Technical Research | January 18, 2012

Daily Technical Report

Sensex (16466) / NIFTY (4967)

Exhibit 1: Nifty Daily Chart

Yesterday, markets opened on a cheerful note in-line with

positive cues from other Asian indices. The positive

momentum increased as the day progressed, which led

indices to close almost at day’s high. On the sectoral front,

Capital Goods, Metal, Realty and Oil & Gas sectors were

among the major gainers. There was no sector in the

negative territory. The advance to decline ratio was strongly

in favor of advancing counters. (A=1898 D=980) (Source -

www.bseindia.com)

Formation:

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

now shifted to the 15940 / 4780 level.

Source: Falcon

• The 78.6% Fibonacci retracement level of the fall from

17004 to 15135 / 5100 to 4531 is at 16600 / 4978.

Actionable points:

Trading strategy:

View

Neutral

Markets opened with a decent upside gap mainly due to

Resistance levels

4976- 5050

rupee appreciation and positive global cues. This positive

Support levels

4898 - 4827

momentum then pushed indices substantially higher to test

expected resistance level of 16600 / 4976 and finally

closed marginally below it. This level coincides with the

78.6% Fibonacci retracement level of the fall from 17004 to

15135 / 5100 to 4531. Going forward, this level is likely to

act as an important resistance. A sustainable move beyond

this may lead to further up move to test 16848 - 17004 /

5050 - 5100 levels. On the downside, the decent support is

seen around 16257 - 16037 / 4898 - 4827 levels.

For Private Circulation Only |

Technical Research | January 18, 2012

Bank Nifty Outlook - (9057)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened with an upside gap, faced

resistance near our mentioned resistance level of 9110 and

traded in a narrow range throughout the session. The

momentum oscillator “Stochastic” is placed in an overbought

zone; hence we may witness minor correction or

consolidation. On the downside, if Bank Nifty sustains below

yesterday’s low of 9011 then it is likely to test 8922 - 8848

levels. Only a sustainable move above yesterday’s high of

9115 would lead the index higher to test 9273 level.

Actionable points:

View

Neutral

Resistance levels

9115 - 9273

Support Levels

8922 - 8848

Source: Falcon

Stock Recommendations:

Exhibit 3: TATA MOTORS (JAN FUT)

Stock - TATA MOTORS (JAN FUT)

Action - SELL

Last close

` 216.70

Selling Below

` 216.25

Stop Loss

` 221.35

Target

` 204

Justification - On the Daily chart, after a continuous rise

from ` 177 to ` 221, we are now witnessing a bearish

candlestick pattern which resembles a “Shooting Star”. Also,

the momentum oscillators are in an overbought zone. The

above technical evidences suggest that some profit booking

might be on the cards. Hence, we advise selling the stock,

ONLY below ` 216.25 for a target of ` 204 in coming 3 -

5 trading sessions.

Source: Falcon

For Private Circulation Only |

Technical Research | January 18, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,182

16,324

16,413

16,555

16,643

NIFTY

4,877

4,922

4,949

4,994

5,021

BANKNIFTY

8,958

9,008

9,061

9,110

9,164

ACC

1,101

1,120

1,133

1,152

1,164

AMBUJACEM

150

154

156

160

162

AXISBANK

925

944

962

980

999

BAJAJ-AUTO

1,412

1,432

1,447

1,467

1,482

BHARTIARTL

337

341

344

348

351

BHEL

274

277

281

285

289

BPCL

496

511

520

534

544

CAIRN

335

340

344

349

353

CIPLA

328

333

337

342

346

DLF

190

194

198

202

207

DRREDDY

1,609

1,627

1,640

1,658

1,672

GAIL

365

368

371

374

377

HCLTECH

406

416

424

434

442

HDFC

667

671

676

680

684

HDFCBANK

461

465

467

471

473

HEROMOTOCO

1,789

1,808

1,824

1,843

1,859

HINDALCO

130

135

139

144

148

HINDUNILVR

381

389

394

403

407

ICICIBANK

770

778

791

799

812

IDFC

110

113

115

119

121

INFY

2,617

2,640

2,656

2,679

2,695

ITC

205

207

208

210

212

JINDALSTEL

495

503

510

518

525

JPASSOCIAT

KOTAKBANK

458

467

473

483

489

1,186

1,227

1,251

1,292

1,316

M&M

683

694

702

713

721

MARUTI

982

1,045

1,082

1,146

1,183

NTPC

161

164

166

169

171

ONGC

252

257

260

265

269

PNB

879

898

910

929

941

POWERGRID

100

101

102

RANBAXY

454

459

466

471

477

RCOM

RELCAPITAL

296

304

311

319

325

RELIANCE

706

724

734

752

763

RELINFRA

403

416

425

438

447

RPOWER

SAIL

SBIN

1,813

1,829

1,850

1,866

1,888

SESAGOA

186

189

193

196

199

SIEMENS

711

731

743

763

775

STER

104

107

110

113

116

SUNPHARMA

499

507

513

522

528

SUZLON

TATAMOTORS

213

215

218

220

224

TATAPOWER

100

TATASTEEL

413

428

438

453

463

TCS

1,077

1,090

1,108

1,121

1,138

WIPRO

400

408

413

421

426

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

Website: www.angelbroking.com

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