Technical Research | January 05, 2012

Daily Technical Report

Sensex (15883) / NIFTY (4750)

Exhibit 1: Nifty Daily Chart

Yesterday, markets opened marginally higher and traded

with extreme volatility as they were nearing strong resistance

zone of 16020 - 16070 / 4800 - 4820. As a result,

indices ended with a nominal loss. On the sectoral front,

PSU, Capital Goods and Banking sectors were among the

major gainers, whereas Auto and Teck counters ended on a

losing side. The advance to decline ratio was in favor of

gaining counters. (A=1499 D=1200).

(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 oscillator’s 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

After a quiet opening, indices traded in a narrow range

Expected Targets

4881 - 4920

Support levels

4725 - 4675

throughout the day. The bulls appeared to be skeptical

while approaching the mentioned resistance zone of 16020

- 16070 / 4800 - 4820. These levels acted as a stiff

resistance during yesterday’s session and a strong selling

pressure near day’s high dragged indices to close

marginally in the negative territory. Going forward, we

reiterate that only a sustainable move above 16070 / 4820

would reinforce a positive momentum. A possibility of this

scenario cannot be ruled out as the positive crossover

observed in RSI, Stochastic, 3 & 8 EMA and ADX (9) is still

intact. Therefore, a move beyond 16070 / 4820 level may

push indices higher to test 16286 - 16421/ 4881 - 4920

levels. On the downside, immediate support levels are at

15810 - 15640 / 4725 - 4675.

For Private Circulation Only |

Technical Research | January 05, 2012

Bank Nifty Outlook - (8340)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, similar to the benchmark indices, Bank Nifty

too opened on a flat note and traded in narrow range

throughout the session to close near the initial opening

level. The index has managed to give a close above the

“20 EMA” which is a sign of strength. The positive

crossover of momentum oscillators “RSI and Stochastic” is

still intact. Therefore, if Bank Nifty sustains above

yesterday’s high of 8453, then it is likely to test the

resistance zone of 8580 - 8604. We may witness some

consolidation near to these levels. On the downside 8294

- 8235 levels are likely to act as support in coming

trading session.

Actionable points:

View

Positive Above 8453

Expected Target

8580 - 8604

Support Level

8294 - 8235

Source: Falcon

Stock Recommendations:

Exhibit 3: BPCL (JAN FUT)

Stock - BPCL (JAN FUT)

Action - Buy

Last close

` 473.65

Buy Above

` 477

Stop Loss

` 470.50

Target

` 492

Justification - On the Daily chart, the stock has taken a

support near a downward sloping trend line joining the two

significant bottoms of ` 595 and ` 484.5. Also on the

hourly chart, all the technical evidences suggest a chance of

further upside. Hence, we advise buying the stock ONLY

above ` 477 for a target of ` 492 in coming 2- 3 trading

sessions.

Source: Falcon

For Private Circulation Only |

Technical Research | January 05, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

15,721

15,802

15,903

15,984

16,086

NIFTY

4,700

4,725

4,754

4,779

4,808

BANKNIFTY

8,226

8,317

8,385

8,476

8,544

ACC

1,066

1,085

1,112

1,132

1,159

AMBUJACEM

144

147

152

155

160

AXISBANK

821

835

845

859

869

BAJAJ-AUTO

1,361

1,393

1,447

1,479

1,532

BHARTIARTL

338

342

350

354

361

BHEL

245

249

254

258

263

BPCL

455

463

469

477

482

CAIRN

316

321

327

332

337

CIPLA

323

327

329

334

336

DLF

182

185

188

191

194

DRREDDY

1,565

1,578

1,592

1,605

1,619

GAIL

383

389

394

399

405

HCLTECH

395

407

417

429

439

HDFC

653

657

663

666

672

HDFCBANK

426

434

440

449

454

HEROMOTOCO

1,730

1,758

1,793

1,821

1,856

HINDALCO

113

116

117

120

122

HINDUNILVR

384

390

399

404

413

ICICIBANK

722

733

741

751

759

IDFC

101

INFY

2,823

2,839

2,857

2,873

2,891

ITC

197

198

200

201

203

JINDALSTEL

459

468

481

490

504

JPASSOCIAT

KOTAKBANK

429

434

442

447

454

1,039

1,055

1,066

1,082

1,093

M&M

616

628

648

659

679

MARUTI

928

938

953

964

979

NTPC

158

159

160

161

162

ONGC

259

263

265

269

272

PNB

782

790

799

807

816

POWERGRID

100

101

103

104

RANBAXY

412

425

432

445

452

RCOM

RELCAPITAL

235

240

247

252

258

RELIANCE

703

709

720

727

738

RELINFRA

341

350

356

366

372

RPOWER

SAIL

SBIN

1,656

1,676

1,695

1,715

1,734

SESAGOA

157

161

165

170

173

SIEMENS

648

656

665

673

681

STER

SUNPHARMA

487

494

501

508

514

SUZLON

TATAMOTORS

189

195

199

205

208

TATAPOWER

TATASTEEL

351

358

363

369

374

TCS

1,147

1,160

1,182

1,196

1,218

WIPRO

410

414

420

424

429

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

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