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www.angelbroking.com 1
Daily Technical Report
May 30, 2012
Sensex (16439) / NIFTY (4990)
Yesterday, our benchmark indices gained some
positive momentum during the initial hours of trade
but pared gains in the later half to end just below the
5,000 mark. On sectoral front, IT, Teck and Realty
were among the major gainers whereas; FMCG,
Consumer Durables and Healthcare counters ended
on a losing side. The advance to decline ratio was
strongly in of advancing counters (A= 1421 D= 1281)
(Source www.bseindia.com)
Formation
The 200-day SMA (Simple Moving Average) and20-day EMA (Exponential Moving Average) have
now shifted to 16800 / 5070 and 16429 /
4980, respectively.
The 20-Week EMA is placed at 16930 / 5130level.
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).
The daily RSI Smoothened oscillator has nowsignaled a positive crossover in the oversold
territory
The candlestick pattern on the weekly chartrepresents another bullish Hammer.
On the daily chart we are witnessing positivecrossover in 3&8 EMA.
Trading strategy:
Yesterday, our benchmark indices witnessed a range
bound activity throughout the session. On the daily
chart, the momentum oscillators along with ADX (9)
indicator are still positively poised. However, looking
at the overbought condition of oscillators on hourly
charts, chances of a minor consolidation or a
pullback from current levels cannot be ruled out. Also,
the SGX Nifty and other Asian markets suggest that
our indices could witness a gap down opening.
Exhibit 1: N ifty Daily Chart
Source: Falcon
Actionable poin ts:
View Neutral
Resistance Levels 5020 - 5050
Support Levels 4943 4912
In such a scenario, 16290 / 4943 to 16195 / 4912
levels can act as a decent support for the markets.
Conversely, momentum on the upside would resumeonce indices trade convincingly above 16544 / 5020
level. On crossing this level, indices are likely to move
towards 16700 16840 / 5050 5090 levels, which
nearly coincide with the 200-day SMA.
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Daily Technical Report
May 30, 2012
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Bank N ifty Outlook - (9708)
Yesterday, Bank Nifty opened with an upside gap and
traded in a narrow range throughout the session. The
momentum oscillators on the daily chart continue withtheir buy signal along with positive crossover in ADX
(9) indicator. However similar to the benchmark
Indices we are witnessing a negative crossover in RSI
Smoothened oscillator on the hourly chart which
suggests that we may see some consolidation. Also,
the Spinning Top candlestick pattern on the daily
chart indicates indecisiveness prevailing at current
levels. In coming trading session, 9847 9900 levels
are likely to act as resistance and 9544 9470 levels
should give some support to the Index.
Actionable points:
View Neutral
Resistance Levels 9847 9900
Support Levels 9554 9370
Exhibit 2: Bank Ni fty Daily Chart
Source: Falcon
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Daily Technical Report
May 30, 2012
Dai ly Pivot Levels for N ifty 50 Stocks
SCRIPS S2 S1 PIVOT R1 R2
SENSEX 16,330 16,384 16,464 16,519 16,599
NIFTY 4,959 4,975 4,997 5,013 5,035
BANKNIFTY 9,631 9,669 9,726 9,765 9,822
ACC 1,107 1,123 1,149 1,164 1,190
AMBUJACEM 141 144 146 149 151
ASIANPAINT 3,781 3,812 3,832 3,863 3,883
AXISBANK 1,009 1,016 1,027 1,035 1,046
BAJAJ-AUTO 1,480 1,504 1,519 1,544 1,558
BANKBARODA 684 690 695 701 706
BHARTIARTL 296 298 301 303 307
BHEL 214 216 218 221 223
BPCL 682 691 705 714 728
CAIRN 324 330 335 341 346
CIPLA 304 307 312 315 320
COALINDIA 314 318 321 325 328
DLF 184 186 189 190 193DRREDDY 1,679 1,690 1,699 1,710 1,719
GAIL 325 327 330 333 336
GRASIM 2,333 2,359 2,396 2,422 2,459
HCLTECH 489 497 502 511 516
HDFC 653 657 662 666 671
HDFCBANK 496 501 506 511 516
HEROMOTOCO 1,842 1,851 1,860 1,869 1,878
HINDALCO 112 113 115 116 117
HINDUNILVR 411 414 417 419 422
ICICIBANK 829 834 839 844 849
IDFC 121 123 125 127 129
INFY 2,357 2,383 2,404 2,430 2,451
ITC 226 229 232 235 238
JINDALSTEL 447 451 457 461 467
JPASSOCIAT 61 61 62 63 64
KOTAKBANK 546 553 558 565 570
LT 1,187 1,195 1,206 1,214 1,225
M&M 648 652 656 660 665
MARUTI 1,092 1,110 1,123 1,141 1,154
NTPC 143 144 145 146 147
ONGC 252 254 256 258 260
PNB 739 744 751 756 763
POWERGRID 105 106 107 108 110RANBAXY 516 526 534 544 552
RELIANCE 691 696 703 709 715
RELINFRA 459 466 472 478 484
SAIL 89 91 94 96 99
SBIN 2,080 2,100 2,125 2,145 2,170
SESAGOA 181 183 187 189 192
SIEMENS 663 671 683 691 704
STER 95 96 98 99 100
SUNPHARMA 555 561 569 574 582
TATAMOTORS 267 272 277 282 287
TATAPOWER 92 93 93 94 95
TATASTEEL 407 411 415 420 424
TCS 1,206 1,223 1,236 1,253 1,265
WIPRO 392 401 406 415 420
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Daily Technical Report
May 30, 2012
Research Team Tel: 022 - 39357800 E-mail: research@angelbroking.com Website: www.angelbroking.com
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Research Team
Shardul Kulkarni - Head TechnicalsSameet Chavan - Technical Analyst
Sacchitanand Uttekar - Technical Analyst
Mehul Kothari - Technical Analyst
Ankur Lakhotia - Technical Analyst
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