Technical Research | December 09, 2011

Daily Technical Report

Sensex (16448) / NIFTY (4944)

Exhibit 1: Nifty Daily Chart

Yesterday markets opened with a minor downside gap and

breached previous day’s low of 16781 / 5032 during the

initial part of the session to close below 16500 / 4950

mark. On the sectoral front, Capital Goods, Realty and

Metal counters contributed heavily in yesterday’s sharp

correction. The advance decline ratio was strongly in favour

of declining counters. (A=842 D=1910). (Source

www.bseindia.com)

Formation

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

• On the Daily chart, the 61.8% Fibonacci Retracement

level of the fall from 17908 to 15478 / 5400 to 4639 levels

is at 16980 / 5110 level.

Source: Falcon

Trading strategy:

Actionable points:

As mentioned in our earlier report, indices confirmed a

“Spinning Top” candlestick pattern after breaching

View

Neutral

Wednesday’s low of

16781 /

5032. As a result, we

Resistance levels

5032

witnessed strong selling pressure which dragged indices

Support level

4866 - 4754

sharply lower to test expected support level of 16530 /

4960. Considering the bearish global cues, it is likely that

our benchmarks Indices may open with a downward gap

and test the next support level at 15962 / 4866. A

sustainable move below this may attract further selling

pressure which would drag indices lower to test 15850 /

4754 level. On the upside, 16781 / 5032 is likely to act as

strong resistance in the coming trading sessions.

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Technical Research | December 09, 2011

Bank Nifty Outlook - (8916)

Exhibit 2: Bank Nifty Daily Chart

Bank nifty opened on a pessimistic note and selling pressure

was clearly seen throughout the session. The momentum

oscillators on the daily chart are negatively poised. In

addition, we are observing a negative crossover in the daily

“ADX (9)” indicator which indicates further weakness. Thus,

if Bank Nifty sustains below yesterday’s low of 8871 then it is

likely to test 8756 - 8635 levels. On the upside, 9020 -

9085 levels are likely to act as resistance for the day.

Actionable points:

View

Neutral

Resistance level

9020 - 9085

Support levels

8756 - 8635

Source: Falcon

Stock Recommendations:

Exhibit 3: Tata Motors (December Futures)

Stock - Tata Motors (December Futures)

Action - Sell

Last close

` 187.20

Selling Range ` 188.20 - 188

Stop Loss

` 190.45

Target

` 183

Justification - On the daily chart, the stock has faced

resistance near 78.4% retracement of the fall from 205.80

- 160.85. In addition, the momentum oscillator on the daily

chart has given a fresh sell signal. We advise selling this

stock in a range of ` 188.20 to ` 188 for a target of ` 183

in coming 1 - 2 days.

Source: Falcon

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Technical Research | December 09, 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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