Daily Technical Report

March 14, 2013

Sensex (19363) / NIFTY (5851)

Yesterday, indices opened with half a percent downside gap considering weak global cues and struggled to move higher on the back of extreme selling pressure in the banking counters. The lower top lower bottom cycle in the hourly charts eventually led the indices to close near the days low. During the day, the Banking, Consumer Durables and Auto were among the major draggers; whereas only FMCG sector managed to close in the positive territory. The advance to decline ratio was strongly in favor of declining counters (A=992D=1893)(Sourcewww.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 20-day EMA and the 20-week EMA are placed at 19430 / 5880 and 19224 / 5826 levels, respectively. The weekly chart exhibits a Bullish Engulfing pattern but the monthly chart exhibits a Bearish Engulfing pattern. The daily ADX (14) indicator and the weekly Stochastic momentum oscillator is now signaling a positive crossover. The level of the weekly RSI momentum oscillator has now bounced back sharply to 58.20 after dropping below the 50 mark. Indices have closed 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 target Resistance levels Bearish below 5837 5790 5750 5894

Trading strategy:
For the third consecutive session, indices have struggled to move upwards and eventually closed almost at the lowest point of the day. Yesterday's corrective move has pulled indices near crucial support zone of 19391 - 19322 / 5850 5837, which coincides with '20-day EMA' as well as '89-day EMA'. Hence, the next few trading sessions are very crucial for our markets. The 'Stochastic' momentum oscillator on daily chart is now signaling a negative crossover in the overbought zone. The impact of this tool would be seen if indices sustain below the previous swing of 19322 / 5837. In this scenario, indices may further correct to test 19195 19000 / 5790 5750 levels. On the flipside, a move beyond yesterday's high of 19512 / 5894 would nullify the current negative momentum and indices then may resume their last week's upward trend.

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Daily Technical Report

March 14, 2013

Bank Nifty Outlook - (11778)

Yesterday, Bank Nifty too opened with a downside gap in-line with our benchmark indices. During the opening trade, index opened well below the mentioned support level of 11971.As a result, we observed immense selling in Bank Nifty and the index closed at the lowest point of the session. Similar to our benchmark indices, the 'Stochastic' oscillator in Bank Nifty too has signaled a negative crossover. Moreover, the daily chart too is in a strong lower top lower bottom cycle. Hence, we may witness continuation of yesterday's corrective move if index sustain below yesterday's low of 11754. In this scenario, Bank Nifty may slide towards 11623/ 11458-. On the upside, yesterday's high of 11990 will now act as a resistance for coming trading session.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Target Resistance Levels Bearish below 11754 11623 -11458 11990 Source: Falcon:

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Daily Technical Report

March 14, 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 19,231 5,811 11,605 1,222 186 4,671 1,312 1,841 701 307 193 383 293 380 312 276 1,787 333 2,933 763 796 624 1,645 93 440 1,062 153 2,828 296 346 74 632 1,469 593 901 1,344 145 311 773 108 412 831 414 2,143 160 522 827 292 97 347 1,542 1,886 430 S1 19,297 5,831 11,691 1,236 187 4,731 1,329 1,868 711 312 195 387 295 382 315 278 1,798 336 2,960 771 803 629 1,659 95 444 1,074 154 2,846 299 350 74 641 1,482 597 906 1,359 146 314 781 109 416 838 418 2,161 162 529 832 297 97 350 1,547 1,896 435 PIVOT 19,404 5,862 11,840 1,260 188 4,780 1,354 1,914 726 316 198 393 297 384 319 281 1,810 341 3,002 777 812 638 1,670 97 447 1,094 155 2,868 301 357 76 655 1,497 600 911 1,386 147 319 793 110 420 847 424 2,190 164 540 836 301 98 353 1,553 1,908 440 R1 19,470 5,883 11,927 1,274 189 4,840 1,371 1,941 736 321 200 397 299 386 323 284 1,821 344 3,029 785 818 643 1,685 98 450 1,106 156 2,886 304 361 77 664 1,510 604 916 1,402 148 322 801 110 423 854 428 2,208 166 547 841 306 99 356 1,558 1,918 445 R2 19,578 5,914 12,076 1,299 191 4,890 1,396 1,986 751 326 203 403 301 388 327 287 1,833 348 3,071 791 827 651 1,696 100 453 1,126 157 2,908 306 367 78 677 1,525 607 921 1,429 149 327 813 111 427 864 434 2,236 169 558 845 311 99 359 1,564 1,930 450

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Daily Technical Report

March 14, 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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