Technical Research | December 23, 2011

Daily Technical Report

Sensex (15813) / NIFTY (4734)

Exhibit 1: Nifty Daily Chart

Yesterday, markets opened with a downside gap on the

back of weak global cues but strong positive momentum in

the second half pushed indices higher to close well above

4700 mark. On the sectoral front, Realty, Banking and

Power sectors contributed heavily in yesterday’s rally,

whereas IT and Teck counters ended on a losing side. The

advance to decline ratio was in favor of advancing

counters.

(A=1547 D=1149).

(Source

www.bseindia.com)

Formation

• On the Daily chart, we are witnessing a positive

crossover in “RSI” momentum oscillator.

• The 20 EMA on the daily chart is placed at 16020 /

4800.

Source: Falcon

Actionable points:

Trading strategy:

Yesterday, indices opened lower and drifted towards the

View

Positive

mentioned support level of 15450 / 4638 during the first

Buy above

4741

Target levels

4800 - 4838

half. However, strong buying emerged near day's low which

Support levels

4678 - 4638

pushed indices higher to cross yesterday's high of 15727 /

4707 and then move towards the expected resistance level

of 15850 / 4754. The positive crossover in daily “RSI”

momentum oscillator is still intact. Hence, this upside

momentum is likely to continue and indices may rally

towards the 20 days EMA level of 16020 / 4800. On the

downside, 15626 - 15450 /4678 - 4638 levels are likely to

act as support in coming trading sessions.

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Technical Research | December 23, 2011

Bank Nifty Outlook - (8385)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, bank nifty opened on a flat note and gained

strength as the day progressed to close near the high point

of the day. As mentioned in our previous report, the positive

crossover of “Stochastic and RSI” momentum oscillator on

the daily chart is still intact. Therefore, if Bank Nifty manages

to sustain above yesterday’s high of 8416 then it is likely to

test 8520 - 8580 levels. These levels are near to the 50%

Fibonacci retracement of the fall from 9273 - 7766 and “20

SMA”. Thus, we may witness some consolidation near to

8520 -8580 levels. On the downside, 8072 - 8000 level is

likely to act as support in coming trading session.

Actionable points:

View

Neutral

Resistance Level

8520 - 8580

Support Level

8072 - 8000

Source: Falcon

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Technical Research | December 23, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

15,345

15,579

15,707

15,941

16,069

NIFTY

4,595

4,664

4,702

4,772

4,810

BANKNIFTY

7,937

8,161

8,288

8,512

8,640

ACC

1,111

1,126

1,140

1,156

1,170

AMBUJACEM

152

154

156

158

160

AXISBANK

826

850

864

888

902

BAJAJ-AUTO

1,567

1,589

1,605

1,627

1,642

BHARTIARTL

315

325

334

344

352

BHEL

228

232

236

240

243

BPCL

502

512

519

529

536

CAIRN

312

314

317

319

322

CIPLA

326

330

333

337

341

DLF

181

189

194

203

208

DRREDDY

1,530

1,551

1,567

1,589

1,605

GAIL

380

387

392

399

404

HCLTECH

375

382

387

393

398

HDFC

638

650

658

670

677

HDFCBANK

423

433

439

449

455

HEROMOTOCO

1,788

1,819

1,845

1,876

1,902

HINDALCO

118

120

122

124

126

HINDUNILVR

393

401

407

414

420

ICICIBANK

660

694

718

752

775

IDFC

100

104

107

INFY

2,608

2,665

2,706

2,763

2,804

ITC

199

202

203

205

206

JINDALSTEL

462

476

485

499

509

JPASSOCIAT

KOTAKBANK

446

454

461

469

476

961

983

1,000

1,022

1,039

M&M

663

678

687

702

711

MARUTI

924

945

962

983

1,000

NTPC

157

160

162

165

168

ONGC

253

259

262

268

271

PNB

770

796

811

837

852

POWERGRID

100

102

103

RANBAXY

387

403

414

430

442

RCOM

RELCAPITAL

224

236

244

255

263

RELIANCE

722

738

749

766

777

RELINFRA

336

348

356

368

376

RPOWER

SAIL

SBIN

1,555

1,613

1,646

1,704

1,737

SESAGOA

153

156

159

162

165

SIEMENS

629

639

651

662

674

STER

SUNPHARMA

491

494

497

499

502

SUZLON

TATAMOTORS

170

177

181

188

191

TATAPOWER

TATASTEEL

336

345

351

360

366

TCS

1,120

1,136

1,150

1,166

1,180

WIPRO

388

393

398

403

408

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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