Technical Research | March 28, 2012

Daily Technical Report Sensex (17257) / NIFTY (5243)

Yesterday, markets opened on optimistic note in-line with strong global bourses. However, indices traded with extreme volatility before eventually managing to close well in the positive territory. On sectoral front, Consumer Durables, FMCG and Realty counters contributed heavily in yesterdays up move, whereas Power sector closed with minor loss. The advance to decline ratio was strongly in favour of declining counters (A=1189 D=1707) (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 17607 / 5350, respectively. The 20-Week EMA is placed at 17150 / 5188 level. The candlestick pattern on the daily chart resembles a
Source: Falcon

Bullish Harami Cross.

Trading strategy:
Yesterday, after opening significantly higher, indices drifted lower during the initial trade. However, strong buying interest emerged at midst of the session pushed indices to close near the 5250 mark. As mentioned above, the candlestick pattern on the daily chart represents a Bullish Harami Cross, which requires confirmation in the form of a close above the 17367 / 5278 mark. Going forward, positive momentum is likely to resume once indices cross yesterday's high of 17367 / 5278. In this case, we are likely to test next resistance levels of 17458 - 17687 / 5312 5386 levels. On the downside, 17008 / 5171 remains to be a strong support in coming trading session.

Actionable points:
View Expected Targets Support Levels Positive Above 5278 5312 5386 5171 5076

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Technical Research | March 28, 2012

Bank Nifty Outlook - (10149)

Yesterday, Bank Nifty opened on an optimistic note and traded with extreme volatility throughout the session to close marginally below the initial opening level. We had mentioned in our previous report that we are witnessing a positive divergence in RSI momentum oscillator on the hourly chart and a possibility of a minor pullback cannot be ruled out. At his juncture we see a Homing Pigeon candlestick pattern on the daily chart which is a sign of reversal. Moreover, the momentum oscillators on the daily chart are in an oversold condition. Thus if the index sustains above yesterdays high of 10247 then it is likely to rally towards 10340 10405. On the downside 10026 9939 levels are likely to act as support in coming trading session. The mentioned pattern will be negated if the index closes below 9967 level. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Target Support Levels Bullish Above 10247 10340 10405 10026 9939
Source: Falcon

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Technical Research | March 28, 2012

Positive Bias:
Positive Above 237 69.3 Expected Target 250 76

Stock Name Biocon Adani Power

CMP 234.1 68.2

5 Day EMA 235.8 67.7

20 Day EMA 251 71.7

Remarks View will change below 230.5 View will change below 65.5

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Technical Research | March 28, 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 16,923 5,142 9,842 1,282 160 1,096 1,632 327 245 651 341 286 321 188 1,648 357 458 648 508 1,962 125 398 836 125 2,799 220 508 77 523 1,257 670 1,229 160 256 885 104 405 85 718 563 117 93 2,059 188 737 108 563 27 262 92 433 1,141 411 S1 17,090 5,193 9,995 1,303 163 1,119 1,647 333 250 659 348 293 326 193 1,665 360 464 658 513 1,986 127 407 857 128 2,838 223 521 79 531 1,280 677 1,251 162 261 905 105 409 86 725 573 118 94 2,094 192 749 110 570 27 267 94 440 1,158 420 PIVOT 17,228 5,235 10,121 1,324 167 1,140 1,665 336 257 670 354 298 330 196 1,676 364 475 665 518 2,013 129 412 873 130 2,871 225 529 82 539 1,301 685 1,281 165 264 922 106 415 87 732 585 120 95 2,133 194 767 111 576 28 271 96 445 1,169 425 R1 17,396 5,286 10,275 1,345 171 1,163 1,680 342 262 678 361 305 335 201 1,692 368 481 674 523 2,037 132 422 894 132 2,909 228 542 84 547 1,324 693 1,303 167 269 942 107 419 88 738 594 122 96 2,168 198 779 113 582 28 277 98 452 1,186 433 R2 17,534 5,329 10,401 1,366 175 1,184 1,698 345 268 688 367 310 340 203 1,703 372 491 681 527 2,064 134 427 909 134 2,942 230 550 86 555 1,345 701 1,333 170 273 959 108 426 89 745 607 124 96 2,207 200 797 115 589 28 281 100 457 1,196 438

Technical Research Team

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Technical Research | March 28, 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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