Technical Research | February 02, 2012
Daily Technical Report
Sensex (17301) / NIFTY (5236)
Exhibit 1: Nifty Daily Chart
Yesterday, markets opened on a flat note and drifted
towards the hourly 20 EMA during the first half. However,
strong buying emerged near this level which pushed indices
significantly higher to close almost at the highest point of
the day. On the sectoral front, Metal, Capital Goods and
Auto counters were among the major gainers, whereas
Consumer Durables ended on a losing side. The advance to
decline ratio was strongly in favor of advancing counters.
Formation:
• The 200-day SMA is now placed at 17300 / 5200 level.
• The “20-day EMA” has now shifted to 16630 / 5000
level.
• The “RSI Smoothened” oscillator is in overbought zone
but has not given any negative crossover.
Source: Falcon
Trading strategy:
Actionable points:
View
Neutral
After a quiet opening, indices rallied sharply in the latter
Resistance levels
5245 - 5326 - 5400
half of the session to close almost at the highest point of the
Support level
5159 - 5120
day. Going forward, we reiterate our view that if indices
manage to sustain above yesterday’s high of 17327 / 5245
level, then they are likely to rally towards the next resistance
zone of 17702 - 17908 / 5326 - 5400. On the other
hand, 17061 - 16965 / 5159 - 5120 levels may act as
support in coming trading sessions. On the Daily chart, the
“RSI Smoothened” oscillator is in overbought zone and
indicates that the market looks over stretched at current
levels. Traders are advised to stick to their stock specific
approach and follow strict stop losses.
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1
Technical Research | February 02, 2012
Bank Nifty Outlook - (9949)
Exhibit 2: Bank Nifty Daily Chart
In yesterday’s session, Bank Nifty opened on a flat note and
traded with extreme volatility to close near the initial opening
level. The index faced resistance near the mentioned
resistance level of 9970 and has formed a “Bearish Dragon
Fly” doji. This is a reversal pattern but requires confirmation
in the form of closing below the low of the doji (9762). We
reiterate our view that
9970
-
10080 levels are stiff
resistance for the index and we may witness some
consolidation or minor correction near these levels. The said
pattern will be negated only if Bank Nifty manages to close
above 9970 level. On the downside 9762 - 9700 levels are
likely to act as support in coming trading session.
Actionable points:
View
Neutral
Resistance Levels
9970 - 10080
Support Levels
9762 - 9700
Source: Falcon
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2
Technical Research | February 02, 2012
Positive Bias:
Expected
Stock Name
CMP
5 Day EMA
20 Day EMA
Remarks
Target
Dish Tv
64.85
62.6
61.5
70
View will change below 62.3
Tata Power
110.1
106.1
100.7
116.5
View will change below 104.7
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3
Technical Research | February 02, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
16,964
17,132
17,230
17,398
17,495
NIFTY
5,128
5,182
5,213
5,267
5,299
BANKNIFTY
9,687
9,818
9,893
10,024
10,098
ACC
1,175
1,189
1,201
1,215
1,227
AMBUJACEM
156
160
163
166
169
AXISBANK
1,039
1,064
1,078
1,103
1,117
BAJAJ-AUTO
1,557
1,584
1,612
1,639
1,667
BHARTIARTL
353
357
361
365
369
BHEL
243
249
253
259
263
BPCL
545
553
564
572
584
CAIRN
337
342
345
350
353
CIPLA
343
346
350
353
358
DLF
309
313
320
324
331
DRREDDY
205
211
216
222
226
GAIL
1,649
1,663
1,681
1,694
1,712
HCLTECH
366
371
375
380
384
HDFC
427
433
437
442
446
HDFCBANK
675
682
687
694
699
HEROMOTOCO
474
486
493
504
511
HINDALCO
1,835
1,884
1,914
1,963
1,994
HINDUNILVR
141
147
150
157
160
ICICIBANK
374
379
383
388
392
IDFC
860
875
893
908
925
INFY
129
133
136
141
144
ITC
2,676
2,710
2,729
2,762
2,781
JINDALSTEL
199
200
202
203
205
JPASSOCIAT
529
552
566
589
602
KOTAKBANK
67
70
72
75
76
LT
485
498
505
518
525
M&M
1,275
1,310
1,329
1,364
1,383
MARUTI
661
675
687
701
714
NTPC
1,164
1,190
1,208
1,234
1,252
ONGC
168
169
172
173
175
PNB
266
269
272
275
278
POWERGRID
920
938
951
969
982
RANBAXY
102
102
103
104
105
RCOM
437
441
446
451
456
RELCAPITAL
97
99
100
102
103
RELIANCE
809
820
827
838
845
RELINFRA
526
538
545
558
565
RPOWER
97
100
101
103
105
SAIL
99
102
104
107
109
SBIN
2,024
2,051
2,070
2,097
2,115
SESAGOA
206
214
219
227
231
SIEMENS
705
718
727
740
749
STER
111
115
118
122
125
SUNPHARMA
537
543
550
556
563
SUZLON
27
28
29
30
31
TATAMOTORS
239
244
248
252
256
TATAPOWER
102
106
108
113
115
TATASTEEL
442
457
465
480
488
TCS
1,097
1,113
1,124
1,140
1,151
WIPRO
408
410
412
414
417
Technical Research Team
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4
Technical Report
RESEARCH TEAM
Shardul Kulkarni
Head - Technicals
Sameet Chavan
Technical Analyst
Sacchitanand Uttekar
Technical Analyst
Mehul Kothari
Technical Analyst
Ankur Lakhotia
Technical Analyst
Research Team: 022-3952 6600
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