Technical Research | January 16, 2012

Daily Technical Report

Sensex (16155) / NIFTY (4866)

Exhibit 1: Nifty Daily Chart

On Friday, markets opened higher in-line with global cues

and traded with extreme volatility throughout the session. As

a result, despite crossing 16286 / 4881 level, indices

drifted during the latter part of the day and finally closed

almost at the initial opening level. On the sectoral front,

Metal, Capital Goods and Power sectors were among the

major gainers, whereas Consumer Durables and Oil & Gas

counters ended marginally on the losing side. The advance

to decline ratio was strongly in favor of gaining counters.

(A=1897 D=903) (Source -www.bseindia.com)

Formation:

• The 20-day EMA (Exponential Moving Average) has

now shifted to the 15940 / 4780 level.

• The positive crossover in weekly momentum oscillators,

viz. the RSI and the Stochastic, is still intact.

• On the Daily chart, we witnessed a “Downward Sloping

Trend Line” breakout from the resistance level of 16070 /

4820.

Source: Falcon

• The 61.8% Fibonacci retracement level of the fall from

17004 to 15135 / 5100 to 4531 is at 16290 / 4881.

Trading strategy:

Actionable points:

View

Positive Above 4920

After several attempts, markets finally managed to break

Expected Targets

4976

out from the stiff resistance zone of 16070 / 4820, which

Support levels

4834 - 4803

also resulted in “Downward Sloping Trend Line” break out

on the daily chart. Going forward, the bias remains positive

In this case, they are likely to head towards the next

as indices are trading convincingly above the 20 day EMA

resistance levels of 16600 - 17004 / 4976 - 5100. On the

and have formed a “Higher Top Higher Bottom” formation

downside, indices have a decent support near 15962 -

on the daily chart. Further, looking at last 2-3 trading

15940 / 4803 - 4780 levels. A move below 15940 / 4780

sessions, we have observed that indices are facing

level may result in loss of positive momentum and then

headwinds around the 61.8% Fibonacci retracement level of

indices are likely to slide towards the 16000 / 4686 level.

16290 / 4881. Further, the positive crossover in weekly

oscillators is still intact. Hence, the positive momentum may

resume if indices sustain above the 16421 / 4920 level.

For Private Circulation Only |

Technical Research | January 16, 2012

Bank Nifty Outlook - (8975)

Exhibit 2: Bank Nifty Daily Chart

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

narrow range throughout the session to close near the initial

opening level. The Daily chart depicts a “Doji” candlestick

pattern, which indicates indecisiveness prevailing at current

levels. The index has faced resistance near its “20 Week

EMA” which is placed at 9110. However, on the flip side, we

are witnessing a positive crossover in “RSI Smoothened”

oscillator on Weekly chart. Hence, any sustainable move

above Friday’s high of 9073 level would help Bank Nifty to

test 9110 - 9275 levels. On the downside, low of the “Doji”

(8913) would now act as a crucial support, below which we

may witness a minor correction up to 8810 - 8750 levels.

Actionable points:

View

Positive Above 9073

Expected Target

9110 - 9275

Support Levels

8913 - 8810

Source: Falcon

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Technical Research | January 16, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

15,946

16,050

16,154

16,258

16,361

NIFTY

4,802

4,834

4,866

4,899

4,931

BANKNIFTY

8,828

8,902

8,987

9,061

9,146

ACC

1,106

1,115

1,123

1,132

1,140

AMBUJACEM

149

150

152

153

155

AXISBANK

914

927

941

954

969

BAJAJ-AUTO

1,379

1,405

1,447

1,473

1,515

BHARTIARTL

324

329

334

339

344

BHEL

261

264

266

269

272

BPCL

498

504

511

516

524

CAIRN

324

330

334

340

344

CIPLA

331

335

338

342

346

DLF

188

192

197

201

205

DRREDDY

1,624

1,642

1,655

1,673

1,685

GAIL

362

368

378

384

394

HCLTECH

389

393

401

405

413

HDFC

659

670

682

694

706

HDFCBANK

456

463

468

475

480

HEROMOTOCO

1,753

1,773

1,796

1,816

1,839

HINDALCO

128

131

133

136

139

HINDUNILVR

388

390

392

394

397

ICICIBANK

764

777

793

806

822

IDFC

104

106

109

111

114

INFY

2,518

2,551

2,585

2,618

2,652

ITC

203

205

206

208

210

JINDALSTEL

480

492

502

513

524

JPASSOCIAT

KOTAKBANK

455

464

470

479

485

1,115

1,144

1,161

1,190

1,207

M&M

674

683

691

700

708

MARUTI

952

964

987

1,000

1,022

NTPC

159

162

165

168

171

ONGC

255

257

259

261

263

PNB

875

885

900

910

925

POWERGRID

100

101

102

103

RANBAXY

444

454

461

471

477

RCOM

RELCAPITAL

273

286

296

309

318

RELIANCE

714

723

737

746

760

RELINFRA

393

402

414

423

436

RPOWER

SAIL

SBIN

1,752

1,764

1,782

1,794

1,812

SESAGOA

179

183

187

191

196

SIEMENS

699

711

720

732

741

STER

101

104

106

108

SUNPHARMA

501

507

515

521

529

SUZLON

TATAMOTORS

203

206

210

213

216

TATAPOWER

100

TATASTEEL

378

397

411

430

444

TCS

1,057

1,071

1,087

1,102

1,118

WIPRO

385

393

399

407

413

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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