Technical Report 27th April 2012

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Technical Research | April 27, 2012

Yesterday, for the third consecutive session, indices opened

on flat note. Likewise previous few trading sessions, markets

remained under narrow range throughout the session.

Surprisingly, we did not witness any volatility during

yesterday’s session as generally observed on other

derivative expiry sessions. On sectoral front, Power, Realty

and Auto counters were among the major losers, whereas

defensive sectors like, IT and FMCG ended in the positive

territory. The advance to decline ratio was in favor of

declining counters (A= 1109 D= 1321) (Source –

www.bseindia.com)

Formation:

• The 200-day SMA (Simple Moving Average) and 20-day

EMA (Exponential Moving Average) have now shifted to

17050 / 5135 and 17400 / 5300, respectively.

• The ‘20-Week EMA’ is placed at 17200 / 5180 level.

Trading strategy:

Despite being a derivative expiry, we witnessed a very

narrow trading range during yesterday’s session. Going

forward, our view remains unchanged and the lackluster

movement is likely to be witnessed until we breakout from

the trading range of 5340 – 5135. Meanwhile, the

immediate resistance level is seen at 17250 / 5236. Amove beyond this may push indices higher to test 17444 /

5311 level. Conversely, ‘200-day SMA’ level of 16930 /

5135 is likely to provide decent support for the markets.

Daily Technical Report

Sensex (17131) / NIFTY (5189)

Exhibit 1: N ifty Daily Chart

Source: Falcon

Actionable points:

View NeutralResistance levels 5236 – 5311Support Level 5135





Yesterday, Bank Nifty opened on a flat note in line with

our benchmark indices and traded in a narrow range

throughout the session. The negative crossover in “RSI -

Smoothened” momentum oscillator on the daily chart

mentioned in our previous report is still intact. We

reiterate our view, that the momentum oscillator “RSI -

Smoothened” on the hourly chart is placed in an extreme

oversold condition and possibility of a bounce back

cannot be ruled out. The trading range of 10600 –

10150 mentioned in our previous reports has beenbreached as the index managed to close marginally

below it. However, this breach cannot be qualified as a

signal to sell as the breakdown is on thin volumes. On the

upside 10280 – 10345 levels are likely to act as

resistance whereas 10083 – 10040 levels may act as

support.

Actionable points:

View NeutralResistance Levels 10280 – 10345Support Levels 10040 - 9985

Bank N ifty Outlook - (10128)

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon





Positive Bias:

Stock Name CMP 5 Day EMA 20 Day EMA PositiveAbove

ExpectedTarget

Remarks

RelianceIndustries

745.05 739.8 745.1 749 776View will change below

733





SCRIPS S2 S1 PIVOT R1 R2

SENSEX 17,027 17,079 17,136 17,188 17,245

NIFTY 5,158 5,174 5,195 5,210 5,231

BANKNIFTY 10,025 10,076 10,135 10,187 10,246

ACC 1,182 1,201 1,213 1,231 1,243

AMBUJACEM 147 149 151 152 154

AXISBANK 1,064 1,076 1,087 1,098 1,110

BAJAJ-AUTO 1,558 1,582 1,625 1,650 1,693

BHARTIARTL 299 304 310 315 322

BHEL 225 228 231 234 236

BPCL 637 649 669 681 700

CAIRN 324 331 340 346 355

CIPLA 299 304 310 314 320

COALINDIA 337 348 355 367 374

DLF 177 179 184 186 191

DRREDDY 1,744 1,759 1,775 1,791 1,807

GAIL 311 317 328 334 345

HCLTECH 489 495 502 509 516

HDFC 668 671 675 679 683

HDFCBANK 532 536 543 547 554

HEROMOTOCO 2,083 2,126 2,190 2,233 2,296

HINDALCO 112 114 118 120 123

HINDUNILVR 408 411 416 419 423

ICICIBANK 831 836 841 846 851

IDFC 117 118 121 122 125

INFY 2,323 2,339 2,359 2,376 2,396

ITC 242 246 248 251 253JINDALSTEL 466 477 489 500 512

JPASSOCIAT 69 71 72 74 76

KOTAKBANK 554 568 577 592 601

LT 1,205 1,216 1,227 1,238 1,249

M&M 692 698 706 712 720

MARUTI 1,349 1,366 1,382 1,399 1,415

NTPC 157 159 163 165 168

ONGC 260 262 264 267 269

PNB 814 829 856 872 898

POWERGRID 105 107 109 110 112

RANBAXY 494 500 508 514 522

RCOM 74 75 77 78 80RELIANCE 727 736 743 752 758

RELINFRA 503 509 520 527 537

RPOWER 98 100 103 105 107

SAIL 95 96 98 100 102

SBIN 2,111 2,137 2,162 2,188 2,213

SESAGOA 181 183 186 188 191

SIEMENS 755 764 772 781 789

STER 102 103 107 109 112

SUNPHARMA 582 590 595 602 607

SUZLON 22 22 22 23 23

TATAMOTORS 307 310 313 315 318

TATAPOWER 98 100 104 106 109

TATASTEEL 457 462 468 473 479

TCS 1,150 1,172 1,187 1,210 1,224

WIPRO 390 397 405 411 419

Technical Research Team

Daily Pivot Levels for Nif ty 50 Stocks





Technical Report

RESEARCH TEAM

Shardul Kulkarni Head - Technicals

Sameet Chavan Technical Analyst

Sacchitanand Uttekar Technical Analyst

Mehul Kothari Technical Analyst

Ankur Lakhotia Technical Analyst

For any Queries, Suggestions and Feedback kindly mail to [email protected]

Research Team: 022-3952 6600 Website: www.angelbroking.com

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Documents

Technical Report 27th April 2012