Technical Research | December 21, 2011

Daily Technical Report

Sensex (15175) / NIFTY (4544)

Exhibit 1: Nifty Daily Chart

Yesterday markets opened on a flat note and traded with

immense volatility throughout the session. A sharp

correction during the last hour forced indices to break

previous low of 15190 / 4555 and close marginally below

this level. On the sectoral front, Capital Goods, Metal and

Realty were among the major losers, whereas FMCG sector

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

strongly in favor of declining counters. (A=862 D=1877).

(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.

Source: Falcon

Trading strategy:

Actionable points:

Indices opened on a quiet note and tried crossing the

resistance at 15440 / 4623 but failed to sustain at higher

View

Neutral

levels as strong selling pressure intensified during the latter

Resistance levels

4638 - 4672

part of the session. As a result indices breached the low of a

Support levels

4531 - 4430

“bullish Hammer” and negated the bullish implication of

the pattern. However, considering the positive global cues it

is likely that our markets may open on a positive note. On

the upside, 15450 / 4638 level is expected to act as the first

resistance level. A move beyond this may push indices

higher to test 15590 - 15750 / 4672 - 4730 levels. On the

downside, a fall below 15135 / 4531 may lead indices to

drift towards 14870 / 4430 levels.

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Technical Research | December 21, 2011

Bank Nifty Outlook - (7799)

Exhibit 2: Bank Nifty Daily Chart

Bank nifty opened on a flat note and traded with extreme

volatility throughout the session to close marginally below

yesterday’s low of 7801. As mentioned in our previous

reports the rising “ADX

(14)” currently at

27.71, is

suggesting that the downtrend is getting stronger. On the

contrary the “”RSI - Smoothened” oscillator on the hourly

chart is placed in an extreme oversold condition. Thus a

possibility of a pullback cannot be ruled out. On the upside

7961 - 8085 levels are likely to act as resistance levels for

the day. On the downside 7728 - 7600 levels are likely to

act as support in coming trading session.

Actionable points:

View

Neutral

Resistance Level

8107 - 8172

Support Level

7801 - 7600

Source: Falcon

Stock Recommendations:

Exhibit 3: ICICI Bank(December Futures)

Stock - ICICI Bank (December Futures)

Action - Buy

Last close

` 654.40

Buy Above

` 670

Stop Loss

` 649.80

Target

` 710

Justification - On the Daily chart, the stock has taken a

support near 161.8% retracement of the rise from ` 702 to

` 794.85 and has formed a “Hammer” candle pattern

during Monday’s session. The “RSI - Smoothend” oscillator

on the hourly chart is positively poised. We advise buying

the stock ONLY above ` 670 for a target of ` 710 in

coming 5 - 6 trading sessions.

Source: Falcon

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Technical Research | December 21, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

14,941

15,058

15,253

15,370

15,565

NIFTY

4,465

4,504

4,571

4,611

4,677

BANKNIFTY

7,647

7,723

7,842

7,918

8,038

ACC

1,056

1,079

1,107

1,130

1,158

AMBUJACEM

144

146

151

154

158

AXISBANK

780

800

829

849

878

BAJAJ-AUTO

1,552

1,576

1,619

1,643

1,686

BHARTIARTL

307

315

327

336

348

BHEL

216

222

230

236

244

BPCL

468

484

513

529

557

CAIRN

302

306

311

315

319

CIPLA

322

325

330

334

338

DLF

178

182

187

191

197

DRREDDY

1,541

1,554

1,576

1,590

1,611

GAIL

370

374

379

383

387

HCLTECH

370

380

398

409

426

HDFC

613

618

623

629

634

HDFCBANK

396

405

413

423

431

HEROMOTOCO

1,704

1,757

1,841

1,894

1,978

HINDALCO

113

116

121

124

129

HINDUNILVR

390

393

398

402

406

ICICIBANK

635

644

658

667

680

IDFC

102

104

106

INFY

2,626

2,647

2,673

2,694

2,720

ITC

197

198

199

201

202

JINDALSTEL

454

467

486

499

517

JPASSOCIAT

KOTAKBANK

420

432

453

465

485

931

955

994

1,017

1,056

M&M

621

635

647

661

673

MARUTI

899

908

917

926

935

NTPC

149

152

157

160

165

ONGC

246

249

252

256

258

PNB

748

763

786

801

824

POWERGRID

101

RANBAXY

375

385

392

402

408

RCOM

RELCAPITAL

221

227

236

242

250

RELIANCE

689

701

721

734

754

RELINFRA

335

341

349

355

363

RPOWER

SAIL

SBIN

1,522

1,550

1,600

1,628

1,677

SESAGOA

140

145

153

158

166

SIEMENS

613

622

635

644

658

STER

SUNPHARMA

488

494

504

510

520

SUZLON

TATAMOTORS

170

172

177

179

183

TATAPOWER

TATASTEEL

324

333

350

359

376

TCS

1,115

1,124

1,138

1,147

1,160

WIPRO

383

390

398

405

413

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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