Daily Technical Report
July 11, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17618) / NIFTY (5345)
We witnessed a quiet opening yesterday in-line with
other Asian bourses. However, post mid-session,
strong buying by market participants ultimately led
indices to close marginally above the crucial
resistance of
5340 mark. On the sectoral front,
Consumer goods, FMCG, Auto and Banking counters
contributed heavily during yesterday’s sharp up move.
There was no sector in the negative territory. The
advance to decline ratio was strongly in favor of
advancing counters (A=1760 D=1157) (Source -
Formation
The 200-day SMA (Simple Moving Average) is
placed at 16824 / 5083 level.
Markets have taken support at the Monthly
‘Upward Sloping Trend Line’ and have formed a
‘Bullish Engulfing’ Pattern.
We are witnessing a narrow range body
formation near 61.8% Fibonacci retracement of
Source: Falcon
the fall from 18524 / 5630 (February 22, 2012)
- 15749 / 4770 (June 4, 2012). This level is at
Actionable points:
17464 / 5302.
On the weekly chart we are witnessing a
View
Bullish Above 5350
“Downward Sloping Trend Line” resistance near
Expected Targets
5380 - 5420
17780 / 5420 formed by joining the highs of
Support Levels
5300 - 5280
21109 / 6339 (November 5, 2010) - 18524 /
5630 (February 24, 2012).
Trading strategy:
Yesterday, after a flat opening, positive momentum
picked up during the second half on the back of
sharp upticks in European markets. The benchmark
indices are now trading out of the 7 day zone of
17350 - 17570 / 5260 - 5340 and have clearly given
a strong upward breakout. Going forward, 17664 -
17775 / 5380 - 5420 levels are the next potential
targets. Considering the price action in many
individual heavy weight stocks, and the strong
advance decline ratio of the broader markets, it is
clear that the undertone remains bullish. On the
downside, Monday’s low of 17344 / 5258 would act
as an important support level.
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Daily Technical Report
July 11, 2012
Bank Nifty Outlook - (10752)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on a flat to positive note
and traded in a narrow range during first half of the
session. However during the second half, strong
buying in both mid and large cap banks, led the
index to close near the highest point of the day.
Considering the momentum oscillators on daily chart
and overbought condition of oscillators on hourly
chart we believe that volatility is likely to increase in
the next few sessions. Thus if the index sustains above
yesterday’s high of 10767 then it is likely to rally
towards 10910 - 11040 levels. On the downside,
10665 - 10615 levels are likely to act as support in
coming trading session. Positional traders holding
long positions can further trail their stop loss to 10300
level (Closing basis) on Bank Nifty Spot.
Actionable points:
View
Bullish Above 10767
Expected Targets
10910 - 11040
Support Levels
10665 - 10615
Source: Falcon
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Daily Technical Report
July 11, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,351
17,485
17,558
17,692
17,765
NIFTY
5,262
5,304
5,326
5,368
5,390
BANKNIFTY
10,559
10,655
10,711
10,807
10,863
ACC
1,246
1,259
1,273
1,286
1,301
AMBUJACEM
167
169
170
171
173
ASIANPAINT
3,634
3,663
3,704
3,734
3,775
AXISBANK
1,021
1,048
1,064
1,091
1,106
BAJAJ-AUTO
1,491
1,508
1,522
1,538
1,552
BANKBARODA
700
715
724
739
747
BHARTIARTL
312
317
321
326
330
BHEL
230
233
235
237
239
BPCL
757
763
769
775
780
CAIRN
308
310
312
314
316
CIPLA
318
323
326
331
334
COALINDIA
345
350
355
359
364
DLF
210
212
214
216
218
DRREDDY
1,628
1,643
1,656
1,671
1,684
GAIL
347
353
357
362
366
GRASIM
2,587
2,617
2,637
2,668
2,688
HCLTECH
479
489
494
504
509
HDFC
673
678
681
685
688
HDFCBANK
571
580
586
595
601
HEROMOTOCO
2,013
2,039
2,053
2,079
2,093
HINDALCO
123
126
127
129
130
HINDUNILVR
437
442
445
450
453
ICICIBANK
926
935
940
948
953
IDFC
136
139
141
144
146
INFY
2,433
2,446
2,455
2,468
2,477
ITC
245
252
256
262
266
JINDALSTEL
435
445
451
461
468
JPASSOCIAT
74
76
77
79
80
KOTAKBANK
589
594
598
603
607
LT
1,376
1,397
1,409
1,429
1,441
M&M
727
730
734
737
741
MARUTI
1,162
1,191
1,210
1,239
1,258
NTPC
156
158
159
161
163
ONGC
273
276
279
282
285
PNB
821
843
856
878
891
POWERGRID
111
112
113
114
115
RANBAXY
487
492
495
500
503
RELIANCE
726
733
738
744
749
RELINFRA
542
555
564
578
587
SAIL
92
93
93
94
95
SBIN
2,202
2,216
2,225
2,239
2,248
SESAGOA
192
196
199
203
206
SIEMENS
704
720
729
744
753
STER
104
106
107
110
111
SUNPHARMA
619
623
626
630
634
TATAMOTORS
239
243
246
249
252
TATAPOWER
99
100
101
102
103
TATASTEEL
428
434
438
443
447
TCS
1,240
1,251
1,261
1,271
1,281
WIPRO
379
382
386
389
394
3
Daily Technical Report
July 11, 2012
Research Team Tel: 022 - 39357800
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
Mehul Kothari
-
Technical Analyst
Ankur Lakhotia
-
Technical Analyst
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