Technical Research | February 13, 2012

Daily Technical Report

Sensex (17749) / NIFTY (5382)

Exhibit 1: Nifty Daily Chart

On Friday, once again our indices traded in a range of

17582 - 18000 / 5322 - 5435 throughout the day.

However, we witnessed some selling pressure as soon as

indices drifted below 17800 / 5400 mark and finally closed

in the negative territory. On the sectoral front, most of the

sectors remained under pressure, whereas Metal counters

ended with a nominal gain. The advance to decline ratio

was marginally in favor of declining counters. (A=1435

D=1506) (Source -www.bseindia.com)

Formation:

• On the Weekly chart, indices are hovering around the

“Horizontal Resistance Line” placed at 17908 / 5400

level.

• The Weekly chart depicts a “Doji” formation.

• The 200-day SMA and 20-day EMA are placed at

17235 / 5178 and 17160 / 5185, respectively.

Source: Falcon

• The “RSI-Smoothened” oscillator on the daily chart is

placed in extreme overbought territory.

Trading strategy:

Actionable points:

View

Negative Below 5322

Broadly speaking, last week markets traded in a narrow

Expected targets

5250 - 5185

range of 17579 - 17890 / 5322 - 5428, whereas, few of

Resistance level

5428

the individual stocks have outperformed indices. Markets

stuck in a range mainly due to extreme overbought

Conversely, the pattern will be negated on the violation

condition of momentum oscillators. We are now observing

of the high of “Doji”, which are 17890 / 5428. In this

that markets are hovering near the “Horizontal Resistance

scenario, indices may move higher to test the next

Line” placed at 17908 / 5400 level (Refer Exhibit 1). Also,

resistance level of 18440 - 18932 / 5552 - 5702.

the current weekly candle is known as “Doji” pattern, which

We advise traders to stay light on positions and trade

indicates lack of confidence and uncertainty among market

with strict stop losses.

participants. The said pattern has a minor bearish

implication and requires confirmation. The negative outlook

will be confirmed only if indices sustain below the low of

17579 / 5322. In this case, we may witness a corrective

move up to 17200 - 17000 / 5250 - 5185 levels, which

also coincides with the support zone of 200-Day EMA and

20-day EMA.

For Private Circulation Only |

Technical Research | February 13, 2012

Bank Nifty Outlook - (10443)

Exhibit 2: Bank Nifty Daily Chart

On Friday, Bank Nifty opened on a flat note and traded

with extreme volatility throughout the session to close

marginally below the initial opening level. We are now

witnessing a “Bearish Harami” candle stick pattern on the

daily chart which is a reversal pattern but requires a

confirmation. We reiterate our view, that the momentum

oscillators are placed in an extreme overbought condition

and a possibility of correction cannot be ruled out.

Therefore, if the index manages to sustain below Friday’s

low of 10344 then it is likely to drift towards 10183 -

10150 levels. On the upside, 10528 - 10555 levels are

likely to act as resistance in coming trading session. The

said pattern will be negated only if Bank Nifty manages to

close above 10555.

Actionable points:

View

Negative Below 10344

Expected Target

10183 - 10150

Resistance levels

10528 - 10555

Source: Falcon

For Private Circulation Only |

Technical Research | February 13, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

17,492

17,621

17,755

17,883

18,018

NIFTY

5,297

5,339

5,383

5,426

5,470

BANKNIFTY

10,236

10,340

10,447

10,550

10,658

ACC

1,283

1,315

1,368

1,400

1,454

AMBUJACEM

165

169

174

177

182

AXISBANK

1,079

1,099

1,121

1,141

1,163

BAJAJ-AUTO

1,682

1,709

1,729

1,756

1,776

BHARTIARTL

342

346

352

356

361

BHEL

255

258

261

264

267

BPCL

568

583

606

621

643

CAIRN

360

367

378

384

395

CIPLA

343

346

350

353

357

COALINDIA

324

328

331

335

339

DLF

219

225

230

236

240

DRREDDY

1,597

1,610

1,627

1,640

1,657

GAIL

376

381

386

391

397

HCLTECH

458

463

467

472

476

HDFC

666

680

690

704

714

HDFCBANK

507

512

519

524

531

HEROMOTOCO

1,912

1,941

1,983

2,012

2,053

HINDALCO

147

150

155

158

162

HINDUNILVR

380

384

389

393

399

ICICIBANK

906

918

929

941

951

IDFC

125

129

135

140

145

INFY

2,730

2,760

2,781

2,811

2,832

ITC

201

202

204

205

206

JINDALSTEL

583

593

604

615

625

JPASSOCIAT

KOTAKBANK

531

539

549

557

567

1,316

1,333

1,354

1,372

1,393

M&M

668

680

696

708

724

MARUTI

1,210

1,227

1,251

1,268

1,291

NTPC

177

179

180

182

183

ONGC

274

278

283

287

293

PNB

981

995

1,009

1,022

1,037

POWERGRID

104

106

108

109

111

RANBAXY

430

436

447

453

464

RCOM

RELIANCE

826

835

847

856

868

RELINFRA

550

561

577

589

605

RPOWER

102

105

109

112

SAIL

106

109

112

116

118

SBIN

2,118

2,145

2,177

2,204

2,236

SESAGOA

218

227

234

243

251

SIEMENS

770

780

790

801

811

STER

123

126

129

132

135

SUNPHARMA

534

538

542

545

549

SUZLON

TATAMOTORS

252

255

258

261

265

TATAPOWER

106

109

112

114

117

TATASTEEL

416

446

462

491

508

TCS

1,202

1,218

1,228

1,244

1,254

WIPRO

438

443

447

453

456

Technical Research Team

For Private Circulation Only |

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

Website: www.angelbroking.com

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