Daily Technical Report 25th April 2012

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S&P CNX NIFTY – Daily Technical Report
 25th April 2012
Indices
Close
% Chg.
BSE Sensex
17207
0.65
CNX Nifty
5222
0.42
India Vix
19.25
-10.75

Moving Averages CNX NIFTY
20 EMA
5309
Negative
50 SMA
5333
Negative
100 SMA
5121
Positive
200 SMA
5132
Positive

Nifty Technical Levels
Levels
1
2
3
Resistance
5264
5356
5438
Support
5161
5140
5081

Nifty Pivot Points for Intraday
Levels
1
2
3
Resistance
5243
5263
5295
Support
5191
5159
5139

F&O Contracts Traded Nifty

24/4/12
23/4/12

Index Fut.
643439
545708

Stock Fut.
1012629
734508

Index Opt.
3753825
4612346

Stock Opt.
244077
247737


Advances/Declines
Advances
566
Declines
681
Unchanged
56
Total
1303

Source:www.nseindia.com
 Nifty opened flat yesterday due to divergent opening of Asian markets. Nifty was highly volatile in the early morning sessions, of lately it started gaining momentum due to positive opening of European markets. Though Nifty is range bound, it has set its extremes from 5150-5400 which it finds difficult to cross either side.

Technically Speaking

           MACD has given a whipsaw on 18th April 2012 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. Stochastic Indicator continues to be in sell mode as %K is below %D as both the lines are below the center line. 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 are moving sideways. OBV is moving sideways without crossing the previous top thus indicating negative signals. 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 has cut 50/day SMA from above which gives negative signals.  Volumes were reasonably good as compared to last two trading sessions. According to Japanese candlestick Nifty on daily charts has made Bullish Harami pattern, which is a Bullish Reversal pattern. A white candle today will give a confirmation. On the weekly charts, Nifty has formed a Bullish Engulfing pattern, which is a Bullish Reversal pattern             
             From the above indicators it expected that Nifty has to come down. Since Nifty has negated many candlestick patterns last week, 5400 which plays a decisive level will be difficult for Nifty to cross. On Balance Volume (OBV) which is the lead indicator has not crossed the previous top. However we expect that Nifty will be highly volatile during this week. Today Nifty will open in green.







Stocks to watch out today
Ambuja Cements, Axis Bank, DLF, Dr. Reddy’s Lab, Grasim, HCL Technologies, HDFC Bank, IDFC, Idea, JP Assoc, Jindal steel Power, Kotak Mahindra Bank, L&T, Power Grid, Ranbaxy Labs. Wipro.


RANBAXY LABS Daily chart

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