237 455

Technical Research Team


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Technical Research | March 12, 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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