Daily Technical Report 3rd May 2012
S&P CNX NIFTY – Daily Technical Report
3rd
May 2012
Source: NSE
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Nifty
opened in green yesterday due to positive opening of Asian markets. Nifty
could not cross the resistance levels 5280-5290 but respected it. 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.
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 Evening Star yesterday, a black candle with a
large body will give a confirmation of the 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 under pattern formation and the support of the
pattern is 5127 & 5095 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 open and close in Red.
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Stocks to watch out today
ACC,
Ambuja Cement, Axis Bank, Bajaj Auto, Bank of Baroda, BPCL, Bhel, CESC, HCL tech, HUL, ICICI Bank, NTPC, Reliance
Infra, Siemens, Sterlite Inds, Sun Pharma, Pantaloon Retail, Yes Bank, VIP
Daily Chart of NTPC
Short Term Calls based on Technical Analysis
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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NTPC
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Sell
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159.85
|
150
|
166
|
2.
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ONGC
|
Sell
|
267.5
|
260
|
271
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3.
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Century Tex
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Sell
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315.55
|
298
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327
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4.
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VIP
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Sell
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93.00
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85
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100
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5.
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BGR Energy
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Sell
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334.05
|
315
|
343
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