Technical Research | December 13, 2011

Daily Technical Report

Sensex (15870) / NIFTY (4765)

Exhibit 1: Nifty Daily Chart

Yesterday markets opened on a positive note in-line with

global cues. However profit booking was seen at higher

levels and the Index tumbled sharply post-announcement of

negative IIP numbers to close marginally above 4750 mark.

On the sectoral front, Metal, Banking and Oil & Gas

counters contributed heavily in yesterday’s sharp correction.

The advance decline ratio was strongly in favour of

declining counters. (A=799 D=1941).

(Source

www.bseindia.com)

Formation

• On the Daily chart, the negative crossover in “3 & 8

EMA” as well as in “RSI” momentum oscillator is still intact.

Source: Falcon

Actionable points:

Trading strategy:

Indices opened on an optimistic note but selling pressure at

View

Neutral

Resistance levels

4782 - 4841

higher levels dragged indices lower and negated “Spinning

Support level

4754 - 4639

Top” formation mentioned in our earlier report.

Subsequently, the market corrected sharply to test expected

support level of 15850 / 4754 and closed marginally above

it. The negative crossover in “3 & 8 EMA” as well as in “RSI”

momentum oscillator is still intact. Therefore, going

forward, if indices manage to sustain below 15850 / 4754

they may drift towards 15645 - 15478 / 4693 - 4639. On

the upside, 16045 - 16142 / 4782 - 4841 levels are likely

to act as resistance in coming trading sessions. Only a

move above this can push indices higher to test 16383 /

4918 level.

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Technical Research | December 13, 2011

Bank Nifty Outlook - (8543)

Exhibit 2: Bank Nifty Daily Chart

Bank nifty opened on a flat note but failed to cross Friday’s

high of 8932 and drifted towards our mentioned support

level of 8490 during the day. As the index has closed well

below the low of the spinning top formed during the Friday’s

session, the said pattern has been negated. The technical

indicator “ADX (9)” is at 27.45 and pointing upwards,

signaling that the downtrend is gaining strength. Therefore,

if Bank Nifty sustains below yesterday’s low of 8504 then it is

likely to test 8405 - 8295. On the upside, 8706 - 8780 is

likely to act as resistance for the coming trading session.

Actionable points:

View

Neutral

Resistance level

8706 - 8780

Support levels

8405 - 8295

Source: Falcon

Stock Recommendations:

Exhibit 3: Orchid Chemicals (Dec.fut.)

Stock - Orchid Chemicals (Dec.Fut.)

Action - Sell

Last close

` 156.75

Selling Range

` 157 - 158

Stop Loss

` 161.55

Target

` 150

Justification - On the hourly chart, we are witnessing an

upward sloping trend line breakdown at ` 160 along with

negative crossover in momentum oscillators viz. “RSI “and

“Stochastic” on the Daily chart. Further, the “ADX

(9)

indicators is negatively poised. We advise selling the stock

in a range of ` 157 - 158 for a target of ` 150 in coming

3-4 trading sessions.

Source: Falcon

For Private Circulation Only |

Technical Research | December 13, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

15,503

15,687

16,024

16,207

16,544

NIFTY

4,655

4,710

4,810

4,865

4,965

BANKNIFTY

8,240

8,392

8,656

8,808

9,072

ACC

1,072

1,097

1,137

1,161

1,202

AMBUJACEM

145

149

155

159

166

AXISBANK

941

956

982

997

1,023

BAJAJ-AUTO

1,571

1,601

1,648

1,678

1,724

BHARTIARTL

326

334

349

357

371

BHEL

248

253

261

266

274

BPCL

532

538

547

553

562

CAIRN

291

296

303

308

315

CIPLA

318

321

324

327

330

DLF

194

199

208

214

223

DRREDDY

1,523

1,546

1,565

1,588

1,607

GAIL

383

387

393

397

403

HCLTECH

397

405

410

419

424

HDFC

634

641

651

658

668

HDFCBANK

412

422

436

447

461

HEROMOTOCO

1,919

1,948

1,999

2,028

2,079

HINDALCO

115

119

127

131

139

HINDUNILVR

378

381

384

386

389

ICICIBANK

679

693

718

733

758

IDFC

102

107

109

114

INFY

2,673

2,707

2,731

2,765

2,790

ITC

192

194

197

199

201

JINDALSTEL

478

492

516

530

554

JPASSOCIAT

KOTAKBANK

469

477

487

494

504

1,153

1,174

1,208

1,229

1,263

M&M

661

672

692

703

723

MARUTI

927

943

966

982

1,005

NTPC

156

160

164

168

171

ONGC

249

253

260

264

270

PNB

850

871

904

926

959

POWERGRID

101

RANBAXY

393

400

411

418

429

RCOM

RELCAPITAL

266

274

287

294

307

RELIANCE

700

714

738

752

776

RELINFRA

374

379

389

395

404

RPOWER

SAIL

SBIN

1,677

1,725

1,811

1,859

1,944

SESAGOA

167

169

173

176

179

SIEMENS

657

668

684

696

712

STER

100

102

105

SUNPHARMA

491

498

509

516

528

SUZLON

TATAMOTORS

169

173

180

185

192

TATAPOWER

101

TATASTEEL

370

378

392

399

413

TCS

1,140

1,160

1,175

1,195

1,210

WIPRO

395

405

412

422

430

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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