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Daily Technical Report: Sensex (15965) / NIFTY (4842)

Daily Technical Report June 04, 2012 Sensex (15965) / NIFTY (4842) On Friday, our benchmark indices opened lower in line with other global indices and traded with extreme pessimism throughout the day to close near day’s low. The Sensex closed below psychological mark of 16000 and Nifty closed just below 4850 with a loss of more than 1.5%. On sectoral front, Consumer Goods, Power and Auto counters corrected heavily during Friday’s session; whereas FMCG ended with marginal gains. The advance to d

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642 views

Daily Technical Report: Sensex (15965) / NIFTY (4842)

Daily Technical Report June 04, 2012 Sensex (15965) / NIFTY (4842) On Friday, our benchmark indices opened lower in line with other global indices and traded with extreme pessimism throughout the day to close near day’s low. The Sensex closed below psychological mark of 16000 and Nifty closed just below 4850 with a loss of more than 1.5%. On sectoral front, Consumer Goods, Power and Auto counters corrected heavily during Friday’s session; whereas FMCG ended with marginal gains. The advance to d

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Angel Broking
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Daily Technical Report

June 04, 2012

Sensex (15965) / NIFTY (4842)


On Friday, our benchmark indices opened lower in line with other global indices and traded with extreme pessimism throughout the day to close near days low. The Sensex closed below psychological mark of 16000 and Nifty closed just below 4850 with a loss of more than 1.5%. On sectoral front, Consumer Goods, Power and Auto counters corrected heavily during Fridays session; whereas FMCG ended with marginal gains. The advance to decline ratio was strongly in favor of declining counters (A=850 D=1830) (Source www.bseindia.com) Formation The 200-day SMA (Simple Moving Average) and 20-day EMA (Exponential Moving Average) have now shifted to 16800 / 5070 and 16360 / 4960, respectively. The 20-Week EMA is placed at 16840 / 5100 level. Indices have taken a support near 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).

Exhibit 1: Nifty Daily Chart

Source: Falcon

Actionable points:
View Resistance Levels Support Levels Neutral 4900 - 4950 4803 4789 - 4766

Trading strategy: The global financial uncertainty and rupee depreciation is proving to be extremely detrimental for our markets. Despite a positive beginning for the last week, indices eventually tumbled lower to close almost at the lowest point of the week. Broadly speaking, last week, markets traded in a range of 16545 to 15933 / 5020 to 4841. Going forward, last weeks high would act as strong resistance level. We are of the opinion that traders who intend to trade with a positive bias should enter the market only if indices sustain and close above the weekly high of 16545 / 5020.

Conversely, we reiterate our view that the recent swing low of 15809 / 4789 now holds as a key support level for the market. A violation of this level would increase the current negative momentum and as a result indices may slide towards 15678 - 15135 / 4695 - 4530 levels.

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Daily Technical Report


June 04, 2012

Bank Nifty Outlook - (9268)


On Friday, Bank Nifty opened on a flat note and selling pressure throughout the day led index to close near the lowest point of the day. The index found support near the mentioned support level of 9270 and close marginally below it. The momentum oscillators on the daily chart continue with their sell signal and we expect a gap down opening considering the clues from the Asian markets. However, on the flip side the momentum oscillators on the hourly chart are in an oversold condition and probability of a bounce back, post the gap down opening cannot be ruled out. On the upside 9373 9442 are likely to act as resistance and on the downside 9250 9150 levels are likely to act as support in coming trading session. Actionable points:
View Resistance Levels Support Levels Neutral 9373 - 9442 9250 - 9150

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon

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Daily Technical Report


June 04, 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 15,749 4,773 9,097 1,101 146 3,613 941 1,470 633 296 203 677 303 304 316 179 1,603 299 2,181 465 633 479 1,798 114 408 769 116 2,353 227 416 60 527 1,104 631 1,041 143 240 703 101 471 660 412 89 1,978 177 614 88 557 214 90 388 1,203 394 S1 15,857 4,807 9,182 1,114 148 3,696 953 1,484 646 298 205 686 310 306 319 181 1,626 315 2,213 476 638 485 1,810 115 414 775 118 2,371 230 423 61 535 1,119 638 1,058 144 243 715 102 482 672 421 90 2,003 179 629 90 563 219 91 393 1,214 398 PIVOT 16,042 4,866 9,338 1,133 149 3,848 969 1,499 666 302 208 693 322 309 321 183 1,657 329 2,272 492 647 496 1,822 117 423 785 122 2,401 232 432 62 549 1,146 646 1,088 145 249 737 104 501 691 437 92 2,042 183 655 92 567 228 93 400 1,229 402 R1 16,150 4,900 9,423 1,146 151 3,932 981 1,514 678 304 210 702 329 311 325 185 1,681 345 2,304 503 652 502 1,834 118 429 792 123 2,419 236 439 63 557 1,161 654 1,105 146 252 750 105 512 704 446 94 2,067 185 671 94 573 233 95 405 1,240 405 R2 16,334 4,959 9,578 1,165 152 4,084 997 1,529 699 307 214 710 341 314 327 187 1,712 360 2,363 519 661 513 1,846 120 439 802 127 2,450 238 448 65 572 1,187 662 1,136 148 258 772 107 531 722 462 96 2,105 189 697 97 578 241 96 412 1,256 409

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Daily Technical Report


June 04, 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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