Daily Technical Report 4th May 2012


S&P CNX NIFTY – Daily Technical Report
  4th May 2012
Indices
Close
% Chg.
BSE Sensex
17151
-0.87
CNX Nifty
5188
-0.97
India Vix
19.25
3.82

Moving Averages CNX NIFTY
20 EMA
5271
Negative
50 SMA
5295
Negative
100 SMA
5142
Positive
200 SMA
5118
Positive

Nifty Technical Levels
Levels
1
2
3
Resistance
5251
5290
5322
Support
5127
5090
5078

Nifty Pivot Points for Intraday
Levels
1
2
3
Resistance
5210
5232
5246
Support
5173
5158
5136

F&O Contracts Traded Nifty

03/5/2012
02/5/2012
% Chg
Index Fut.
387927
317064
18.26
Stock Fut.
419266
379845
9.40
Index Opt.
2159141
1824092
15.51
Stock Opt.
141776
118062
16.72

Advances/Declines
Advances
359
Declines
936
Unchanged
41
Total
1336

Nifty FUT Open Interest Table
Date
OI
OI % Chg
02/5/2012
19670000
-0.66
03/5/2012
19278450
1.03

Source: NSE
Nifty opened in Red yesterday due to negative opening of Asian markets. Nifty will slip down further and test 100 day moving average which is placed at 5142. Nifty now will swing between 5290 on the upper side and 5090 on the lower side. Any news which is unfavorable will drag the markets down. Weakening of Rupee is a concern now for Indian markets. Today it reached at 53 and will reach to 56 gradually*.

Technically Speaking
            Stochastic Indicator is in buy mode as %K is above %D, but both the lines are below the center line.          
            MACD had given a sell signal as 26 EMA and 12 EMA are placed below 9EMA moving averages which gives negative signals. Money Flow continues to decline which indicates that money is flowing out of the index. RSI continues to be in sell mode which indicates that strength of the Index is weak. ADX clearly indicates that Index is trendless. -DI line is placed above +DI lines and they are moving sideways. OBV is moving sideways without crossing the previous top made on February thus indicating negative signals. Daryl Guppy has given a fresh sell signal last week after November 2011. Nifty is quoting below 20-day EMA and 50-day SMA but it is above 100-day SMA & 200-day SMA. 20-day EMA has given a bearish crossover as it is placed below 50-day SMA.  Volumes were reasonably good.
           According to Japanese candlestick Nifty on daily charts has made Evening Star on 2nd May 2012, a black candle with a large body will give a confirmation which it gave yesterday confirms for a trend reversal. On the weekly charts, Nifty has formed a Bullish Engulfing pattern, but that pattern was negated as there was no confirmation last week. Nifty on weekly charts still show down trend.
             From the above indicators it is expected that Nifty will come down because Nifty is range bound and it is consolidating. Nifty is likely to test 5142 & 5118 on the down side and the resistance comes to 5280 & 5290 and it will swing like a pendulum within this range. Again the upper trend line of the falling channel has given a support twice to Nifty. However it is expected that today Nifty will be range bound between 5250-5150 .


Stocks to watch out today
ACC, Ambuja Cement, Axis Bank, Bajaj Auto, Bank of Baroda, BPCL,  Bhel, CESC,  HCL tech, HUL, ICICI Bank, IDFC, NTPC, NCC, Reliance Infra, Siemens, Sterlite Inds, Sun Pharma, Pantaloon Retail, Yes Bank, VIP.
Daily Chart of NCC Ltd

Short Term Calls based on Technical Analysis
Sr No.
Scrip Name
Call
CMP
Target
Stop Loss
1.
NCC
Sell
43.6
35
46.5
2.
ICICI Bank
Sell
857
820
870
3.
IDFC
Sell
117
106
124
4.
Siemens
Sell
765.55
745
782

Short Term Calls Target Achieved
Sr No.
Date
Scrip Name
Call
CMP
Target
Stop Loss
Target Achieved
Date
1.
2/5/2012
Bank Baroda
Sell
769
729
775
729
3/5/2012
2.
3/5/2012
VIP
Sell
93
85
100
85
3/5/2012

Comments

Phani Kumar said…
Hey, thanks for the information. your post s are informative and useful.
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