DailyTech Report 30.05.12

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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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May 30, 2012


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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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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May 30, 2012

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Shardul Kulkarni - Head TechnicalsSameet Chavan - Technical Analyst

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DailyTech Report 30.05.12