CNX S&P Nifty Technical Picture

Nifty                                              Intraday            Short Term

Trend                                        Rangebound                   Down

Trend Reversal                                                               5350

Support                                       5080-5050                     4950

Resistance                                   5155-5180                     5350

20 Days SMA                                                                 5224

200 days SMA                                                                5115

Nifty Future

CMP :                          5125.95

Comment :                    Future premium up from 11 points to

12.

Bounces from lower levels near the Green Line shown.

Reverse if holds around 5100.

Sell in the range of

May 8, 2012

Sensex:  We said, "weakness below support line could open further downsides." Index gapped down below grey line. However, down 317 pts initially, it recovered a hefty 430 pts on FM's GAAR clarifications, and ended 82 points higher. Cap. Goods Index recovered the most, by 3.8%, and A/D ratio turned positive 2:1 by the end.

The action formed a Thrusting Line Bull candle, the high of which is re-
testing the previous support area near 17K. With lower low but higher close, the action can prove to be an Upward Bar Reversal provided it strengthens further above 16950-17000. In any other case, it can turn volatile or lackluster again. Watch accordingly.

Exhibit 1: Sensex daily candlestick chart

Exhibit 2: Nifty Future daily candlestick Chart

CNX S&P Nifty Technical Picture

Nifty                                              Intraday            Short Term

Trend                                        Rangebound                   Down

Trend Reversal                                                               5350

Support                                       5080-5050                     4950

Resistance                                   5155-5180                     5350

20 Days SMA                                                                 5224

200 days SMA                                                                5115

Nifty Future

CMP :                          5125.95

Comment :                    Future premium up from 11 points to

12.

Bounces from lower levels near the Green Line shown.

Reverse if holds around 5100.

Sell in the range of

May 8, 2012

Sensex:  We said, "weakness below support line could open further downsides." Index gapped down below grey line. However, down 317 pts initially, it recovered a hefty 430 pts on FM's GAAR clarifications, and ended 82 points higher. Cap. Goods Index recovered the most, by 3.8%, and A/D ratio turned positive 2:1 by the end.

The action formed a Thrusting Line Bull candle, the high of which is re-
testing the previous support area near 17K. With lower low but higher close, the action can prove to be an Upward Bar Reversal provided it strengthens further above 16950-17000. In any other case, it can turn volatile or lackluster again. Watch accordingly.

Exhibit 1: Sensex daily candlestick chart

Exhibit 2: Nifty Future daily candlestick Chart

CNX S&P Nifty Technical Picture

Nifty                                              Intraday            Short Term

Trend                                        Rangebound                   Down

Trend Reversal                                                               5350

Support                                       5080-5050                     4950

Resistance                                   5155-5180                     5350

20 Days SMA                                                                 5224

200 days SMA                                                                5115

Nifty Future

CMP :                          5125.95

Comment :                    Future premium up from 11 points to

12.

Bounces from lower levels near the Green Line shown.

Reverse if holds around 5100.

Sell in the range of

May 8, 2012

Sensex:  We said, "weakness below support line could open further downsides." Index gapped down below grey line. However, down 317 pts initially, it recovered a hefty 430 pts on FM's GAAR clarifications, and ended 82 points higher. Cap. Goods Index recovered the most, by 3.8%, and A/D ratio turned positive 2:1 by the end.

The action formed a Thrusting Line Bull candle, the high of which is re-
testing the previous support area near 17K. With lower low but higher close, the action can prove to be an Upward Bar Reversal provided it strengthens further above 16950-17000. In any other case, it can turn volatile or lackluster again. Watch accordingly.

Exhibit 1: Sensex daily candlestick chart

Exhibit 2: Nifty Future daily candlestick Chart