Daily Technical Report

March 13, 2013

Sensex (19565) / NIFTY (5914)

Yesterday, indices opened on a muted note considering quiet mood across the globe. During the initial hour, indices moved higher but failed to cross Monday's high. Post the announcement of IIP data indices trimmed their early gains and eventually closed well inside the negative territory. During the day, FMCG and Auto counters ended with marginal gains whereas Consumer Durables, power and Realty sector closed in the negative territory. The advance to decline ratio was in favor of declining counters (A=1205 D=1688) (Source www.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 5893 5880 - 5837 5952 - 5971

Trading strategy:
Initially indices moved marginally higher; but strong selling pressure near days high pulled indices lower to break Monday's low of 19603 / 5930. This resulted in confirmation of bearish implication of narrow range body formation mentioned in our earlier report. As expected, we witnessed a corrective move to test 19498 / 5900. Going forward, we are of the opinion that if indices sustain below yesterday's low of 19505 / 5893, then we may witness continuation of corrective move seen during yesterday's session. In this scenario, indices may slide towards 19430 - 19322 / 5880 5837 levels. On the upside, 19754 / 5971 level is likely to act as an important resistance for the day.

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Daily Technical Report

March 13, 2013

Bank Nifty Outlook - (12055)

Yesterday, Bank Nifty opened on a flat note and traded with extreme volatility throughout the session to close with a loss of nearly 1%. However this has not resulted in a major change in the chart structure of the index and thus we reiterate our view that the index is likely to consolidate in the coming sessions. The momentum oscillators on the daily and hourly chart are painting a mixed picture and hence volatility is likely to continue. On the upside 12184 12241 levels are likely to act as resistance and 11971 11912 levels are likely to act as support for the day. Actionable points:
View Resistance levels Support Levels Neutral 12184 - 12241 11971 - 11912

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon:

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Daily Technical Report

March 13, 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 19,397 5,862 11,857 1,247 186 4,702 1,364 1,907 726 309 197 388 288 380 311 277 1,799 341 2,994 759 808 631 1,649 97 435 1,103 151 2,892 293 353 75 659 1,469 592 904 1,388 145 318 791 107 404 838 415 2,161 159 538 811 298 96 347 1,539 1,860 429 S1 19,481 5,888 11,956 1,266 188 4,727 1,375 1,931 733 312 199 393 293 384 315 280 1,808 344 3,014 766 816 638 1,663 98 440 1,113 154 2,905 296 359 76 663 1,485 596 910 1,402 146 322 798 108 411 843 420 2,184 161 545 819 301 97 352 1,550 1,882 434 PIVOT 19,589 5,920 12,070 1,284 190 4,749 1,388 1,960 740 316 202 399 301 390 319 285 1,818 347 3,037 774 827 647 1,687 100 444 1,125 157 2,925 298 364 77 669 1,503 600 920 1,416 149 325 809 109 415 849 427 2,206 164 554 829 305 99 357 1,559 1,901 439 R1 19,673 5,946 12,168 1,303 192 4,774 1,398 1,984 747 319 205 403 306 393 323 288 1,827 349 3,057 781 835 653 1,701 101 449 1,136 160 2,938 301 370 78 674 1,519 604 927 1,431 150 328 816 111 422 854 432 2,229 167 561 838 308 100 361 1,570 1,924 443 R2 19,782 5,978 12,282 1,321 194 4,795 1,412 2,013 753 324 208 409 314 399 328 293 1,838 352 3,079 789 847 662 1,725 103 453 1,148 163 2,958 303 375 79 680 1,537 608 937 1,445 152 332 827 112 426 860 438 2,251 170 570 848 311 103 366 1,579 1,943 448

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Daily Technical Report

March 13, 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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