Technical Research | March 21, 2012

Daily Technical Report Sensex (17316) / NIFTY (5275)

Yesterday, once again markets opened on a flat note and traded in a narrow range throughout the day. Selling pressure was seen around noon which dragged indices lower to test Mondays low. However, buying emerged near this level and indices closed marginally in the positive territory. On the sectoral front, Consumer Durables, Realty and FMCG counters were among the major gainers, whereas Auto sector remained under pressure during yesterdays session. The advance to decline ratio was in favor of declining counters. (A=1340 D=1536) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
The 200-day SMA (Simple Moving Average) and 20day EMA (Exponential Moving Average) have now shifted to 17164 / 5163 and 17575 / 5344, respectively. The daily chart exhibits the formation of a Bullish

Harami candlestick pattern. The Daily momentum oscillators and 3 & 8 EMA are

negatively poised. Indices have closed around the Upward Sloping Trend
Source: Falcon

Line level of 17250 / 5255.

Trading strategy:
Markets traded in a narrow range of 17410 to 17211 / 5297 to 5233 throughout the day. Eventually, we witnessed a closing marginally above the Upward Sloping Trend Line level of 17250 / 5255. Moreover, the formation of the Bullish Harami candlestick pattern is seen on the charts near this support level. (Pattern is largely prominent in the Sensex than the Nifty). Going forward, a sustainable move above 17410 / 5297 level may push indices higher to 17562 - 17623 / 5341 5390 levels. On the flip side, the negative momentum is likely to resume only if indices manage to sustain below yesterdays low of 17211 / 5233. In this scenario, the selling pressure may increase further which can drag indices lower to test strong support zone of 17164 17150 / 5188 5163.

Actionable points:
View Expected Targets Support Level View Expected Targets Resistance Level Positive Above 5297 5341 5390 5233 Negative Below 5233 5188 5163 5297

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Technical Research | March 21, 2012

Bank Nifty Outlook - (10282)

Yesterday, Bank Nifty opened on a flat note and traded with extreme volatility throughout the session. We had mentioned in our previous report that the momentum oscillators on the hourly chart are in an oversold condition and a bounce back is likely. The index has taken support near the mentioned support level of 10135. We are witnessing a Tweezer Bottom pattern formation near 78.6% retracement of the rise from March 7, 2012 March 14, 2012. The said pattern will be confirmed if the index sustains above yesterdays high of 10369. In this case the index may rally towards 10441 10556 levels. However, it must be noted that the negative crossover in RSI Smoothened oscillator on daily chart is still intact. On the downside a fall and close below the 10135 support level will negate the bullish Tweezer Bottom pattern and may drag the index to test 9939. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Target Support Levels Positive Above 10369 10441 - 10556 10135

Source: Falcon

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Technical Research | March 21, 2012

Positive Bias:
Positive Above 257.7 541.6 Expected Target 264 555

Stock Name LIC Housing Kotak Mahindra Bank

CMP 255.3 539

5 Day EMA 251.7 544.5

20 Day EMA 251.8 550.7

Remarks View will change below 251.5 View will change below 531

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Technical Research | March 21, 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 17,114 5,204 10,031 1,321 165 1,155 1,640 317 250 655 343 299 319 190 1,644 356 478 645 485 1,859 134 389 888 130 2,779 217 572 73 514 1,258 670 1,315 167 269 908 105 391 88 743 556 120 92 2,111 193 759 111 551 27 259 100 440 1,108 423 S1 17,215 5,240 10,157 1,340 167 1,171 1,664 320 256 670 352 302 323 193 1,660 360 485 651 495 1,896 136 392 898 134 2,805 220 580 76 526 1,273 678 1,337 170 271 933 106 397 90 752 575 123 93 2,149 196 772 113 561 27 265 102 448 1,122 426 PIVOT 17,313 5,268 10,263 1,359 169 1,196 1,690 323 262 681 358 304 329 195 1,672 364 493 656 503 1,927 140 396 910 137 2,829 222 586 77 534 1,294 689 1,350 172 272 949 108 402 91 759 589 125 94 2,176 200 780 115 568 28 276 103 452 1,133 428 R1 17,414 5,304 10,388 1,378 171 1,212 1,714 326 268 696 367 308 333 198 1,688 368 500 662 513 1,963 142 399 920 142 2,855 226 594 80 546 1,309 697 1,371 175 274 974 109 408 93 768 608 128 95 2,214 203 792 117 578 28 282 105 459 1,147 432 R2 17,511 5,333 10,494 1,397 172 1,237 1,739 329 273 708 374 310 339 200 1,701 372 508 667 521 1,994 146 402 932 145 2,879 228 600 82 554 1,330 707 1,384 177 276 989 110 412 94 775 622 130 96 2,241 206 801 119 585 28 292 107 464 1,158 434

Technical Research Team

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Technical Research | March 21, 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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