Daily Technical Report 4th May 2012
S&P CNX NIFTY – Daily Technical Report
4th
May 2012
Source: NSE
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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 .
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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, 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
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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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NCC
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Sell
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43.6
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35
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46.5
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2.
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ICICI Bank
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Sell
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857
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820
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870
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3.
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IDFC
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Sell
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117
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106
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124
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4.
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Siemens
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Sell
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765.55
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745
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782
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Short Term Calls Target Achieved
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Sr No.
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Date
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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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Target Achieved
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Date
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1.
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2/5/2012
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Bank 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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729
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3/5/2012
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2.
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3/5/2012
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VIP
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Sell
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93
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85
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100
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85
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3/5/2012
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Comments
GDP growth