Daily Technical Report 26th April 2012
S&P CNX NIFTY – Daily Technical Report
26th
April 2012
Source:www.nseindia.com
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Nifty
opened flat yesterday due to divergent opening of Asian markets. Nifty was
flat in the early morning sessions, of lately it started losing momentum due
to S&P downgrading Indian Markets
from Stable to Negative and muted guidance given by
Wipro yesterday. Though Nifty is range bound, it has set its extremes
from 5150-5400 which it finds difficult to either break or cross.
Technically Speaking
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. Stochastic Indicator continues to be in sell mode
as %K is below %D and both the lines are below the center line which gives negative
signals. 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. 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 was negated yesterday and the
impact of Evening star is still on. 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 will come down. Since Nifty negated many candlestick
patterns which was formed last week, 5400 which plays a decisive level will be
difficult for Nifty to cross. We expect that Nifty will be highly volatile
during this week. Today is the expiry for April series and we expect that Nifty
will test 5150 and will close between 5150-5250 levels.
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Stocks to watch out today
ABB,
ACC, AXIS Bank, Cipla, Gail, HDFC ltd, ICICI Bank, JP Associates, NTPC, ONGC,
Power Grid, Punjab National Bank, Reliance Communications, Reliance Power,
Siemens, Wipro.
ABB Daily Chart
Technical Calls for the day
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Sr No.
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Scrip Name
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Call
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CMP
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Target
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Stop loss
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1.
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ABB
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Sell
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782
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765
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790
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2.
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ACC
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Sell
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1194
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1165
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1210
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3.
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PNB
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Sell
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875
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860
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880
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4.
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R Comm
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Sell
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78
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75
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76.5
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5.
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R Power
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Sell
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104
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101
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105.5
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6.
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JP Assoc
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Sell
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73
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70
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74.8
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By: Megh Mody
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