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Daily Technical Report
May 11, 2012
Sensex (16420) / NIFTY (4966)
Yesterday, our Benchmark indices opened on a flatnote and traded with extreme volatility throughout theday to close near the mentioned support level of16423 / 4956. On the sectoral front, Metal, Auto andPower counters were among the major losers whereasOil & Gas, Consumer Durables sectors ended in thepositive territory. The advance to decline ratio wasstrongly in favor of declining counters (A=1239D=1522) (Source –www.bseindia.com)
Formation
The 200-day SMA (Simple Moving Average) and20-day EMA (Exponential Moving Average) havenow shifted to 16949 / 5115 and 17220 / 5225, respectively.
Indices are trading around 61.8% FibonacciRetracement level of the rise from 15135 / 4531(Low on December 20, 2011) to 18524 / 5630(High on February 22, 2012).
We are witnessing positive divergence in “RSI”oscillator on hourly charts.
Trading strategy:
Yesterday during the initial part of the session, ourindices traded above the high of mentioned "InvertedHammer" and "Doji Star" pattern in the Sensex andNifty, respectively. However, selling pressure in thesecond half dragged the indices to test the supportlevel of 16423 / 4956 and negated the bullishimplications of the said candlestick patterns. On thehourly chart, we are witnessing positive divergence inthe “RSI” oscillator, which suggests the probability of aminor pullback. However the Asian markets aretrading with a strong negative bias and thus anegative opening for our markets can be expected.For today’s session we expect the markets to trade inthe range of 16370 / 4950 to 16670 / 5040. Thenegative momentum is likely to resume only on theviolation of yesterday's low at 16370 / 4950. In thiscase, indices may slide further towards 16270 -16165 / 4900 - 4850 levels.
Exhibit 1: Nifty Daily Chart
Source: Falcon
Actionable points:
View Neutral
Resistance Level 5040Support Levels 4950 - 4900
Daily Technical Report
May 11, 2012
www.angelbroking.com2
Bank Nifty Outlook - (9411)
Yesterday, Bank Nifty opened on a flat note in linewith our benchmark indices, faced resistance near thementioned resistance level and managed to closenear the initial opening level. As expected, wewitnessed high volatility during yesterday’s session.We are now witnessing a “Doji” candlestick patternwhich is a sign of indecisiveness prevailing at currentlevels. As a result, we expect the index to trade in arange and with an underlying negative bias. On theupside 9580 – 9700 levels are likely to act asresistance and 9340 - 9270 – 9205 levels are likely toact as support in coming trading session.
Actionable points:
View Neutral
Resistance Levels 9580 – 9700Support Levels 9270 – 9205
Exhibit 2: Bank Nifty Daily Chart
Source: Falcon
www.angelbroking.com3
Daily Technical Report
May 11, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS S2 S1 PIVOT R1 R2
SENSEX 16,195 16,307 16,490 16,602 16,784NIFTY 4,896 4,931 4,985 5,020 5,074BANKNIFTY 9,233 9,322 9,451 9,540 9,669ACC 1,178 1,188 1,207 1,217 1,236AMBUJACEM 142 144 146 148 150ASIANPAINT 3,563 3,609 3,676 3,722 3,789AXISBANK 948 964 980 996 1,012BAJAJ-AUTO 1,458 1,481 1,515 1,538 1,572BANKBARODA 616 629 644 657 672BHARTIARTL 305 307 311 314 317BHEL 213 216 220 223 226BPCL 678 691 699 712 721CAIRN 304 312 318 326 332CIPLA 316 321 326 332 337COALINDIA 313 317 324 328 335DLF 180 183 186 189 192DRREDDY 1,663 1,680 1,698 1,715 1,733GAIL 316 319 322 326 329GRASIM 2,433 2,455 2,478 2,500 2,523HCLTECH 475 483 491 498 506HDFC 641 646 654 660 668HDFCBANK 504 511 517 524 530HEROMOTOCO 1,760 1,802 1,863 1,905 1,965HINDALCO 114 116 118 120 123HINDUNILVR 426 430 435 438 444ICICIBANK 789 802 819 832 849IDFC 113 116 119 122 125INFY 2,288 2,316 2,350 2,379 2,413ITC 233 236 240 243 247JINDALSTEL 432 444 465 477 498JPASSOCIAT 58 59 61 62 64KOTAKBANK 523 532 543 552 563LT 1,128 1,142 1,164 1,178 1,200M&M 640 650 664 674 688MARUTI 1,217 1,240 1,272 1,295 1,328NTPC 145 147 150 153 156ONGC 254 256 259 262 264PNB 731 742 758 770 786POWERGRID 100 101 103 105 107RANBAXY 482 490 503 511 524RELIANCE 680 687 698 705 716RELINFRA 457 466 479 488 501SAIL 87 88 90 92 94SBIN 1,769 1,806 1,869 1,906 1,970SESAGOA 168 172 176 179 183SIEMENS 701 710 719 728 737STER 92 93 96 97 100SUNPHARMA 583 588 596 601 608TATAMOTORS 281 285 291 295 301TATAPOWER 89 93 97 101 104TATASTEEL 406 411 418 423 430TCS 1,216 1,224 1,233 1,241 1,250WIPRO 401 405 410 414 420
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