Technical Research | January 02, 2012

Daily Technical Report

Sensex (15418) / NIFTY (4624)

Exhibit 1: Nifty Daily Chart

Markets opened with an upside gap on Friday’s session, but

failed to sustain at higher levels due to strong selling

pressure during the second half. Hence, indices closed

almost at the lowest point of the week. On the sectoral

front, Oil & Gas, Realty and Banking sectors were among

the major losers, whereas PSU and Health Care counters

ended with a nominal gain. The advance to decline ratio

was marginally in favor of declining counters. (A=1327

D=1451). (Source -www.bseindia.com)

Formation

• The

20 - day EMA (Exponential Moving Average)

resistance zone is around 16020 - 16070 / 4800 - 4820

levels.

• On the Daily chart, the 61.80% and 78.60% Fibonacci

retracement levels of the rise from 15135 to 16049 / 4531

4801 are at 15485 /

4634 and 15331 /

4589,

Source: Falcon

respectively.

Actionable points:

Trading strategy:

View

Positive Above 4691

The fall seen during the later part of the week, after testing

Expected Targets

4726 - 4758

the 20 - Day EMA, suggests that 16020 - 16070 / 4800 -

Support levels

4609 - 4589 - 4531

4820 levels have now become a significant resistance zone

for the markets. Therefore, the upward momentum is likely

View

Negative Below 4609

to resume only if indices manage to sustain above this

Expected Targets

4589 - 4531

resistance zone. In this case, we may witness a further rally

Resistance levels

4691

towards 16286 - 16421/ 4881 - 4920 levels. At present,

Further, the recent bottom of 15135 / 4531 would act as a

we are observing that indices have closed marginally below

crucial support for the markets. The negative momentum

the 61.80% Fibonacci retracement level of 15485 / 4634.

may reinforce on the violation of this support. In this case,

The next immediate support is at 15331 / 4589, which is

indices may slide towards the next support levels of 14870 -

the 78.60% Fibonacci retracement level.

14400 / 4430 - 4300.

We wish everyone a Happy and Prosperous 2012.

For Private Circulation Only |

Technical Research | January 02, 2012

Bank Nifty Outlook - (7969)

Exhibit 2: Bank Nifty Daily Chart

Bank Nifty opened higher in-line with our benchmark

indices on Friday’s session. As expected and mentioned in

our earlier report, strong selling pressure was seen on the

violation of Thursday’s low of 7986 and index closed

near the lowest point of the day. It is now clear that the

Bank Nifty have tested the 78.60% (7925) Fibonacci

retracement level of the rise from 7766 to 8752. Going

forward, 7925 - 7913 is likely to act as a support zone. A

sustainable move below this support zone may reinforce

selling pressure, which may drag the index to test recent

bottom of 7766. On the upside, 8138 remains to be a

strong resistance in coming trading session. The upside

momentum is likely to resume only if Bank Nifty manages

to sustain above 8138 level. In this case, index is likely to

rally towards 8250 level.

Actionable points:

Source: Falcon

View

Positive Above 8138

Expected Target

8250

Support Level

7913 - 7766

View

Negative Below 7913

Expected Target

7766

Resistance Level

8138

For Private Circulation Only |

Technical Research | January 02, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

15,232

15,343

15,519

15,630

15,806

NIFTY

4,560

4,592

4,641

4,674

4,723

BANKNIFTY

7,810

7,889

8,005

8,084

8,200

ACC

1,116

1,126

1,143

1,153

1,169

AMBUJACEM

152

153

156

158

161

AXISBANK

789

798

813

823

837

BAJAJ-AUTO

1,561

1,576

1,596

1,611

1,632

BHARTIARTL

335

339

343

347

351

BHEL

234

237

239

241

243

BPCL

461

469

477

485

493

CAIRN

301

308

311

318

322

CIPLA

314

317

321

324

329

DLF

177

180

185

188

193

DRREDDY

1,553

1,566

1,577

1,590

1,601

GAIL

372

378

382

387

391

HCLTECH

382

385

388

391

395

HDFC

635

644

656

665

677

HDFCBANK

416

421

428

433

440

HEROMOTOCO

1,873

1,889

1,911

1,927

1,948

HINDALCO

112

114

117

118

121

HINDUNILVR

400

404

409

413

419

ICICIBANK

669

677

688

696

708

IDFC

INFY

2,728

2,748

2,761

2,781

2,795

ITC

199

200

202

203

204

JINDALSTEL

436

445

455

464

475

JPASSOCIAT

KOTAKBANK

414

422

435

443

456

978

986

999

1,008

1,021

M&M

665

673

684

692

703

MARUTI

894

906

923

935

952

NTPC

158

159

161

162

164

ONGC

250

253

258

261

266

PNB

768

774

782

789

796

POWERGRID

100

101

102

RANBAXY

393

399

406

412

419

RCOM

RELCAPITAL

227

231

237

241

247

RELIANCE

669

681

701

713

732

RELINFRA

330

335

344

349

357

RPOWER

SAIL

SBIN

1,580

1,600

1,625

1,644

1,669

SESAGOA

156

160

163

167

170

SIEMENS

631

637

644

650

657

STER

SUNPHARMA

488

493

497

501

505

SUZLON

TATAMOTORS

173

176

180

183

187

TATAPOWER

TATASTEEL

326

331

339

344

352

TCS

1,141

1,151

1,167

1,177

1,193

WIPRO

392

395

399

402

406

Technical Research Team

For Private Circulation Only |

Technical Report

RESEARCH TEAM

Shardul Kulkarni

Head - Technicals

Sameet Chavan

Technical Analyst

Sacchitanand Uttekar

Technical Analyst

Mehul Kothari

Technical Analyst

Ankur Lakhotia

Technical Analyst

For any Queries, Suggestions and Feedback kindly mail to [email protected]

Research Team: 022-3952 6600

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