Technical Research | December 12, 2011

Daily Technical Report

Sensex (16213) / NIFTY (4867)

Exhibit 1: Nifty Daily Chart

On Friday, our benchmark indices opened with a downside

gap in line with the global cues and traded with immense

volatility throughout the session to close marginally above

the mentioned support level of 15962 / 4866. On the

sectoral front, Capital Goods, Auto and Oil & Gas counters

contributed heavily in Friday’s sharp correction. The

advance decline ratio was in favour of declining counters.

(A=1040 D=1648). (Source -www.bseindia.com)

Formation

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

• On the Daily chart, we are observing a negative

crossover in “3 & 8 EMA” as well as in “RSI” momentum

oscillator.

• The Daily chart depicts a “Spinning Top” formation

near 61.8% Fibonacci retracement level of the rise from

15478 to 17004 / 4639 to 5100.

Source: Falcon

Actionable points:

Trading strategy:

During the week markets opened on a quiet note and then

View

Neutral

as expected moved towards the strong resistance level of

Resistance levels

4913 - 5002 - 5100

17000 / 5110. However, strong selling pressure from the

Support level

4841 - 4754 - 4639

bears near this resistance level led the indices to close well

below the 16400 / 5000 mark. We are now observing a

On the other hand, if indices manage to sustain above

negative crossover in “3 & 8 EMA” and “RSI” oscillator on

16383 / 4913 level, then they are likely to bounce back

the Daily chart. On the contrary, a “Spinning Top”

towards 16863 / 5002 level. The weekly high of 17004 /

Japanese candlestick pattern on the Daily chart near 61.8%

5100 is likely to act as a strong resistance in the coming

Fibonacci retracement level of the rise from 15478 to

trading sessions.

17004 / 4639 to 5100 indicates uncertainty among bulls

The RBI monetary policy is scheduled on the 16th Dec. Thus

and bears. Thus, if indices sustain below Friday’s low of

we may witness increased volatility as the market

16142 / 4841 then we may witness further selling pressure

approaches the event. Traders are advised to trade with

and markets are likely to drift towards 15850 - 15478 /

caution and use strict stop losses.

4754 - 4639 levels.

For Private Circulation Only |

Technical Research | December 12, 2011

Bank Nifty Outlook - (8811)

Bank nifty opened with a downside gap and traded with

Exhibit 2: Bank Nifty Daily Chart

immense volatility to close marginally above the initial

opening level. We are witnessing a spinning top formation

near 61.8% retracement of the rise from 8240 - 9273 levels.

If index sustains above 8932 then the possibility cannot be

ruled out. In such a scenario the pullback may extend to

9010 - 9050 levels. On the downside, the low of the

spinning top 8690 is likely to act as support in coming

trading session. Immense selling pressure may be witnessed

on violation of the said support level and index may drift

towards 8490 level.

Actionable points:

View

Neutral

Resistance level

9010 - 9050

Support levels

8690 - 8490

Source: Falcon

Stock Recommendations:

Exhibit 3: Indian Oil Corporation Ltd. (NSE Cash)

Stock - Indian Oil Corporation Ltd. (NSE Cash)

Action - Buy

Last close

` 270.10

Buy Above

` 273

Stop Loss

` 190.45

Target

` 290

Justification

- On weekly chart, the stock has given

confirmation of “Bullish Harami” Japanese candle stick

pattern. We are witnessing positive crossover in “ADX (9)”

indicator on daily chart. Buy this stock ONLY above ` 273

Source: Falcon

for a target of ` 290 in coming 2-3 weeks.

Exhibit 3: Bata India Ltd. (December Futures)

Stock - Bata India Ltd. (December Futures)

Action - Sell

Last close

` 605.05

Sell Below

` 591.50

Stop Loss

` 613.80

Target

` 545

Justification - On daily chart the stock has given a trend line

break down with a breakaway gap. Faster time wise

correction of the previous impulsive wave, indicates further

weakness. Sell the stock ONLY below ` 591.5 for a target

of ` 545 in coming 1-2 weeks.

Source: Falcon

For Private Circulation Only |

Technical Research | December 12, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,006

16,110

16,246

16,350

16,486

NIFTY

4,799

4,833

4,876

4,909

4,952

BANKNIFTY

8,569

8,690

8,811

8,932

9,053

ACC

1,136

1,150

1,174

1,188

1,212

AMBUJACEM

155

157

159

161

163

AXISBANK

960

976

994

1,010

1,029

BAJAJ-AUTO

1,619

1,645

1,682

1,707

1,744

BHARTIARTL

345

352

359

366

373

BHEL

256

260

264

268

272

BPCL

539

547

553

561

567

CAIRN

296

301

308

313

320

CIPLA

321

323

326

328

331

DLF

205

209

213

217

221

DRREDDY

1,505

1,539

1,569

1,603

1,633

GAIL

381

387

392

398

404

HCLTECH

398

403

409

414

420

HDFC

646

651

657

662

669

HDFCBANK

434

439

445

450

456

HEROMOTOCO

1,987

2,010

2,034

2,057

2,081

HINDALCO

122

127

131

137

141

HINDUNILVR

381

383

387

390

393

ICICIBANK

712

722

732

741

752

IDFC

107

108

111

112

115

INFY

2,624

2,667

2,703

2,747

2,783

ITC

193

195

197

199

201

JINDALSTEL

503

518

529

543

554

JPASSOCIAT

KOTAKBANK

466

477

486

497

505

1,197

1,212

1,233

1,248

1,269

M&M

684

694

707

716

729

MARUTI

941

963

979

1,001

1,017

NTPC

160

163

166

168

171

ONGC

257

259

263

265

268

PNB

883

905

924

946

966

POWERGRID

100

RANBAXY

401

408

413

421

426

RCOM

RELCAPITAL

277

285

293

301

308

RELIANCE

742

749

759

766

777

RELINFRA

379

383

390

394

401

RPOWER

SAIL

SBIN

1,792

1,829

1,857

1,894

1,922

SESAGOA

170

172

175

177

179

SIEMENS

659

675

696

712

733

STER

100

101

103

104

SUNPHARMA

501

507

513

519

525

SUZLON

TATAMOTORS

177

180

183

186

189

TATAPOWER

TATASTEEL

384

391

398

404

411

TCS

1,150

1,161

1,172

1,183

1,194

WIPRO

395

400

406

411

418

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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