Technical Research | January 12, 2012

Daily Technical Report

Sensex (16176) / NIFTY (4861)

Exhibit 1: Nifty Daily Chart

Yesterday, markets opened marginally higher and traded

with immense volatility throughout the day to close with

nominal gains. On the sectoral front, Realty, Metal and

Banking sectors contributed heavily in yesterday’s session,

whereas IT, Teck and FMCG counters ended on a losing

side. The advance to decline ratio was strongly in favor of

gaining counters. (A=1861 D=956) (Source

www.bseindia.com)

Formation:

• On the Daily chart, we are now witnessing a breakout

from the “Downward Sloping Trend Line” resistance around

16070 / 4820 level.

• The 61.8% Fibonacci retracement level of the fall from

17004 to 15135 / 5100 to 4531 is at 16286 / 4881.

• We are witnessing a “Narrow Range” body formation

Source: Falcon

on daily chart.

Actionable points:

Trading strategy:

View

Positive Above 4881

After a marginal gap up opening indices moved towards

Expected Targets

4920 - 4976

the mentioned resistance level of 16286 / 4881, which also

Support levels

4841 - 4820

coincides with the 61.8% Fibonacci retracement level of the

fall from 17004 to 15135 / 5100 to 4531. Further, looking

View

Negative Below 4841

at yesterday’s “Narrow Range” body formation, the

Expected Targets

4820 - 4800

possibility of a minor pull back or profit booking cannot be

Resistance levels

4881 - 4920

ruled out if indices break 16127 / 4841 level. In this case,

indices can correct to test 16070 - 16030 / 4820 - 4800

Traders are advised to stay light on positions as the results

levels. On the upside, the positive momentum may resume

season kicks off in today’s session with INFOSYS and HDFC

only if indices sustain above 16286 / 4881 level. Then

declaring results. Then market would also react to the IIP

indices are likely to rally towards 16421 - 16600 / 4920 -

numbers in the afternoon and increase in volatility is

4976 levels. The undertone remains positive as the daily

expected.

trend line breakout and Higher Top Higher Bottom

formation confirmed on Tuesday is intact.

For Private Circulation Only |

Technical Research | January 12, 2012

Bank Nifty Outlook - (8840)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened on an optimistic note and

traded in a narrow range throughout the session. The

positive crossover in “ADX (14)” indicator mentioned in our

previous report is still intact. However, narrow range body

formation on hourly chart suggests some sign of exhaustion.

Therefore, a minor pull back or consolidation cannot be

ruled out. Resistance levels are at 8923 - 8950 and support

levels at 8710 - 8656.

Actionable points:

View

Positive Above 8860

Expected Target

8923 - 8950

Support Levels

8710 - 8656

View

Negative Below 8736

Expected Target

8710 - 8656

Resistance Levels

8923 - 8950

Source: Falcon

Stock Recommendations:

Exhibit 3: Coal India Ltd (NSE Cash)

Stock - Coal India Ltd (NSE Cash)

Action - Buy

Last close

` 320.40

Buy Above

` 323.50

Stop Loss

` 312

Target

` 350

Justification - On the Daily chart, we are witnessing that

after giving a trend line breakout near ` 318 level along

with positive crossovers in momentum oscillators viz. “RSI “

and “Stochastic” on Weekly chart, 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 ` 313 level which coincides with the

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

ONLY above ` 323.5 for a target of ` 350 in coming 8 - 10

trading sessions.

Source: Falcon

For Private Circulation Only |

Technical Research | January 12, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,066

16,121

16,183

16,238

16,300

NIFTY

4,824

4,843

4,860

4,878

4,896

BANKNIFTY

8,689

8,764

8,812

8,887

8,934

ACC

1,092

1,104

1,118

1,131

1,145

AMBUJACEM

148

149

151

152

154

AXISBANK

870

902

925

956

979

BAJAJ-AUTO

1,414

1,435

1,450

1,471

1,486

BHARTIARTL

318

322

327

331

336

BHEL

256

260

264

268

271

BPCL

476

492

501

517

526

CAIRN

323

328

333

338

343

CIPLA

335

338

343

345

350

DLF

181

186

190

195

200

DRREDDY

1,599

1,625

1,640

1,666

1,682

GAIL

376

378

381

383

386

HCLTECH

406

410

418

423

430

HDFC

668

675

684

690

699

HDFCBANK

452

457

461

466

470

HEROMOTOCO

1,757

1,783

1,806

1,832

1,854

HINDALCO

122

126

129

133

135

HINDUNILVR

387

390

394

397

402

ICICIBANK

764

772

781

789

798

IDFC

100

103

105

107

109

INFY

2,763

2,795

2,845

2,877

2,927

ITC

201

202

204

205

207

JINDALSTEL

472

480

492

501

513

JPASSOCIAT

KOTAKBANK

454

460

465

470

476

1,110

1,129

1,140

1,158

1,170

M&M

657

669

681

692

704

MARUTI

962

975

985

998

1,008

NTPC

156

158

159

161

162

ONGC

256

258

260

262

264

PNB

849

865

876

892

904

POWERGRID

101

102

104

RANBAXY

431

437

441

448

452

RCOM

RELCAPITAL

272

277

282

287

293

RELIANCE

723

736

744

757

766

RELINFRA

387

396

404

413

421

RPOWER

SAIL

SBIN

1,678

1,702

1,718

1,743

1,758

SESAGOA

164

170

174

181

185

SIEMENS

691

698

705

712

719

STER

100

103

104

SUNPHARMA

504

512

518

527

533

SUZLON

TATAMOTORS

199

202

205

208

210

TATAPOWER

TATASTEEL

366

375

380

388

393

TCS

1,107

1,122

1,148

1,164

1,190

WIPRO

395

398

403

406

410

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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