Daily Technical Report

March 07, 2013

Sensex (19253) / NIFTY (5819)

Yesterday once again indices opened higher in line with other global indices and moved marginally above the mentioned resistance level of 19239 / 5820. However, the actual trading range was extremely narrow and eventually indices closed just below the 19239 / 5820 mark. During the day, Realty, Capital goods and Metal counters were among the major gainers whereas FMCG and Consumer Durables ended on a losing side. The advance to decline ratio was strongly in favor of advancing counters (A=1730 D=1116) (Source www.bseindia.com).

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 19308 / 5839 and 19175 / 5813 levels, respectively. The monthly chart exhibits a Bearish Engulfing pattern. The monthly momentum oscillators are signaling a negative crossover. The level of the weekly RSI momentum oscillator has now dropped below the 50 mark. Indices have closed marginally above the Downward Sloping Trend Line, drawn by joining two significant highs of 21109 / 6339 (high of November 05, 2010 weekly candle) and 19137 / 5816 (high of October 05, 2012 weekly candle).
Source: Falcon:

Actionable points:
View Expected targets Resistance levels Beaish below 5795 5748 5720 5820 - 5850

Trading strategy:
For the second consecutive session, we witnessed a gap up opening in our market and in-line with our expectations, struggled around the mentioned resistance zone of '89-day EMA' and '20-day EMA'. Both averages are placed at 19293 / 5820 and 19322 / 5850, respectively. The daily candle now resembles a 'Dragonfly Doji' Japanese candlestick pattern. An occurrence of such pattern near resistance zone indicates uncertainty and possibility of a corrective move if indices sustain below yesterday's low of 19195 / 5795. This may trigger intraday pessimism in the market. In this scenario, indices may resume their existing down trend to test 18989 - 18931 / 5740 - 5712 levels. On the flipside, 19322 / 5850 mark remains to be a strong resistance for the market. Only a move beyond this level would nullify the negative impact of above mentioned technical evidences.

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Daily Technical Report

March 07, 2013

Bank Nifty Outlook - (11876)

Yesterday, for the second consecutive session Bank Nifty opened with an upside gap and thereafter traded in a narrow range throughout the session. The positive crossover in RSI momentum oscillator mentioned in our previous report is still intact. However, the momentum oscillators on the hourly chart are placed well inside the overbought zone and some consolidation / correction in the index cannot be ruled out. Any up move in the index would be seen only if the index sustains above 11910 level. In this scenario the index is likely to rally towards 12042 12120 levels. On the downside 11715 11623 levels are likely to act as support for the day. Actionable points:
View Expected target Resistance Levels Bearish Below 11820 11715 - 11623 11910 - 12042

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon:

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Daily Technical Report

March 07, 2013

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 LUPIN M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RELIANCE RELINFRA SBIN SESAGOA SIEMENS SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS ULTRACEMCO WIPRO S2 19,149 5,780 11,786 1,232 189 4,392 1,377 1,955 705 314 197 377 292 375 312 257 1,767 325 2,972 742 760 624 1,617 98 432 1,091 146 2,907 280 347 70 648 1,390 587 858 1,395 146 312 785 106 383 822 423 2,122 154 499 789 299 97 337 1,525 1,875 428 S1 19,201 5,800 11,831 1,243 190 4,427 1,390 1,964 717 317 200 380 296 378 314 264 1,788 330 3,002 749 767 627 1,632 100 436 1,100 150 2,939 284 351 72 651 1,411 593 868 1,410 147 315 797 107 392 829 427 2,145 158 507 793 304 98 345 1,543 1,888 435 PIVOT 19,247 5,814 11,868 1,256 193 4,454 1,402 1,975 729 322 202 387 298 381 319 268 1,802 335 3,021 754 774 632 1,646 101 444 1,105 152 2,958 290 355 74 655 1,426 597 883 1,426 149 319 805 108 397 833 432 2,160 161 512 800 308 99 351 1,554 1,899 440 R1 19,299 5,833 11,913 1,267 195 4,489 1,415 1,984 742 325 205 391 302 385 321 275 1,823 339 3,051 761 781 635 1,661 103 448 1,114 156 2,989 293 359 76 658 1,447 602 893 1,441 150 322 817 109 406 840 437 2,184 165 521 804 313 99 358 1,572 1,911 447 R2 19,345 5,848 11,949 1,280 197 4,516 1,427 1,995 754 330 208 397 305 388 325 279 1,836 344 3,069 765 787 640 1,675 104 455 1,119 159 3,008 299 363 77 661 1,462 607 908 1,457 152 326 824 110 412 845 442 2,198 168 526 811 317 100 364 1,584 1,922 453

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Daily Technical Report

March 07, 2013
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Research Team
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Ankur Lakhotia Head Technicals Technical Analyst Technical Analyst Technical Analyst

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