Daily Technical Report 2nd May 2012
S&P CNX NIFTY – Daily Technical Report
2nd May 2012
Source:www.nseindia.com
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Nifty
opened in green on Monday due to divergent opening of Asian markets. As
expected Nifty is range bound and closed at 5248. Nifty started gaining more
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
either break or cross. Any news which is unfavorable will drag the markets
down. Weakening of Rupee is a concern now for Indian markets.
Technically Speaking
Stochastic Indicator was in
oversold zone and it 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 Doji which means indecision that means the
effect of Evening Star will only get negated when there is a white candle
which it was formed on Monday. 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 under pattern formation and the support of the
pattern is 5127 & 5095 and the resistance comes to 5280 & 5290. Again
the upper trend line of the falling channel has given a support twice to
Nifty. However tomorrow Nifty is likely to open in Red.
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Stocks to watch out today
ACC,
Ambuja Cement, Axis Bank, Bajaj Auto, Bank of Baroda, Bhel, CESC, HCL tech, HUL, Reliance Infra, Siemens, Sterlite
Inds, Sun Pharma, Pantaloon Retail, Yes Bank.
Daily Chart of Yes Bank
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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ACC
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Sell
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1237
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1190
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1254
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2.
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Yes Bank
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Sell
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349
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335
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355
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3.
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Bajaj Auto
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Buy
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1624
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1668
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1600
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4.
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R. Infra
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Buy
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527
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540
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520
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5.
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Pantaloon Retail
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Buy
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187
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195
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185
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Short Term Positional Calls based on
Technical Analysis (5 – 7 days)
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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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Bank of Baroda
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Sell
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769
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729
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775
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2.
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Sterlite Inds
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Sell
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106
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96
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109
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Comments
Neueon Towers