Technical Research | December 05, 2011

Daily Technical Report

Sensex (16847) / NIFTY (5050)

Exhibit 1: Nifty Daily Chart

Markets opened on a flat note on Friday’s session and

surged higher after crossing resistance level of 5012. This

positive momentum remained throughout the session and

the markets closed near the highest point of the day. On the

sectoral front, Banking, Metal counters were among the

major gainers. There was no sector in the negative territory.

The advance decline ratio was strongly in favour of

advancing counters (A=1757 D=1030).

(Source

www.bseindia.com)

Formation

• The positive crossover in Daily ADX (9) indicator is still

intact.

• The Weekly “20 EMA” is placed at 17000 / 5110 level.

• On the Daily chart, we are witnessing a “Downward

Sloping Trend Line” resistance around 17400 / 5250 level.

Source: Falcon

Trading strategy:

Actionable points:

During the week we witnessed a sharp rally after crossing a

resistance level of

15970

4780. Unexpected but

View

Neutral

coordinated policy changes by central bankers across the

Resistance levels

5065 - 5110

world caught the bears napping and resulted in a strong

Support level

4916

short covering rally. The ADX (9) indicator on the daily chart

On the downside, 16430 / 4916 is likely to act as a support

is still positively poised. As a result, this positive momentum

level. A violation of this support level may attract some

is likely to continue during the initial part of the coming

selling pressure, which may drag indices lower to test

week and indices may rally towards 16980 / 5110, which is

16210 - 15849 / 4866 - 4754 levels.

near to the “20-week EMA". This level also coincides with

the 61.8% Fibonacci retracement level of the fall from

Markets are nearing the strong resistance zone; therefore,

17908 to 15478 / 5400 to 4639. If indices manage to

we advise short - term traders to book partial profits and

sustain above the 16980 / 5110 level, then they are likely

follow strict stop losses for their remaining long positions.

to rally towards the “Downward Trend Line” resistance of

17400 / 5250.

For Private Circulation Only |

Technical Research | December 05, 2011

Bank Nifty Outlook - (9173)

Exhibit 2: Bank Nifty Daily Chart

Bank nifty opened marginally higher and traded with positive

bias throughout the day to close well above the “20 Day

EMA”. On the Daily chart, we observed a positive crossover

in “ADX (9)” indicator during the session. As a result, strong

buying emerged after crossing Thursday’s high of 9034 and

Bank Nifty rallied towards the mentioned resistance zone of

9077 to 9275. Going forward, this positive momentum is

likely to continue if the index manages to sustain above

Friday’s high of 9201. In such a scenario, index may test

9275 level which is the 61.8% Fibonacci retracement level of

the fall from 9914 to 8240. On the downside, the support is

seen at 9034 - 8821 levels.

Actionable points:

View

Neutral

Resistance level

9275 - 9500

Support levels

9034 - 8821

Source: Falcon

Stock Recommendations:

Exhibit 3: Reliance Capital (NSE Cash)

Stock - Reliance Capital (NSE Cash)

Action - Buy

Last close

` 302

Buying Range ` 300 - 294

Stop Loss

` 286

Target

` 324

Justification - On the weekly chart, we are witnessing

positive divergence in the momentum oscillator viz. RSI.

Further, on the Daily chart, it has given a positive crossover

in “3 & 8 EMA” along with significant rise in volumes. We

advise buying this stock in a range of ` 300 to ` 294 for a

target of ` 324 in coming 1 - 2 weeks.

Source: Falcon

For Private Circulation Only |

Technical Research | December 05, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,261

16,554

16,721

17,014

17,182

NIFTY

4,866

4,958

5,010

5,102

5,155

BANKNIFTY

8,737

8,955

9,078

9,296

9,419

ACC

1,152

1,183

1,201

1,232

1,250

AMBUJACEM

146

153

158

165

169

AXISBANK

948

977

995

1,023

1,041

BAJAJ-AUTO

1,663

1,689

1,704

1,730

1,746

BHARTIARTL

364

377

386

399

407

BHEL

267

275

279

287

292

BPCL

501

529

548

576

595

CAIRN

306

312

315

321

324

CIPLA

326

328

331

333

335

DLF

212

218

221

227

231

DRREDDY

1,511

1,544

1,564

1,597

1,618

GAIL

391

395

397

401

404

HCLTECH

392

405

412

424

432

HDFC

649

659

664

673

678

HDFCBANK

448

457

462

472

477

HEROMOTOCO

2,029

2,055

2,082

2,108

2,135

HINDALCO

126

131

134

138

142

HINDUNILVR

389

392

395

398

401

ICICIBANK

745

767

779

800

813

IDFC

106

111

114

119

122

INFY

2,618

2,656

2,686

2,724

2,753

ITC

201

204

205

208

210

JINDALSTEL

503

518

529

544

555

JPASSOCIAT

KOTAKBANK

467

481

490

504

512

1,265

1,288

1,301

1,324

1,337

M&M

710

730

741

761

772

MARUTI

950

971

984

1,005

1,018

NTPC

162

167

171

176

180

ONGC

258

263

266

271

275

PNB

878

897

909

928

940

POWERGRID

101

102

105

107

RANBAXY

426

434

440

448

454

RCOM

RELCAPITAL

286

294

299

307

311

RELIANCE

776

794

805

823

833

RELINFRA

397

405

410

418

423

RPOWER

SAIL

SBIN

1,765

1,826

1,863

1,923

1,960

SESAGOA

181

186

189

194

198

SIEMENS

685

704

717

736

749

STER

101

105

108

112

115

SUNPHARMA

511

522

530

541

549

SUZLON

TATAMOTORS

178

185

189

196

200

TATAPOWER

102

105

TATASTEEL

387

403

413

429

439

TCS

1,109

1,143

1,164

1,199

1,220

WIPRO

369

381

390

402

411

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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