Technical Research | February 15, 2012
Daily Technical Report
Sensex (17849) / NIFTY (5416)
Exhibit 1: Nifty Daily Chart
Yesterday, for yet another session markets traded with
extreme volatility throughout the day and closed above
5400 mark. Indices have been trading in this narrow range
of 17579 - 17890 / 5322 - 5428 for the past seven
trading sessions. On the sectoral front, Capital Goods,
Realty and Auto counters were among the major gainers,
whereas Oil & Gas and Healthcare counters ended in a
negative territory. The advance to decline ratio was in favor
of advancing counters. (A=1619 D=1269) (Source
-
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.
• The “RSI-Smoothened” oscillator on the daily chart is
placed in extreme overbought territory.
Source: Falcon
Trading strategy:
Actionable points:
View
Positive Above 5428
Yesterday, yet again indices traded with extreme volatility
Expected targets
5500 - 5550
but remained inside the mentioned range of 17579 -
Support level
5322
17890 / 5322 - 5428. Therefore, our view remains the
same that a break out on either side would give clarity of
the trend. Hence, a close above 17890 / 5428 may attract
strong buying interest which would then push indices to test
18300 - 18440 / 5500 - 5550 levels. On the downside, a
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 SMA and 20-day EMA.
For Private Circulation Only |
1
Technical Research | February 15, 2012
Bank Nifty Outlook - (10557)
Exhibit 2: Bank Nifty Daily Chart
In Yesterday’s session, Bank Nifty opened on a flat note
and traded in a narrow range throughout the session.
The “Bearish Harami” candle stick pattern mentioned in
our previous reports has been negated as the index has
managed to close marginally above 10555 levels. The
“ADX (14)” indicator is at 40, which shows strength of the
ongoing uptrend. Thus on the upside, if Bank Nifty trades
convincingly above 10607 then it is likely to test 10661 -
10750 levels. However, on the hourly chart we are
witnessing negative divergence in “RSI” momentum
oscillator. Therefore, if the index falls below yesterday’s
low of 10449 then we may see a minor correction till
10335 - 10183 levels.
Actionable points:
View
Neutral
Resistance Levels
10607 - 10661 - 10750
Support Levels
10449 - 10335 - 10183
Source: Falcon
For Private Circulation Only |
2
Technical Research | February 15, 2012
Positive Bias:
Expected
Stock Name
CMP
5 Day EMA
20 Day EMA
Remarks
Target
Bank of India
374.9
366.8
344.7
382
View will change below 372
Mc-Dowell
675.8
375.9
661.9
720
View will change below 650
For Private Circulation Only |
3
Technical Research | February 15, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,679
17,764
17,827
17,912
17,975
NIFTY
5,357
5,387
5,407
5,437
5,457
BANKNIFTY
10,380
10,468
10,538
10,626
10,695
ACC
1,315
1,327
1,348
1,361
1,382
AMBUJACEM
168
169
171
173
174
AXISBANK
1,103
1,116
1,125
1,138
1,146
BAJAJ-AUTO
1,697
1,715
1,734
1,752
1,771
BHARTIARTL
336
339
344
347
352
BHEL
255
260
264
269
273
BPCL
583
591
597
605
611
CAIRN
366
373
377
383
388
CIPLA
310
315
326
332
342
DLF
328
331
336
339
343
DRREDDY
227
231
233
237
239
GAIL
1,599
1,605
1,616
1,621
1,632
HCLTECH
379
383
387
391
395
HDFC
459
464
467
472
475
HDFCBANK
689
693
696
701
703
HEROMOTOCO
510
514
519
523
528
HINDALCO
1,983
2,033
2,061
2,111
2,139
HINDUNILVR
152
156
160
165
168
ICICIBANK
387
389
391
394
396
IDFC
917
930
940
954
963
INFY
129
134
137
141
144
ITC
2,746
2,773
2,792
2,819
2,838
JINDALSTEL
201
202
203
204
204
JPASSOCIAT
583
591
599
607
616
KOTAKBANK
76
78
79
81
82
LT
550
555
562
567
574
M&M
1,285
1,332
1,366
1,413
1,446
MARUTI
698
708
714
724
730
NTPC
1,200
1,234
1,254
1,288
1,308
ONGC
178
180
182
183
185
PNB
272
274
277
279
282
POWERGRID
978
997
1,009
1,028
1,040
RANBAXY
108
109
109
110
111
RCOM
428
431
436
439
444
RELCAPITAL
90
94
97
102
104
RELIANCE
836
842
849
856
863
RELINFRA
587
602
612
626
636
RPOWER
105
107
108
110
112
SAIL
108
109
110
112
113
SBIN
2,093
2,146
2,182
2,236
2,272
SESAGOA
238
241
247
250
255
SIEMENS
777
784
794
800
810
STER
126
127
130
131
133
SUNPHARMA
547
551
554
558
562
SUZLON
27
27
28
28
29
TATAMOTORS
253
260
267
274
280
TATAPOWER
99
102
105
108
112
TATASTEEL
477
482
487
493
497
TCS
1,207
1,213
1,222
1,228
1,236
WIPRO
428
431
436
439
443
Technical Research Team
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4
Technical Report
RESEARCH TEAM
Shardul Kulkarni
Head - Technicals
Sameet Chavan
Technical Analyst
Sacchitanand Uttekar
Technical Analyst
Mehul Kothari
Technical Analyst
Ankur Lakhotia
Technical Analyst
Research Team: 022-3952 6600
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