Technical Research | March 05, 2012
Daily Technical Report Sensex (17637) / NIFTY (5359)
On Friday, our Benchmark indices opened on a flat note and traded in a narrow range throughout the day. As expected and mentioned, 17795 / 5397 levels acted as a resistance for the day. On the sectoral front, most of the sectors ended flat with minor changes. The advance to decline ratio was strongly in favor of advancing counters. (A=1374 D=878) (Source www.bseindia.com)
Exhibit 1: Nifty Daily Chart
Formation:
The 200-day SMA and 20-day EMA have now shifted to 17180 / 5167 and 17682 / 5362, respectively. The weekly Stochastic oscillator is still negatively poised. The 61.8% Fibonacci retracement level of the fall 21109 / 6339 (November 5, 2010) to 15135 / 4531 (December 23, 2011) is around 18827 / 5645.
Source: Falcon
Trading strategy:
Broadly speaking, markets are trading in a range of 18001 to 17381 / 5459 to 5268. A breakout from the mentioned trading range, on either side, is likely to dictate a clear direction in coming weeks. Therefore, if indices manage to sustain above the weekly high of 18001 / 5459, then we may witness a positive momentum, which would push indices higher to retest recent swing high of 18524 / 5630. On the downside, 17381 / 5268 level may provide decent support for the markets. A word of caution, the weekly Stochastic oscillator is still negatively poised. The impact
Actionable points:
View Resistance Levels Support levels Neutral 5397 5297 5268
Traders should take a note that the coming week is likely to witness volatility on account of the results from the UP elections and markets may take clues from the same.
of this technical tool may come into action on the violation of this weeks low of 17381 / 5268 level. In this scenario, selling pressure is likely to intensify further and may drag indices to test 200-day SMA support zone of 17230 17180 / 5210 5167 level.
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Technical Research | March 05, 2012
Bank Nifty Outlook - (10434)
On Friday, Bank Nifty opened on a flat note and traded with extreme volatility throughout the day. The index for the second day traded in our mentioned range of 10800 10200. The positive crossover mentioned in stochastic momentum oscillator in our previous report is still intact. The index has taken support on the trend line joining the lows of January 30, 2012 February 27, 2012. We reiterate our view that the index is likely to be in the range of 10800 10200. Only a sustainable move outside the said range will dictate a clear direction of the trend. Within the mentioned range index is likely to face temporary resistance at 10585 10667 10800. On the downside move below 10200 level is likely to attract selling pressure and the index may test 10073 level. Exhibit 2: Bank Nifty Daily Chart
Actionable points:
View Resistance Levels Support Levels Neutral 10585 - 10667 10200
Source: Falcon
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Technical Research | March 05, 2012
Positive Bias:
Positive Above 309 Expected Target 335
Stock Name Hind Copper
CMP 303
5 Day EMA 290.2
20 Day EMA 284.5
Remarks View will change below 293
Negative Bias:
Negative Below 2585 Expected Target 2500 - 2470
Stock Name OFSS
CMP 2601.6
5 Day EMA 2592
20 Day EMA 2354
Remarks View will change above 2700
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Technical Research | March 05, 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 17,397 5,278 10,012 1,309 162 1,109 1,698 341 285 653 361 311 326 194 1,634 366 471 657 500 1,898 141 374 858 134 2,789 201 567 72 535 1,247 666 1,295 174 272 917 110 419 92 800 585 119 99 2,142 206 770 120 541 28 261 112 454 1,197 408 S1 17,517 5,319 10,223 1,324 165 1,138 1,724 346 291 658 365 313 329 199 1,655 369 476 665 509 1,920 144 378 880 137 2,818 203 578 74 550 1,274 673 1,313 177 277 936 111 424 93 807 600 121 100 2,194 209 783 122 554 28 264 113 460 1,207 419 PIVOT 17,624 5,356 10,404 1,339 168 1,173 1,761 349 297 664 373 316 332 205 1,692 373 482 670 517 1,948 150 381 897 139 2,841 205 586 75 563 1,297 681 1,325 179 281 955 112 428 95 813 613 123 102 2,238 212 803 124 563 30 268 115 466 1,217 431 R1 17,744 5,396 10,615 1,354 171 1,202 1,787 354 303 669 378 318 335 209 1,713 375 487 678 527 1,969 154 386 920 143 2,869 207 597 76 578 1,323 688 1,343 181 286 973 113 432 96 819 628 125 103 2,290 216 816 126 575 30 272 116 472 1,227 441 R2 17,852 5,433 10,795 1,369 173 1,238 1,824 357 309 674 385 321 339 215 1,750 379 493 684 534 1,997 159 388 937 145 2,893 210 606 78 591 1,347 696 1,355 183 290 992 114 436 98 825 640 127 104 2,334 219 836 128 584 31 275 118 478 1,237 454
Technical Research Team
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Technical Research | March 05, 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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