Technical Research | January 19, 2012

Daily Technical Report

Sensex (16451) / NIFTY (4956)

Exhibit 1: Nifty Daily Chart

Yesterday, markets opened marginally higher but could not

sustain at higher levels and profit booking was seen in the

first half. Indices corrected during the mid-session to test

hourly 20 EMA placed around 16380 / 4930 level. On the

sectoral front, Metal, IT and Capital Goods sectors

corrected sharply, whereas Oil & Gas rallied during

yesterday’s session. The advance to decline ratio was in

favor of declining counters. (A=1086 D=1702) (Source -

www.bseindia.com)

Formation:

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

now shifted to the 16050 / 4820 level.

• The 78.6% Fibonacci retracement level of the fall from

Source: Falcon

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

Trading strategy:

Actionable points:

Markets opened marginally higher around the mentioned

View

Neutral

78.6% Fibonacci retracement resistance level of 16600 /

Resistance levels

4976- 5050

Support levels

4898 - 4827

4976. As expected, we witnessed selling pressure near this

level indices moved lower to test hourly 20 EMA which is

placed at 16380 / 4930 level. Going forward, 16600 /

4976 remains to be an important resistance. Only a

sustainable move beyond this level may lead to further up

move and indices may test 16848 - 17004 / 5050 - 5100.

We advise traders to book their profits and stay light on

positions in case the markets are able to scale to these

levels. On the downside, yesterday’s low of 16384 / 4931

would act as immediate support level. A breach of this level

may intensify selling pressure and indices may correct to test

16257 - 16037 / 4898 - 4827 levels.

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Technical Research | January 19, 2012

Bank Nifty Outlook - (9023)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened on a flat note and as

mentioned in our previous report, we witnessed minor

correction below the low of 9011. Bank Nifty traded with

negative bias during the first half of the trading session to

test the expected support of 8922 and finally recovered from

the day’s low to close above 9000 mark. On the Daily chart,

we are witnessing a cluster of narrow range bodies since

past few trading sessions. This indicates an exhaustion or

consolidation of the current rise from 7900 to 9100 level.

On the downside, the zone of 8922 - 8810 would now act

as a crucial support zone for coming trading session.

However, the momentum on the upside could only resume

once Bank Nifty trades convincingly above 9115 level. In

such a scenario, index can test 9275 level.

Actionable points:

View

Neutral

Resistance Levels

9115 - 9275

Support Levels

8922 - 8810

Source: Falcon

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Technical Research | January 19, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,318

16,385

16,451

16,518

16,585

NIFTY

4,906

4,931

4,956

4,981

5,005

BANKNIFTY

8,860

8,942

9,004

9,086

9,149

ACC

1,110

1,120

1,136

1,146

1,162

AMBUJACEM

155

156

158

159

161

AXISBANK

905

919

944

958

983

BAJAJ-AUTO

1,424

1,439

1,456

1,471

1,488

BHARTIARTL

339

342

347

350

355

BHEL

263

268

277

282

290

BPCL

506

521

536

551

567

CAIRN

335

340

345

350

355

CIPLA

324

328

335

340

347

DLF

194

198

201

205

208

DRREDDY

1,624

1,643

1,659

1,678

1,694

GAIL

352

359

366

373

381

HCLTECH

406

412

419

425

433

HDFC

668

675

680

687

692

HDFCBANK

463

473

479

488

495

HEROMOTOCO

1,823

1,842

1,856

1,875

1,889

HINDALCO

136

138

140

142

144

HINDUNILVR

382

387

393

398

404

ICICIBANK

751

760

771

780

791

IDFC

114

116

118

119

121

INFY

2,555

2,583

2,614

2,642

2,673

ITC

205

208

209

211

213

JINDALSTEL

489

500

509

520

530

JPASSOCIAT

KOTAKBANK

442

453

466

476

490

1,201

1,221

1,254

1,274

1,307

M&M

652

668

689

705

726

MARUTI

1,061

1,081

1,113

1,134

1,165

NTPC

160

162

166

168

172

ONGC

258

263

266

272

275

PNB

881

891

906

916

930

POWERGRID

100

101

103

RANBAXY

439

447

456

464

473

RCOM

RELCAPITAL

295

306

314

325

333

RELIANCE

745

763

775

792

805

RELINFRA

419

431

439

451

458

RPOWER

SAIL

SBIN

1,801

1,833

1,852

1,884

1,903

SESAGOA

182

185

190

193

198

SIEMENS

725

735

746

756

767

STER

104

106

108

110

113

SUNPHARMA

506

512

516

522

526

SUZLON

TATAMOTORS

208

211

215

218

223

TATAPOWER

100

102

TATASTEEL

407

416

430

440

454

TCS

1,022

1,049

1,073

1,100

1,124

WIPRO

396

400

407

411

418

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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