Technical Research | January 04, 2012

Daily Technical Report

Sensex (15939) / NIFTY (4765)

Exhibit 1: Nifty Daily Chart

Yesterday, markets opened with a decent upside gap on the

back of strong global cues. The positive momentum

continued throughout the day and indices registered a

massive 3% intraday rally. On the sectoral front, Metal,

Capital Goods, Realty and Banking sectors contributed

heavily in yesterday’s rally. There was no sector in the

negative territory. The advance to decline ratio was strongly

in favor of gaining counters. (A=1863 D=860). (Source -

www.bseindia.com)

Formation

• The 20 day EMA has now shifted to 15839 / 4743

level.

• On the Daily chart, we are witnessing a positive

crossover in momentum oscialltors viz., the RSI and the

Stochastic. Also, “3 & 8” EMA and ADX (9) indicator has

Source: Falcon

given a positive crossover.

Actionable points:

Trading strategy:

View

Positive Above 4820

As mentioned in our yesterday’s report, indices opened

Expected Targets

4881 - 4920

firmly above the high of the “Dragon Fly Doji” candlestick

Support levels

4675 - 4645

pattern and the bullish implication was clearly seen. As a

result, indices closed well above the 20 day EMA which is

now placed at 15839 / 4743 level. We are now observing

a positive crossover in few technical indicators, such as, RSI,

Stochastic, 3 & 8 EMA and ADX (9). Looking at these

technical tools and yesterday’s strong closing above 20 day

EMA, the possibility of breaking strong resistance zone of

16020 - 16070 / 4800 - 4820 is significantly high. The

closing above

16070

4820 would also lead to a

confirmation of “Higher Top Higher Bottom” formation on

the daily chart. Therefore, we advise traders to trade with a

positive bias if indices manage to sustain above 16070 /

4820 level. In this case, indices are likely to rally towards

16286 - 16421/ 4881 - 4920 levels. On the downside,

15640 - 15542 / 4675 - 4645 levels may act as support in

coming trading sessions.

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Technical Research | January 04, 2012

Bank Nifty Outlook - (8340)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened with an upside gap in line

with our benchmark indices and continued to move

higher to close near the highest point of the day. The

index ended with 4.32% gains and above 8300 mark.

Bank Nifty opened well above the “Hammer” (8028)

mentioned in our previous report and surpassed all the

intermediate resistances to test the “20 Day EMA” placed

near

8330 level. On the Daily chart, we are now

witnessing a positive crossover in momentum oscillators

viz. “RSI” and “Stochastic”, which suggest momentum on

the upside is likely to continue. Going forward, Bank Nifty

may test 8450 - 8600 levels once it crosses 8356 level.

On the downside, 8180 - 8130 levels may now act as a

strong support as these are the 38.2% and 50% Fibonacci

retracement levels of the entire rise from 7888 - 8356

respectively.

Actionable points:

View

Positive Above 8356

Expected Target

8450 - 8600

Source: Falcon

Support Level

8180 - 8130

For Private Circulation Only |

Technical Research | January 04, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

15,520

15,730

15,850

16,060

16,180

NIFTY

4,641

4,703

4,738

4,800

4,835

BANKNIFTY

7,973

8,157

8,256

8,440

8,540

ACC

1,109

1,126

1,143

1,160

1,176

AMBUJACEM

150

152

156

158

162

AXISBANK

789

814

828

852

866

BAJAJ-AUTO

1,429

1,462

1,483

1,515

1,536

BHARTIARTL

340

349

355

364

370

BHEL

234

241

246

253

259

BPCL

460

467

472

478

483

CAIRN

313

321

326

334

339

CIPLA

319

324

327

331

334

DLF

178

185

189

195

199

DRREDDY

1,562

1,584

1,598

1,620

1,634

GAIL

383

388

391

396

399

HCLTECH

392

398

402

407

411

HDFC

650

658

663

671

676

HDFCBANK

426

432

437

443

448

HEROMOTOCO

1,754

1,791

1,838

1,875

1,922

HINDALCO

112

114

115

117

118

HINDUNILVR

402

405

408

411

415

ICICIBANK

696

711

720

735

744

IDFC

INFY

2,790

2,827

2,857

2,894

2,924

ITC

198

199

200

202

203

JINDALSTEL

451

469

481

499

511

JPASSOCIAT

KOTAKBANK

415

432

443

461

471

1,004

1,032

1,049

1,077

1,093

M&M

642

653

667

678

691

MARUTI

930

941

953

965

976

NTPC

157

159

160

162

163

ONGC

258

260

262

265

267

PNB

759

781

793

815

827

POWERGRID

100

101

102

RANBAXY

410

418

423

431

436

RCOM

RELCAPITAL

230

239

245

254

259

RELIANCE

704

714

721

731

737

RELINFRA

331

342

348

358

364

RPOWER

SAIL

SBIN

1,619

1,662

1,686

1,729

1,753

SESAGOA

154

159

162

166

169

SIEMENS

629

648

659

678

689

STER

SUNPHARMA

493

496

499

502

504

SUZLON

TATAMOTORS

183

189

192

197

200

TATAPOWER

TATASTEEL

337

349

357

369

376

TCS

1,166

1,182

1,196

1,212

1,226

WIPRO

395

406

412

422

428

Technical Research Team

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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

Website: www.angelbroking.com

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