Systematix

Institutional Research - Technical

Bank Nifty - At Key Support Levels

May 21, 2012 , 2010

Bank Nifty is presently trading at 9400 levels. Confluence of key supports may halt the downside move of Bank Nifty in the coming days. Here are some of the reasons we expect the index to bounce in the coming days. (1) Bank Nifty is presently trading at 61.8% of the retracement of the rally (from 7772 to 11258) and we expect this to be an important support level from where prices can rise. (2) The completion of ABC correction on daily charts where Wave C was equivalent to Wave A indicates that the next move of Bank Nifty will be in upside direction. (3) On weekly charts, Bank Nifty is currently trading at 200-day moving average. This average is of critical importance and Bank Nifty is expected to stop some time at these levels. (4) Looking at these parameters, we expect Bank Nifty to move towards 9850 levels on immediate basis.
Chart 1: Bank Nifty: Retracement Levels

Source: Systematix Institutional Research

Subodh Gupta, CMT subodhgupta@systematixshares.com (+91 22 3029 8261) May 2012
Systematix Research is also available on Bloomberg SSSL <Go> & Thomson Reuters SYSTEMATIX SHARES & STOCKS (I) LTD.

SYSTEMATIX Chart 2: Bank Nifty : Elliot Counts Page 2 5/21/2012JKLHJKLHJated by Institutional Research Source: Systematix Institutional Research Chart 3: Bank Nifty Weekly Chart: On 200 days Moving Average Source: Systematix Institutional Research May 2012 Systematix Research is also available on Bloomberg SSSL <Go> & Thomson Reuters SYSTEMATIX SHARES & STOCKS (I) LTD. 2 .

com vinodbhuwad@systematixshares.com jigarkamdar@systematixshares. The analysts do not hold any position in the subject company’s stock.3029 8000 Sr.com Telephone: + 91-22. have prepared this report based on the data we consider reliable.com monishlotia@systematixshares.com jyotikhatri@systematixshares.com vinodchari@systematixshares. Chennai. We. Mumbai. Each recipient of this document should make an independent valuation of their own in the securities referred to in this report. Any review. has received a mandate from the subject company. 2. is prohibited. Pipes AVP – Banking AVP – IT Sr. as on the date of release. The stock's total return is expected to give negative returns over the next 12 months. Manager Sales Trader Sales Trader AVP– Sales AVP– Sales Page 3 5/21/2012JKLHJKLHJated by Institutional Research For any queries contact us at: Institutional Team Sr. British Hotel Lane. Head Office J.com + 91-22-3029 8091 + 91-22-3029 8291 + 91-22-3029 8181 + 91-22-3029 8267 + 91-22-3029 8261 + 91-22-3029 8180 + 91-22-3029 8252 priyakartik@systematixshares.com harshilshah@systematixshares.com sachinp@systematixshares. Subramaniam Equity Sales Mamta Singh Ridhim Thapar Sales Trading / Dealing Priya Kartik Sachin Parekh Jigar Kamdar Vinod Bhuwad Subodh Gupta Nayan Narnoli Monish Lotia Equity Research RESEARCH ANALYST Sudarshan Narasimhan Vinod Chari Surya Narayan Patra Eric Martins Jyoti Khatri Anurag Purohit Binod Modi Rohit Jain Rahul Agarwal Prateek Khandelwal Harshil Shah SECTOR ALLOCATION AVP .com anuragp@systematixshares.com rahulagarwal@systematixshares. 4. + 91-22-3029 8293 + 91-22-3029 8263 + 91-22-3029 8186 + 91-22-3029 8253 + 91-22-3029 8296 + 91-22-3029 8258 + 91-22-3029 8264 + 91-22-3029 8269 + 91-22-3029 8260 + 91-22-3029 8259 + 91-22-3029 8257 E-mail sudarshan@systematixshares. 809-.com nayan@systematixshares.com prateekk@systematixshares. or its affiliates do not hold any paid up capital in the company SYSTEMATIX SHARES & STOCKS (I) LTD. Systematix Shares & Stocks (I) Ltd. and it may not be relied upon as such. Pin: 400001. 4th Floor.com subodhgupta@systematixshares. The analyst has no recommendation on the stock under review. The stock's total return is expected to be within 0-10% over the next 12 months. 2 Floor. 3.com ridhimt@systematixshares. or any other use of the report and the content within. Manager – Technical Analysis Derivatives Dealer Derivatives Dealer DIRECT Nos.com binodmodi@systematixshares.22-3029 8285 nsubramaniam@systematixshares. Petrochemicals VP . ANALYST DISCLAIMER This document has been prepared by Systematix Shares & Stocks (I) Ltd.. Tel: +91 22 66198000.com Sr. 3 . This document does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. K.com eric@systematixshares.Pharma AVP – Metals & Mining. Besides.SYSTEMATIX N. at Systematix Shares & Stocks (I) Ltd. The stock's total return is expected to be within 10-20% over the next 12 months. Pin: 600010Tel: +91 44 26612184/ 87/ 88Fax: +91 44 26612190 May 2012 Systematix Research is also available on Bloomberg SSSL <Go> & Thomson Reuters SYSTEMATIX SHARES & STOCKS (I) LTD.com rohitj@systematixshares. Disclosure of Interest 1.Real Estate Analyst Associate Associate Stock Ratings BUY (B) ACCUMULATE (A) HOLD (H) SELL (S) NOT RATED (NR) ATTRACTIVE (AT) NEUTRAL (NL) CAUTIOUS (CS) The stock's total return is expected to exceed 20% over the next 12 months. Neither the company nor an affiliate company of Systematix Shares & Stocks (I) Ltd. Poonamalle High Road. Systematix Shares & Stocks (I) Ltd does not in any way be responsible for any loss or damage that may arise to any person due to the content in the report.com suryapatra@systematixshares.Sales Trading Sr. Fundamentals/Valuations of the sector are expected to neither improve nor deteriorate over the next 12-18 months.com +91-22-3029 8092 +91-22-3029 8265 mamtasingh@systematixshares. retransmission. Industry Views Fundamentals/Valuations of the sector are expected to be attractive over the next 12-18 months. The analysts who have prepared the report have in no way received or are expected to receive any compensation from the subject company. This report is the personal information of the authorized recipient and does not construe to be any investment. the data in this document is subject to change without prior notice and is intended only for the person or entity to which it is addressed to and may contain confidential and/or privileged material and is not for any type of circulation. Fundamentals/Valuations of the sector are expected to deteriorate over the next 12-18 months. Kilpauk. but we do not vouch it to be accurate or complete.. legal or taxation advice to you. Fort. VP & Head – Sales & Sales Trading +91. Fax: +91 22 66198029 nd Registered Office EGA Trade Center.Capital Goods AVP . Somani Building. VP & Head of Research –Oil & Gas. Analyst – Cement & Construction Analyst .

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