Technical Research | December 16, 2011

Daily Technical Report

Sensex (15836) / NIFTY (4746)

Exhibit 1: Nifty Daily Chart

Markets opened on a pessimistic note in-line with negative

global sentiment but recovered from the lows to close above

the 4700 / 15800 mark. On the sectoral front, Capital

Goods, Consumer Durables and Auto counters were

among the major losers, whereas FMCG and Power sectors

ended with a marginal gain. The advance to decline ratio

was strongly in favor of declining counters. (A=896

D=1818). (Source -www.bseindia.com)

Formation

• No specific formation is seen on the chart.

Source: Falcon

Trading strategy:

Actionable points:

Weakning currency and negative global cues continued to

hurt our markets in yesterday’s session. However, buying

View

Neutral

Resistance levels

4769 - 4841

interest near to crucial support level of 15700 / 4700

Support levels

4674 - 4639

helped indices to close marginally in negative territory.

Going forward, yesterday’s low of 15596 / 4674 would act

as support in coming trading sessions. A breach of this low

may intensify selling pressure and indices may slide to test

15478 / 4639 level. Conversely, yesterday’s high of 15908

/ 4769 may act as immediate resistance level. A move

above this level may take indices to test 16142 / 4841

level.

Traders are advised to trade with caution as the RBI

monetary policy would be declared during the session.

Volatility is expected to increase during the announcement

of the monetary policy.

For Private Circulation Only |

Technical Research | December 16, 2011

Bank Nifty Outlook - (8445)

Exhibit 2: Bank Nifty Daily Chart

Bank nifty opened with a minor downside gap and traded

in a narrow range throughout the session to close near

initial opening level. Once again, in today’s session the

index has formed a “Doji” candle pattern which is a sign of

indecisiveness prevailing at current level. The RBI monetary

policy is expected to have a significant impact on the Bank

Nifty and we expect clarity of trend for the further sessions.

From the past three sessions, the index is constantly taking

support near 78.6% retracement of the rise from 8240 -

9273. If the index sustains below yesterday’s low of 8376

then it is likely to test 8295 - 8240 levels. On the upside,

8536 - 8630 levels are likely to act as resistance in coming

trading session.

Actionable points:

View

Neutral

Resistance level

8536 - 8630

Source: Falcon

Support levels

8376 - 8295 - 8240

Stock Recommendations:

Exhibit 3: Aban Offshore (December Futures)

Stock - Aban Offshore (December Futures)

Action - Sell

Last close

` 313

Selling Range ` 314 - 318

Stop Loss

` 327

Target

` 290

Justification - On the daily chart, we are witnessing a

bearish “Cup and Handle” pattern breakdown at ` 320

with significant rise in volumes. Further, the momentum

oscillator “RSI Smoothend” on the Daily as well as Weekly

chart has given a negative crossover. Hence, we advise

selling this stock in a range of ` 314 to ` 318 for a target of

` 290 in coming 3 - 4 days.

Source: Falcon

For Private Circulation Only |

Technical Research | December 16, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

15,468

15,652

15,780

15,964

16,092

NIFTY

4,635

4,691

4,730

4,785

4,824

BANKNIFTY

8,310

8,377

8,443

8,511

8,577

ACC

1,115

1,128

1,138

1,150

1,160

AMBUJACEM

146

150

152

156

158

AXISBANK

927

938

945

956

963

BAJAJ-AUTO

1,612

1,632

1,646

1,666

1,680

BHARTIARTL

327

332

337

342

347

BHEL

241

245

249

253

257

BPCL

511

520

528

537

544

CAIRN

288

294

299

306

310

CIPLA

318

324

327

333

336

DLF

193

198

201

206

209

DRREDDY

1,562

1,574

1,583

1,594

1,603

GAIL

361

366

371

376

380

HCLTECH

402

408

412

418

422

HDFC

613

625

634

645

654

HDFCBANK

422

427

431

436

440

HEROMOTOCO

1,888

1,922

1,944

1,978

2,000

HINDALCO

119

123

126

130

133

HINDUNILVR

377

386

392

400

406

ICICIBANK

681

690

698

707

715

IDFC

100

104

106

110

112

INFY

2,636

2,676

2,705

2,745

2,775

ITC

195

198

200

202

204

JINDALSTEL

498

513

523

537

548

JPASSOCIAT

KOTAKBANK

473

478

483

488

493

1,090

1,112

1,134

1,156

1,178

M&M

651

658

666

673

682

MARUTI

899

915

928

944

956

NTPC

156

161

164

170

173

ONGC

245

248

251

254

257

PNB

853

861

873

881

893

POWERGRID

102

104

RANBAXY

369

376

387

395

406

RCOM

RELCAPITAL

255

259

263

267

272

RELIANCE

712

731

743

762

774

RELINFRA

340

349

357

366

374

RPOWER

SAIL

SBIN

1,700

1,718

1,745

1,764

1,791

SESAGOA

158

161

164

168

171

SIEMENS

652

660

670

678

688

STER

SUNPHARMA

511

517

521

527

531

SUZLON

TATAMOTORS

164

168

172

177

181

TATAPOWER

TATASTEEL

362

368

374

381

387

TCS

1,140

1,161

1,176

1,197

1,211

WIPRO

394

400

409

416

425

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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