Technical Research | February 07, 2012

Daily Technical Report

Sensex (17707) / NIFTY (5362)

Exhibit 1: Nifty Daily Chart

Yesterday, we witnessed a gap up opening in-line with

strong global cues and the positive momentum lasted in the

first half of the session. A minor correction during the

second half dragged indices lower to fill the upside gap

created at the opening of the session. On the sectoral front,

Realty, Capital Goods and Metal counters were among the

major gainers, whereas Health care sector ended with a

nominal loss. The advance to decline ratio was in favor of

advancing counters. (A=1855 D=1054) (Source

www.bseindia.com)

Formation:

• We are now observing a positive crossover in “ADX

(14)” indicator.

• Indices are hovering around “Horizontal Line”

resistance of 17908 / 5400.

• Friday’s candle resembled a “Hanging Man”. This is a

bearish pattern but requires confirmation.

• The “RSI-Smoothened” oscillator on daily chart is

Source: Falcon

placed in extreme overbought territory.

Trading strategy:

Actionable points:

Once again for the fifth consecutive session, our markets

opened on an optimistic note. The liquidity fuelled rally

View

Bearish below 5327

Expected Targets

5290 - 5225

continued to boost prices albeit a small correction from the

Resistance levels

5390 - 5400

day’s highs. We are now observing a Japanese candlestick

pattern which resembles a “Hanging Man”. The said

pattern has a bearish implication but needs a confirmation

in the form of closing below the low of the “Hanging Man”,

which is 17595 / 5327 level. In this scenario, indices may

slide towards 17504 - 17308 / 5290 - 5225 levels. On the

upside, 17830 - 17908 / 5390 - 5400 may act as a strong

resistance zone for the markets.

For Private Circulation Only |

Technical Research | February 07, 2012

Bank Nifty Outlook - (10269)

Exhibit 2: Bank Nifty Daily Chart

As stated in our previous report, yesterday Bank Nifty

opened with an upside gap and traded in a mentioned zone

of 10170 - 10350 throughout the day. Now, on the Daily

chart, we are witnessing a possibility of negative divergence

in “RSI” oscillator which is coupled with other overbought

momentum oscillators. Hence a chance of minor correction

cannot be ruled out. On the downside, only if Bank Nifty

trades convincingly below yesterday’s low of 10183 then it

can drift towards 10000 - 9928 levels. However, on the

upside resistance of 10350 is likely to remain intact for the

day.

Actionable points:

View

Neutral

Resistance Levels

10350 - 10516

Support Levels

10183 - 10000 - 9928

Source: Falcon

For Private Circulation Only |

Technical Research | February 07, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

17,476

17,592

17,711

17,826

17,945

NIFTY

5,297

5,329

5,360

5,392

5,422

BANKNIFTY

10,114

10,191

10,261

10,339

10,409

ACC

1,238

1,286

1,320

1,369

1,403

AMBUJACEM

172

176

179

184

186

AXISBANK

1,088

1,099

1,109

1,120

1,129

BAJAJ-AUTO

1,602

1,621

1,634

1,653

1,666

BHARTIARTL

381

385

389

394

398

BHEL

264

268

270

274

277

BPCL

566

570

575

579

584

CAIRN

342

349

355

362

367

CIPLA

345

349

352

356

359

COALINDIA

322

325

329

332

336

DLF

227

231

236

240

245

DRREDDY

1,604

1,625

1,660

1,682

1,717

GAIL

379

384

390

396

402

HCLTECH

450

456

462

469

475

HDFC

686

693

699

705

711

HDFCBANK

492

500

508

516

524

HEROMOTOCO

1,928

1,945

1,969

1,986

2,010

HINDALCO

151

153

155

158

160

HINDUNILVR

368

377

394

404

420

ICICIBANK

911

919

928

937

946

IDFC

135

137

139

142

144

INFY

2,723

2,750

2,779

2,806

2,835

ITC

199

201

202

203

205

JINDALSTEL

548

561

571

584

594

JPASSOCIAT

KOTAKBANK

508

514

519

526

531

1,347

1,366

1,382

1,401

1,417

M&M

690

700

712

722

734

MARUTI

1,222

1,237

1,251

1,267

1,281

NTPC

173

175

177

179

181

ONGC

276

280

282

286

289

PNB

956

965

973

983

991

POWERGRID

105

107

108

110

111

RANBAXY

440

445

453

458

466

RCOM

RELIANCE

810

822

836

847

861

RELINFRA

524

536

553

566

582

RPOWER

101

102

104

SAIL

105

106

107

109

110

SBIN

2,105

2,134

2,161

2,189

2,216

SESAGOA

220

225

230

234

240

SIEMENS

740

760

772

791

803

STER

122

124

125

127

129

SUNPHARMA

525

536

551

562

576

SUZLON

TATAMOTORS

243

247

250

255

257

TATAPOWER

100

104

109

113

118

TATASTEEL

454

461

469

476

484

TCS

1,162

1,178

1,189

1,205

1,216

WIPRO

418

422

427

432

437

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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