Technical Research | February 09, 2012

Daily Technical Report

Sensex (17707) / NIFTY (5368)

Exhibit 1: Nifty Daily Chart

After nearly 5 - 6 trading sessions, yesterday markets

opened on a flat note and traded with extreme volatility to

close in green. On the sectoral front, Consumer Durables,

Realty and IT counters were among the major gainers,

whereas Health Care and Banking sectors ended with a

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

advancing counters. (A=1723 D=1157) (Source

www.bseindia.com)

Formation:

• Indices are hovering around “Horizontal Line”

resistance of 17908 / 5400.

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

placed in extreme overbought territory.

• Tuesday’s price action indicates a “Bearish Engulfing”

pattern.

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

“Stochastic” is negatively poised.

Source: Falcon

• The daily chart exhibits a “Spinning Top” formation.

Actionable points:

Trading strategy:

View

Bearish below 5322

After a quiet opening, indices made another attempt of

Expected Targets

5290 - 5225

crossing 5400 mark. We observed strong selling pressure

Resistance levels

5414

near this stiff resistance which dragged indices lower to test

hourly 20 EMA. However, a sharp recovery towards the

Therefore, violation of 17582 / 5322 level may attract

latter part of the session led indices to close with decent

strong selling pressure and indices may slide towards

gains. Yesterday’s candle resembles a “Spinning Top”

17504 - 17308 / 5290 - 5225 levels. On the upside,

Japanese candlestick pattern. A combination of this pattern

17908 / 5414 level is likely to act as a strong resistance for

with the “Engulfing Bearish” pattern formed on Tuesday’s

the markets.

session indicates loss of positive momentum and uncertainty

among the market participants. Further, we continue to

mention that the “RSI-Smoothened” oscillator is placed well

inside the overbought territory and the “Stochastic”

oscillator is negatively poised.

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Technical Research | February 09, 2012

Bank Nifty Outlook - (10320)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened on a flat note and traded with

extreme volatility throughout the day to close near the initial

opening level. We are witnessing a “Doji” candle stick

formation which is a sign of indecision in the minds of the

bulls and the bears. We are now of the opinion that the

index is in a broad range of 10180 - 10430 levels and only

a sustainable move outside the said range will dictate the

direction of the trend. However 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. Thus the chances of a

breakdown are higher as compared to that of a breakout.

However traders are advised to wait for further confirmatory

signals before taking aggressive positions. On the upside

resistance of 10430 - 10517 remains intact.

Actionable points:

View

Neutral

Resistance Levels

10430 - 10517

Support Levels

10180 - 9916

Source: Falcon

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Technical Research | February 09, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

17,469

17,588

17,699

17,818

17,928

NIFTY

5,292

5,330

5,363

5,402

5,435

BANKNIFTY

10,117

10,218

10,310

10,412

10,503

ACC

1,315

1,350

1,371

1,406

1,428

AMBUJACEM

172

174

177

180

182

AXISBANK

1,085

1,106

1,124

1,145

1,162

BAJAJ-AUTO

1,617

1,633

1,648

1,664

1,678

BHARTIARTL

340

347

358

366

377

BHEL

253

257

262

266

270

BPCL

559

569

574

584

589

CAIRN

362

367

372

378

382

CIPLA

344

348

352

356

360

COALINDIA

322

328

332

337

341

DLF

226

231

234

239

243

DRREDDY

1,575

1,598

1,616

1,639

1,657

GAIL

371

382

388

398

405

HCLTECH

457

462

465

470

473

HDFC

681

689

695

702

708

HDFCBANK

495

502

510

517

525

HEROMOTOCO

1,931

1,964

1,987

2,021

2,043

HINDALCO

149

155

159

165

169

HINDUNILVR

380

384

387

391

394

ICICIBANK

902

911

920

930

939

IDFC

135

137

138

140

142

INFY

2,724

2,746

2,764

2,787

2,805

ITC

199

202

205

207

210

JINDALSTEL

562

572

586

595

609

JPASSOCIAT

KOTAKBANK

521

527

533

539

545

1,336

1,352

1,366

1,382

1,396

M&M

660

673

686

699

711

MARUTI

1,229

1,248

1,264

1,283

1,299

NTPC

174

176

177

179

181

ONGC

275

279

283

287

290

PNB

962

971

984

994

1,006

POWERGRID

104

106

108

110

113

RANBAXY

444

449

455

460

465

RCOM

RELIANCE

836

847

856

867

876

RELINFRA

536

564

580

607

624

RPOWER

100

101

103

104

SAIL

102

103

106

107

110

SBIN

2,128

2,153

2,170

2,195

2,213

SESAGOA

212

220

226

233

239

SIEMENS

763

774

781

792

799

STER

120

122

124

126

128

SUNPHARMA

530

540

548

558

565

SUZLON

TATAMOTORS

242

246

250

254

258

TATAPOWER

104

106

107

110

111

TATASTEEL

432

441

452

461

471

TCS

1,203

1,211

1,219

1,227

1,235

WIPRO

423

429

434

439

444

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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