Technical Research | February 08, 2012

Daily Technical Report

Sensex (17623) / NIFTY (5335)

Exhibit 1: Nifty Daily Chart

Yesterday Indices opened higher in-line with strong cues

from Asian markets but failed to sustain at higher levels and

corrected sharply during the second half to close marginally

above the day’s low. On the sectoral front, Capital Goods,

Realty and Power counters were among the major losers,

whereas Oil & Gas and Consumer Durables sectors ended

on a gaining side. The advance to decline ratio was in favor

of declining counters. (A=1247 D=1630) (Source

www.bseindia.com)

Formation:

• Indices are hovering around “Horizontal Line”

resistance of 17908 / 5400.

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

a bearish pattern but requires confirmation.

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

placed in extreme overbought territory.

• The daily chart depicts a “Bearish Engulfing” pattern.

Source: Falcon

• The momentum oscillator on the daily chart viz., the

“Stochastic” is negatively poised.

Trading strategy:

Actionable points:

View

Bearish below 5322

We witnessed yet another gap up opening mainly on the

Expected Targets

5290 - 5225

back of positive sentiments across global. However, markets

Resistance levels

5414

pared early gains and a relatively sharp down move during

the second half led indices to close marginally above the

low of the “Hanging Man” pattern formed on Monday’s

session. Also, yesterday’s candle resembles a “Bearish

Engulfing” pattern but requires confirmation. The said

pattern will be confirmed on the violation of 17582 / 5322

level. In addition, the “Stochastic” oscillator on the daily

chart is negatively poised. As a result of this, a sustainable

move below 17582 / 5322 level may reinforce the selling

pressure and indices may slide towards 17504 - 17308 /

5290 - 5225 levels. On the upside, 17908 / 5414 level is

likely to act as a strong resistance for the markets.

For Private Circulation Only |

Technical Research | February 08, 2012

Bank Nifty Outlook - (10325)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened up with an upside gap but

closed marginally below the mentioned resistance level of

10350. For the second consecutive session we are witnessing

a narrow range body formation, which is a sign of

uncertainty prevailing at current levels. We reiterate our view,

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, if Bank

Nifty trades convincingly below yesterday’s low of

10260

then it is likely to drift towards 10100 - 9916 levels. On the

upside the levels of 10430 - 10516 are likely to act as

resistance for the day.

Actionable points:

View

Neutral

Resistance Levels

10430 - 10516

Support Levels

10260 - 10100 - 9916

Source: Falcon

For Private Circulation Only |

Technical Research | February 08, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

17,429

17,526

17,679

17,775

17,929

NIFTY

5,267

5,301

5,357

5,391

5,448

BANKNIFTY

10,169

10,247

10,338

10,416

10,508

ACC

1,270

1,315

1,344

1,389

1,418

AMBUJACEM

173

175

179

181

184

AXISBANK

1,087

1,100

1,113

1,126

1,138

BAJAJ-AUTO

1,604

1,621

1,640

1,657

1,676

BHARTIARTL

365

372

381

388

397

BHEL

248

254

264

270

280

BPCL

553

560

573

581

594

CAIRN

354

360

366

372

377

CIPLA

346

350

355

359

364

COALINDIA

318

322

328

332

339

DLF

222

225

231

235

241

DRREDDY

1,600

1,617

1,647

1,664

1,694

GAIL

369

374

382

388

396

HCLTECH

451

456

462

467

474

HDFC

667

676

693

702

718

HDFCBANK

504

506

511

514

518

HEROMOTOCO

1,895

1,922

1,968

1,996

2,041

HINDALCO

148

151

155

158

162

HINDUNILVR

373

377

383

387

393

ICICIBANK

916

927

937

947

957

IDFC

130

133

138

141

145

INFY

2,657

2,692

2,749

2,784

2,840

ITC

201

203

205

207

208

JINDALSTEL

552

563

577

588

602

JPASSOCIAT

KOTAKBANK

509

522

530

544

552

1,319

1,337

1,366

1,384

1,413

M&M

663

676

699

712

734

MARUTI

1,228

1,237

1,250

1,259

1,272

NTPC

172

174

176

178

180

ONGC

276

281

284

289

293

PNB

965

974

984

993

1,003

POWERGRID

105

106

108

110

112

RANBAXY

447

452

455

460

463

RCOM

RELIANCE

825

835

844

853

862

RELINFRA

533

542

552

562

572

RPOWER

102

104

SAIL

103

104

107

109

111

SBIN

2,119

2,136

2,162

2,179

2,205

SESAGOA

211

216

225

230

239

SIEMENS

759

768

779

788

799

STER

118

120

124

126

129

SUNPHARMA

521

533

544

556

567

SUZLON

TATAMOTORS

244

247

251

254

258

TATAPOWER

105

106

108

109

110

TATASTEEL

435

443

458

466

480

TCS

1,182

1,190

1,200

1,208

1,218

WIPRO

423

426

428

431

434

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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