Technical Research | January 10, 2012

Daily Technical Report

Sensex (15815) / NIFTY (4743)

Exhibit 1: Nifty Daily Chart

Yesterday, markets opened marginally lower in-line with

negative global cues. Selling pressure was witnessed during

the first half which dragged indices near 4700 mark.

However, a smart recovery during the second half pushed

indices from the day’s low to close around 15800 / 4750

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

Goods sectors were among the major gainers, whereas Oil

& Gas and FMCG counters ended on a losing side. The

advance to decline ratio was strongly in favor of gaining

counters.

(A=1640 D=1080).

(Source

www.bseindia.com)

Formation:

• The 20 - day EMA (Exponential Moving Average) has

now shifted to the 15846 / 4745 level.

• We are witnessing a positive crossover in weekly

momentum oscillators viz., the RSI and the Stochastic.

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

Source: Falcon

Sloping Trend Line” resistance around 16070 / 4820 level.

Actionable points:

Trading strategy:

View

Positive Above 4820

After a weak opening, indices slipped initially towards the

Expected Targets

4881 - 4920

4700 mark. However, a strong buying emerged near day’s

Support level

4686

low, which pushed indices higher to close near 15800 /

4750 mark. As a result there is no change in the daily chart

structure or the view on the Index. Going forward, we

continue to mention that indices have a stiff resistance

around 16070 / 4820 level. The positive momentum is

likely to resume only if this resistance level is crossed on a

sustainable basis. In this case, indices are likely to head

towards 16286 - 16421/ 4881 - 4920 levels. On the

downside, support is seen around 15664 - 15640 / 4686 -

4673 levels.

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Technical Research | January 10, 2012

Bank Nifty Outlook - (8481)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened on flat note and traded with

extreme volatility throughout the session. For the second

straight session, the index took support near the mentioned

support level of 8339 and bounced back sharply. We are

witnessing a narrow range body formation, which is a sign

of indecision in the minds of bulls and bears. Only a

sustainable move outside the range of 8604 - 8297 will

decide the direction of the index. Resistance levels are at

8580 - 8604 and support levels at 8339 - 8297.

Actionable points:

View

Positive Above 8604

Expected Target

8697 - 8800

Support Levels

8339 - 8297

Source: Falcon

Stock Recommendations:

Exhibit 3: JSW STEEL (NSE Cash)

Stock - JSW STEEL (NSE Cash)

Action - Buy

Last close

` 572.30

Buying Above

` 580

Stop Loss

` 567

Target

` 610

Justification - On the Daily chart, we are witnessing that

after giving a trend line breakout near ` 540 level along

with positive crossover in “5 & 20 EMA”, the stock has been

consolidating for few days. During this time frame, we have

observed that for the second time stock has managed to

take support near ` 554 level which coincides with the

value of “20 Day EMA”. Hence, we advise buying the stock

ONLY above ` 580 for a target of ` 610 in coming 5 - 6

trading sessions.

Source: Falcon

For Private Circulation Only |

Technical Research | January 10, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

15,595

15,705

15,788

15,898

15,981

NIFTY

4,669

4,706

4,732

4,769

4,796

BANKNIFTY

8,255

8,368

8,443

8,556

8,631

ACC

1,083

1,092

1,100

1,108

1,116

AMBUJACEM

149

150

152

154

155

AXISBANK

824

841

852

869

881

BAJAJ-AUTO

1,387

1,405

1,426

1,444

1,466

BHARTIARTL

313

317

324

327

334

BHEL

242

250

255

263

268

BPCL

459

464

470

475

481

CAIRN

328

331

337

340

345

CIPLA

328

336

341

350

355

DLF

172

175

177

180

182

DRREDDY

1,577

1,589

1,602

1,614

1,627

GAIL

371

376

383

388

395

HCLTECH

410

412

416

418

421

HDFC

649

656

663

670

677

HDFCBANK

442

449

453

460

464

HEROMOTOCO

1,691

1,710

1,722

1,741

1,753

HINDALCO

113

116

117

120

122

HINDUNILVR

388

391

393

396

399

ICICIBANK

721

734

745

758

769

IDFC

102

104

INFY

2,791

2,814

2,840

2,863

2,889

ITC

199

200

201

203

204

JINDALSTEL

437

458

471

492

505

JPASSOCIAT

KOTAKBANK

440

447

452

458

463

1,029

1,059

1,076

1,105

1,122

M&M

633

643

649

659

666

MARUTI

938

954

965

981

992

NTPC

155

156

157

158

159

ONGC

251

254

256

260

262

PNB

787

806

820

839

854

POWERGRID

100

101

102

103

RANBAXY

429

436

442

449

455

RCOM

RELCAPITAL

243

252

259

268

276

RELIANCE

696

701

708

713

720

RELINFRA

357

368

377

388

397

RPOWER

SAIL

SBIN

1,605

1,621

1,641

1,658

1,678

SESAGOA

157

159

163

166

169

SIEMENS

663

671

677

685

691

STER

SUNPHARMA

495

500

504

510

514

SUZLON

TATAMOTORS

196

198

201

203

205

TATAPOWER

TATASTEEL

349

356

361

367

372

TCS

1,158

1,165

1,172

1,179

1,187

WIPRO

395

398

403

406

412

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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