Technical Research | December 19, 2011

Daily Technical Report

Sensex (15491) / NIFTY (4652)

Exhibit 1: Nifty Daily Chart

On Friday, markets opened on a flat note and showed

some signs of positive momentum during the first half.

However, post announcement of RBI Monetary Policy indices

tumbled sharply to break recent bottom of 15478 / 4639.

On the sectoral front, Capital Goods, Realty and Banking

were among the major losers. There was no sector in the

positive territory. The advance to decline ratio was strongly

in favor of declining counters. (A=847 D=1884). (Source -

www.bseindia.com)

Formation

• On the Daily chart, we are witnessing a “Downward

Sloping Trend Line” joining two lows of 15760 - 15479 /

4728 - 4639.

• On the Monthly chart, the 50% Fibonacci retracement

level of the rise from 7697 / 2252 (October 31, 2008) to

21108 / 6338 (November 30, 2010) is at 14400 / 4300.

Source: Falcon

Trading strategy:

Actionable points:

Our benchmark indices opened marginally higher this

View

Neutral

week, but strong selling pressure at the higher level

Resistance levels

4841

dragged indices to close near a new 52-week low. Going

Support levels

4628 - 4540

forward, if indices break Friday’s low of 4628, then they are

likely to test the 15330 / 4540 level, which also coincides

with a “Downward Sloping Trend Line”, joining two lows of

15760 - 15479 / 4728 - 4639. Moreover, if indices

sustain below the 15330 / 4540 level, then the possibility of

testing the monthly 50% Fibonacci retracement level of the

rise from 7697 / 2252 (October 31, 2008) to 21108 /

6338 (November 30, 2010) cannot be ruled out. This

retracement level is at 14400 / 4300. On the upside,

indices may face strong resistance near the 16142 / 4841

level.

Traders are advised to trade with caution and use strict

stop losses.

For Private Circulation Only |

Technical Research | December 19, 2011

Bank Nifty Outlook - (8172)

Exhibit 2: Bank Nifty Daily Chart

Bank nifty opened on an optimistic note and traded in a

narrow range during initial hours of trade. However, post

announcement of the RBI monetary policy heavy selling

pressure led the index to close at the lowest point in 2

years and also well below the 200 weeks SMA. On the

daily chart the index has presently taken support on the

trend line joining the lows of 8918 / 8626. We are

witnessing a rise in “ADX (14)” indicator which is currently

at 24.30, and suggests that the downtrend is gaining

strength. A breach of Friday’s low of 8127 will further

intensify selling pressure, and may lead the index to test

the next probable support level of 7961 - 7726 levels.

On the upside, 8376 is likely to act as resistance in

coming trading session.

Actionable points:

View

Neutral

Resistance Level

8376

Support Level

8127 - 7961 - 7726

For Private Circulation Only |

Technical Research | December 19, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

15,018

15,255

15,662

15,898

16,306

NIFTY

4,509

4,580

4,700

4,771

4,890

BANKNIFTY

7,825

7,998

8,301

8,474

8,776

ACC

1,089

1,109

1,138

1,158

1,187

AMBUJACEM

147

150

154

158

162

AXISBANK

852

878

921

947

990

BAJAJ-AUTO

1,592

1,621

1,665

1,694

1,737

BHARTIARTL

316

327

340

350

363

BHEL

225

233

244

252

263

BPCL

508

518

530

540

552

CAIRN

286

292

301

307

316

CIPLA

318

325

332

339

347

DLF

184

189

198

204

213

DRREDDY

1,552

1,579

1,609

1,635

1,666

GAIL

358

368

378

388

398

HCLTECH

401

407

413

419

426

HDFC

603

615

630

642

658

HDFCBANK

391

403

422

434

452

HEROMOTOCO

1,841

1,883

1,943

1,985

2,045

HINDALCO

120

123

127

130

135

HINDUNILVR

378

386

395

403

412

ICICIBANK

635

656

685

706

735

IDFC

101

106

109

114

INFY

2,638

2,681

2,735

2,778

2,832

ITC

188

192

198

201

207

JINDALSTEL

501

509

521

529

542

JPASSOCIAT

KOTAKBANK

457

469

483

495

508

1,002

1,037

1,096

1,131

1,190

M&M

625

643

666

683

706

MARUTI

889

910

930

951

971

NTPC

153

157

164

168

174

ONGC

239

244

252

258

265

PNB

777

803

845

871

913

POWERGRID

101

103

RANBAXY

365

374

382

391

400

RCOM

RELCAPITAL

226

236

253

263

279

RELIANCE

632

677

761

806

889

RELINFRA

327

338

354

365

380

RPOWER

SAIL

SBIN

1,592

1,635

1,709

1,753

1,826

SESAGOA

155

159

164

167

173

SIEMENS

620

634

657

672

695

STER

SUNPHARMA

493

503

515

525

537

SUZLON

TATAMOTORS

165

169

174

178

184

TATAPOWER

TATASTEEL

350

358

370

377

389

TCS

1,103

1,125

1,154

1,175

1,204

WIPRO

390

397

403

410

416

Technical Research Team

For Private Circulation Only |

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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