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Daily Tech Report Daily Technical Report by mnmgroup

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									Daily Technical Report
May 07, 2012




                                                          Exhibit 1: Nifty Daily Chart
Sensex (16831) / NIFTY (5087)
On Friday, our benchmark indices opened with a
downside gap and traded with negative bias
throughout the day to close with a loss of almost 2%.
Indices have broken the major support level of 16920
/5135 and have closed below the same, which is sign
of further weakness. On sectoral front, most of the
sectors contributed in Friday’s selloff, where Capital
Goods, Banking and Metal counter were among the
major losers. The advance to decline ratio was
strongly in favor of declining counters (A=744
D=2070) (Source –www.bseindia.com)


Formation

    The 200-day SMA (Simple Moving Average) and          Source: Falcon
     20-day EMA (Exponential Moving Average) have
     now shifted to 17100 / 5120 and 17220 /
     5225, respectively.
    The ‘20-Week EMA’ is placed at 17200 / 5200
     level.
                                                          Actionable points:
    We are now witnessing a negative crossover in
                                                           View                                     Bearish
     weekly ‘5 & 20 EMA’.
                                                           Support Levels                         5000 - 4950
    We are observing a continuation pattern which         Resistance Levels                      5110 – 5165
     resembles a ‘Falling Wedge’.
    Indices have now tested 16830 / 5080 which is
     the 50% Fibonacci Retracement level of the rise      However it must be noted that at present markets are
     from 15135 / 4531 (Low on December 23,               hovering around the 50% Fibonacci Retracement
     2011) to 18524 / 5630 (High on February,             level of the steep rise from 15135 / 4531 to 18524 /
     2012).                                               5630. The mentioned level is at 16830 / 5080 and
                                                          considered as a decent technical support. In addition,
Trading strategy:                                         we are observing that markets are moving in a
We have been mentioning a trading range of 17530          continuation pattern called as ‘Falling Wedge’ (Refer
to 16920 / 5345 to 5135 in the last couple of reports.    Exhibit 1). The break out from the said pattern will
Markets have now closed below ‘200-day SMA’ and           be confirmed only if indices close above the upper
’20-week EMA’ level on account of selling on Friday’s     trend line level of 17300 / 5230. This may boost the
session. We are now observing a negative crossover        buying interest among market participants and
in weekly ‘5 & 20 EMA’. The impact of this technical      eventually indices may rally higher to test 17530 –
signal would be witnessed if indices sustain below        17664 – 17871 / 5342 – 5380 – 5445 levels.
Friday’s low of 16776 / 5080. In this scenario, selling   Market participants are advised to take positions post
                                                          clarification of the GAAR issue as it would have a
pressure may persist and indices are likely to drift
                                                          significant impact on trader sentiment.
lower to test 16600 – 16430 / 5000 – 4950 levels.




www.angelbroking.com                                                                                            1
Daily Technical Report
May 07, 2012




Bank Nifty Outlook - (9802)                             Exhibit 2: Bank Nifty Daily Chart
On Friday, Bank Nifty for the second consecutive
session opened with a downside gap in line with our
benchmark indices and selling pressure was seen
throughout the day. At this juncture, index has taken
support near it “200 – day SMA” which coincides with
the trend line support formed by joining the lows of
March 7th, 2012 and March 29th, 2012. However,
we are witnessing a confirmation of “Lower Top and
Lower Bottom” formation on daily chart. Going
forward a breach and close below the “200 – day
SMA” will result in further selling pressure and the
index may test 9579 level. On the upside 10000 –
10070 are likely to act as resistance in coming
trading session.
                                                        Source: Falcon

Actionable points:
 View                                     Neutral       Positive Bias:
                                                        Stock                    Positive   Expected
 Resistance Levels                     10000 –10070                       CMP                          Remarks
                                                        Name                      Above       Target
 Support Levels                         9699 –9579                                                     View will be
                                                        CIPLA             326       330         358
                                                                                                       negated below 315




                                                        Negative Bias:
                                                        Stock                    Negative   Expected
                                                                          CMP                          Remarks
                                                        Name                     Below        Target
                                                        Ambuja                                         View will be
                                                                         142.3    141           130
                                                        Cement                                         negated above 146




www.angelbroking.com                                                                                                       2
Daily Technical Report
May 07, 2012

  Daily Pivot Levels for Nifty 50 Stocks
  SCRIPS                             S2       S1       PIVOT    R1       R2
   SENSEX                            16,565   16,698   16,910   17,043   17,254
   NIFTY                             5,005    5,046    5,112    5,153    5,218
   BANKNIFTY                         9,565    9,684    9,876    9,995    10,187
   ACC                               1,184    1,196    1,209    1,221    1,234
   AMBUJACEM                         138      140      143      145      148
   ASIANPAINT                        3,545    3,580    3,615    3,650    3,685
   AXISBANK                          968      989      1,020    1,040    1,071
   BAJAJ-AUTO                        1,451    1,477    1,518    1,544    1,585
   BANKBARODA                        644      666      703      724      762
   BHARTIARTL                        307      309      312      315      318
   BHEL                              203      208      217      223      232
   BPCL                              635      643      656      665      678
   CAIRN                             321      327      337      343      353
   CIPLA                             314      320      325      331      335
   COALINDIA                         322      326      332      336      343
   DLF                               175      179      182      186      189
   DRREDDY                           1,721    1,734    1,748    1,762    1,776
   GAIL                              310      316      321      326      331
   GRASIM                            2,359    2,388    2,432    2,461    2,505
   HCLTECH                           501      507      515      521      528
   HDFC                              650      655      663      668      675
   HDFCBANK                          523      530      542      549      561
   HEROMOTOCO                        1,909    1,943    2,000    2,034    2,091
   HINDALCO                          112      114      116      118      121
   HINDUNILVR                        428      431      435      438      441
   ICICIBANK                         796      815      834      853      872
   IDFC                              110      112      114      117      119
   INFY                              2,380    2,411    2,454    2,486    2,529
   ITC                               233      235      240      243      248
   JINDALSTEL                        463      474      487      498      510
   JPASSOCIAT                        69       70       71       72       73
   KOTAKBANK                         548      556      567      575      586
   LT                                1,096    1,122    1,158    1,183    1,219
   M&M                               670      678      690      699      711
   MARUTI                            1,247    1,264    1,278    1,295    1,308
   NTPC                              152      153      156      157      160
   ONGC                              252      256      262      266      272
   PNB                               767      785      814      833      861
   POWERGRID                         105      106      107      108      110
   RANBAXY                           489      494      500      505      511
   RELIANCE                          711      719      729      737      747
   RELINFRA                          477      486      500      508      522
   SAIL                              90       92       94       96       98
   SBIN                              1,934    1,965    2,017    2,048    2,100
   SESAGOA                           176      178      183      185      189
   SIEMENS                           730      740      755      764      779
   STER                              98       100      102      103      105
   SUNPHARMA                         591      596      602      607      613
   TATAMOTORS                        292      297      300      305      309
   TATAPOWER                         97       99       100      102      103
   TATASTEEL                         418      425      436      443      453
   TCS                               1,246    1,261    1,278    1,294    1,311
   WIPRO                             407      411      415      419      424




www.angelbroking.com                                                              3
Daily Technical Report
May 07, 2012


Research Team Tel: 022 - 39357800                  E-mail: research@angelbroking.com                     Website: www.angelbroking.com

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Research Team
Shardul Kulkarni            -         Head – Technicals
Sameet Chavan               -         Technical Analyst
Sacchitanand Uttekar        -         Technical Analyst
Mehul Kothari               -         Technical Analyst
Ankur Lakhotia              -         Technical Analyst

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www.angelbroking.com                                                                                                                      4

								
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