Technical Research | February 21, 2012

Daily Technical Report

Sensex (18289) / NIFTY (5564)

Exhibit 1: Nifty Daily Chart

On Friday, our Benchmark indices opened with an upside

gap and Nifty tested the psychological level of 5600 during

the initial part of the session. However, due to some profit

booking at higher levels, our indices closed below their

initial opening level. On the sectoral front, Consumer

Durables, Power and Consumer Goods counters were

among the major gainers, whereas Metal and Auto sectors

ended on a losing side. The advance to decline ratio was

marginally in favor of declining counters. (A=1394

D=1583) (Source -www.bseindia.com)

Formation:

• On the Weekly chart, indices have closed well above

the “Horizontal Resistance Line” placed at 17908 /

5400 level.

• The 200-day SMA and 20-day EMA have now shifted to

17210 / 5172 and 17522 / 5306, respectively.

• The “RSI-Smoothened” oscillator on the daily chart is

still placed in extreme overbought territory.

Source: Falcon

• The daily chart depicts a “Spinning Top” Japanese

candlestick pattern.

Trading strategy:

Actionable points:

View

Neutral

After a consolidation of nearly seven consecutive sessions,

Resistance levels

5606 - 5645

finally, indices managed to break out from the “Horizontal

Support levels

5545 - 5483

Resistance Line” placed at 17908 / 5400 level. Strong

The said pattern will be negated on a closing above of the

momentum was witnessed almost throughout the week as

high of the “Spinning Top” formation. As a result markets

bulls refused to take the foot off the pedal and relentless

are likely to move higher to test next target of 18756 -

buying from FII's pushed markets higher. We are now

18945 / 5645 - 5702 levels.

observing a “Spinning Top” pattern on the daily chart. This

pattern indicates possibility of some minor consolidation but

Traders are advised to exercise caution in view of the over-

requires a confirmation in the form of a closing below the

bought position of the RSI oscillator and should trade with

low of the pattern i.e. 18234 / 5545. In this scenario, we

strict stop-loss.

may witness a loss of current positive momentum. Hence,

indices may slide towards lower support levels of 18043 -

17627 / 5483 - 5341 levels.

For Private Circulation Only |

Technical Research | February 21, 2012

Bank Nifty Outlook - (11075)

Exhibit 2: Bank Nifty Daily Chart

On Friday, Bank Nifty opened with an upside gap and

traded with extreme volatility to close marginally above

the initial opening level. The index has formed a

“Spinning Top” candle stick pattern near

61.8%

Fibonacci retracement of the fall from 12th November

2010 - 23rd December 2011. The pattern indicates

possibility of some consolidation or minor correction,

only if Bank Nifty sustains below Friday’s low of 11013.

In such a scenario the index is likely to test 10938 -

10775 levels. On the upside, a move above the high of

the 'Spinning top' (11204) would result in further positive

momentum and indices may test 11325 - 11450 levels

in coming trading session.

Actionable points:

View

Neutral

Resistance Levels

11204 - 11325 - 11450

Support Levels

11013 - 10938 - 10775

Source: Falcon

For Private Circulation Only |

Technical Research | February 21, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

18,126

18,208

18,315

18,397

18,504

NIFTY

5,511

5,537

5,572

5,599

5,634

BANKNIFTY

10,907

10,991

11,097

11,181

11,287

ACC

1,315

1,341

1,363

1,389

1,411

AMBUJACEM

166

170

172

176

178

AXISBANK

1,216

1,247

1,271

1,302

1,326

BAJAJ-AUTO

1,752

1,778

1,802

1,828

1,851

BHARTIARTL

342

346

351

354

359

BHEL

266

285

305

324

344

BPCL

598

609

616

626

634

CAIRN

369

378

387

396

406

CIPLA

314

318

323

327

332

DLF

317

320

326

330

336

DRREDDY

248

251

255

258

263

GAIL

1,603

1,619

1,630

1,646

1,657

HCLTECH

368

374

382

389

397

HDFC

466

479

491

504

516

HDFCBANK

704

710

718

725

733

HEROMOTOCO

514

521

527

534

540

HINDALCO

2,021

2,065

2,138

2,182

2,254

HINDUNILVR

145

148

153

156

161

ICICIBANK

378

382

385

388

392

IDFC

963

972

985

994

1,007

INFY

137

142

152

157

167

ITC

2,864

2,906

2,942

2,984

3,020

JINDALSTEL

202

204

205

207

208

JPASSOCIAT

621

632

648

658

675

KOTAKBANK

567

571

578

582

589

M&M

1,380

1,414

1,473

1,506

1,565

MARUTI

721

735

744

758

766

NTPC

1,287

1,304

1,335

1,352

1,383

ONGC

182

185

188

191

194

PNB

273

277

284

288

295

POWERGRID

1,046

1,061

1,075

1,091

1,105

RANBAXY

110

111

112

113

115

RCOM

438

444

451

456

464

RELCAPITAL

100

102

105

107

110

RELIANCE

802

810

818

826

834

RELINFRA

572

595

624

647

676

RPOWER

118

122

128

132

138

SAIL

108

110

113

115

118

SBIN

2,327

2,372

2,422

2,467

2,516

SESAGOA

218

231

251

264

284

SIEMENS

771

797

818

843

865

STER

127

130

134

137

142

SUNPHARMA

532

537

542

548

553

SUZLON

TATAMOTORS

264

269

276

281

289

TATAPOWER

112

115

118

121

124

TATASTEEL

461

469

479

488

498

TCS

1,202

1,215

1,235

1,248

1,268

WIPRO

432

440

447

455

461

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

Website: www.angelbroking.com

DISCLAIMER: This document is not for public distribution and has been furnished to you solely for your information and must not

be reproduced or redistributed to any other person. Persons into whose possession this document may come are required to observe

these restrictions.

Opinion expressed is our current opinion as of the date appearing on this material only. While we endeavor to update on a

reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us

from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be

subject to change without notice. Our proprietary trading and investment businesses may make investment decisions that are

inconsistent with the recommendations expressed herein.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable

sources believed to be true and are for general guidance only. While every effort is made to ensure the accuracy and completeness of

information contained, the company takes no guarantee and assumes no liability for any errors or omissions of the information. No

one can use the information as the basis for any claim, demand or cause of action.

Recipients of this material should rely on their own investigations and take their own professional advice. Each recipient of this

document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the

securities of companies referred to in this document (including the merits and risks involved), and should consult their own advisors to

determine the merits and risks of such an investment. Price and value of the investments referred to in this material may go up or

down. Past performance is not a guide for future performance. Certain transactions - futures, options and other derivatives as well as

non-investment grade securities - involve substantial risks and are not suitable for all investors. Reports based on technical analysis

centers on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals

and as such, may not match with a report on a company's fundamentals.

We do not undertake to advise you as to any change of our views expressed in this document. While we would endeavor to update

the information herein on a reasonable basis, Angel Broking, its subsidiaries and associated companies, their directors and

employees are under no obligation to update or keep the information current. Also there may be regulatory, compliance, or other

reasons that may prevent Angel Broking and affiliates from doing so. Prospective investors and others are cautioned that any

forward-looking statements are not predictions and may be subject to change without notice.

Angel Broking Limited and affiliates, including the analyst who has issued this report, may, on the date of this report, and from time

to time, have long or short positions in, and buy or sell the securities of the companies mentioned herein or engage in any other

transaction involving such securities and earn brokerage or compensation or act as advisor or have other potential conflict of interest

with respect to company/ies mentioned herein or inconsistent with any recommendation and related information and opinions.

Angel Broking Limited and affiliates may seek to provide or have engaged in providing corporate finance, investment banking or

other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or

in the past.

Sebi Registration No : INB 010996539

For Private Circulation Only |