Technical Research | April 27, 2012

Daily Technical Report Sensex (17131) / NIFTY (5189)

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 yesterdays 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)

Exhibit 1: Nifty Daily Chart

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.
Source: Falcon

Actionable points:
View Resistance levels Support Level Neutral 5236 5311 5135

Trading strategy:
Despite being a derivative expiry, we witnessed a very narrow trading range during yesterdays 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. A move 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.

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Technical Research | April 27, 2012

Bank Nifty Outlook - (10128)

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 been breached 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. Exhibit 2: Bank Nifty Daily Chart

Source: Falcon

Actionable points:
View Resistance Levels Support Levels Neutral 10280 10345 10040 - 9985

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Technical Research | April 27, 2012

Positive Bias:
Positive Above 749 Expected Target 776

Stock Name Reliance Industries

CMP 745.05

5 Day EMA 739.8

20 Day EMA 745.1

Remarks View will change below 733

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Technical Research | April 27, 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 17,027 5,158 10,025 1,182 147 1,064 1,558 299 225 637 324 299 337 177 1,744 311 489 668 532 2,083 112 408 831 117 2,323 242 466 69 554 1,205 692 1,349 157 260 814 105 494 74 727 503 98 95 2,111 181 755 102 582 22 307 98 457 1,150 390 S1 17,079 5,174 10,076 1,201 149 1,076 1,582 304 228 649 331 304 348 179 1,759 317 495 671 536 2,126 114 411 836 118 2,339 246 477 71 568 1,216 698 1,366 159 262 829 107 500 75 736 509 100 96 2,137 183 764 103 590 22 310 100 462 1,172 397 PIVOT 17,136 5,195 10,135 1,213 151 1,087 1,625 310 231 669 340 310 355 184 1,775 328 502 675 543 2,190 118 416 841 121 2,359 248 489 72 577 1,227 706 1,382 163 264 856 109 508 77 743 520 103 98 2,162 186 772 107 595 22 313 104 468 1,187 405 R1 17,188 5,210 10,187 1,231 152 1,098 1,650 315 234 681 346 314 367 186 1,791 334 509 679 547 2,233 120 419 846 122 2,376 251 500 74 592 1,238 712 1,399 165 267 872 110 514 78 752 527 105 100 2,188 188 781 109 602 23 315 106 473 1,210 411 R2 17,245 5,231 10,246 1,243 154 1,110 1,693 322 236 700 355 320 374 191 1,807 345 516 683 554 2,296 123 423 851 125 2,396 253 512 76 601 1,249 720 1,415 168 269 898 112 522 80 758 537 107 102 2,213 191 789 112 607 23 318 109 479 1,224 419

Technical Research Team

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Technical Research | April 27, 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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