Technical Research | January 17, 2012

Daily Technical Report

Sensex (16189) / NIFTY (4874)

Exhibit 1: Nifty Daily Chart

Yesterday, markets opened on a pessimistic note in-line

with global cues and traded in a narrow range throughout

the session to close marginally in the positive territory. On

the sectoral front, Capital Goods, IT and Teck sectors were

among the major gainers, whereas Oil & Gas and

Healthcare counters ended on a losing side. The advance to

decline ratio was marginally in favor of advancing counters.

(A=1389 D=1353) (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.

Actionable points:

Trading strategy:

View

Positive Above 4920

The week opened with a downside gap and then markets

Expected Targets

4976

drifted towards the immediate support level of 16070 /

Support levels

4834 - 4803

4820 during the initial first half of the session. However,

indices found decent support near day’s low and bounced

sharply to close almost at the highest point of the day.

Going forward, we continue to advise traders to trade with

On the downside, indices have a decent support near

positive bias as long as markets maintain “Higher Top

15962 - 15940 / 4803 - 4780 levels. A move below

Higher Bottom” formation. The consolidation that has been

15940

4780 level may result in loss of positive

taking place in the last 4 sessions indicates the possibility of

momentum and then indices are likely to slide towards the

an upward breakout in the coming sessions. Positive

16000 / 4686 level.

momentum is likely to increase further if indices manage to

sustain above the 16421 / 4920 level. In this case, markets

may head towards the next resistance levels of 16600 -

17004 / 4976 - 5100.

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Technical Research | January 17, 2012

Bank Nifty Outlook - (8940)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened below low of the “Doji” candle

pattern formed on Friday’s session. However the index took

support near our mentioned support level of 8810 and

bounced back to close near day’s high. We reiterate our

view, that the high of the “Doji” (9073) is an important

resistance for Bank Nifty. Only a sustainable move above

9073 level would lead the index to test 9110 - 9273 levels.

On the downside, 8810 - 8750 levels are likely to act as

support levels for the day.

Actionable points:

View

Positive Above 9073

Expected Target

9110 - 9275

Support Levels

8810 - 8750

Source: Falcon

Stock Recommendations:

Exhibit 3: Axis Bank Ltd (JAN FUT)

Stock - Axis Bank Ltd (JAN FUT)

Action - Buy

Last close

` 935.10

Buying Range

` 935 - ` 930

Stop Loss

` 913.30

Target

` 995

Justification - On the Daily chart, we are observing that

after breaking out from the trend line resistance of ` 905

level, the stock has given a pull back towards “5 Day EMA”.

Moreover, the Daily chart depicts a candlestick pattern

which resembles a bullish “Hammer” near 38.2% Fibonacci

retracement level of the rise from ` 821 to ` 960 coupled

with the positive crossover in “RSI Smoothened” oscillator on

the Weekly chart. Hence, looking at above technical

evidences, we advise buying the stock in a range of ` 935 -

` 930 for a target of ` 995 in coming 6 - 7 trading

Source: Falcon

sessions.

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Technical Research | January 17, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

15,970

16,080

16,147

16,257

16,324

NIFTY

4,807

4,840

4,861

4,894

4,914

BANKNIFTY

8,753

8,847

8,907

9,001

9,061

ACC

1,093

1,103

1,115

1,125

1,137

AMBUJACEM

147

149

151

154

156

AXISBANK

909

922

930

944

952

BAJAJ-AUTO

1,388

1,406

1,425

1,443

1,462

BHARTIARTL

331

336

339

344

347

BHEL

258

267

273

283

289

BPCL

492

499

505

511

518

CAIRN

328

333

337

342

346

CIPLA

328

330

334

336

339

DLF

189

191

193

196

198

DRREDDY

1,618

1,631

1,640

1,653

1,662

GAIL

364

368

371

375

378

HCLTECH

390

398

403

411

416

HDFC

666

670

675

679

684

HDFCBANK

453

457

462

466

472

HEROMOTOCO

1,755

1,777

1,792

1,814

1,829

HINDALCO

129

131

132

134

135

HINDUNILVR

381

384

387

390

393

ICICIBANK

769

780

788

800

808

IDFC

105

108

110

113

115

INFY

2,556

2,598

2,621

2,663

2,686

ITC

205

207

208

210

212

JINDALSTEL

486

492

500

506

513

JPASSOCIAT

KOTAKBANK

446

454

464

472

482

1,123

1,162

1,185

1,225

1,248

M&M

678

683

687

692

696

MARUTI

949

979

999

1,029

1,049

NTPC

159

160

163

165

167

ONGC

252

254

258

260

263

PNB

853

869

882

898

910

POWERGRID

101

103

RANBAXY

447

458

465

476

483

RCOM

RELCAPITAL

286

293

298

305

311

RELIANCE

699

706

718

725

737

RELINFRA

393

401

408

416

423

RPOWER

SAIL

SBIN

1,713

1,765

1,800

1,851

1,886

SESAGOA

176

183

187

195

199

SIEMENS

710

716

721

727

732

STER

100

103

105

108

110

SUNPHARMA

493

499

507

513

521

SUZLON

TATAMOTORS

200

207

211

218

221

TATAPOWER

101

TATASTEEL

399

410

420

431

441

TCS

1,066

1,088

1,101

1,123

1,136

WIPRO

393

400

405

412

416

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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