Technical Research | January 23, 2012

Daily Technical Report

Sensex (16739) / NIFTY (5049)

Exhibit 1: Nifty Daily Chart

On Friday, our Benchmark indices witnessed a volatile

trading session and managed to close near 5050 mark.

During the session, indices tested psychological levels of

16600 / 5000 and strong buying in final hour of trade led

Indices to close near days high. On the sectoral front,

Banking, Consumer Durables and Power sectors were

among the major gainers, whereas FMCG ended in the

negative territory. The advance to decline ratio was

marginally in favor of declining counters. (A=1363

D=1481) (Source -www.bseindia.com)

Formation:

• The 20-week EMA (Exponential Moving Average) is

placed at 16504 / 4957 level.

• We are witnessing a positive crossover on weekly “RSI -

Smoothened” oscillator.

• Indices are nearing a “Downward Sloping Trend Line”

drawn by joining July 8, 2011, weekly high of 19132 /

5740 and October 28, 2011, weekly high of 17908 /

5400.

• The 200-day SMA is placed at 17384 / 5220 level.

Source: Falcon

• The daily chart indicates formation of “Gravestone

Doji” Japanese candlestick pattern.

Trading strategy:

Actionable points:

View

Neutral

Last week indices have rallied significantly after crossing

Resistance levels

5064 - 5100

16421 / 4920 level and have managed to close almost at

Support levels

4991- 4931

the highest point of the week. Markets are now nearing

strong resistance level of 17004 / 5100. Also, as mentioned

Also, we are observing a positive crossover on weekly “RSI

above, the “Gravestone Doji” candlestick pattern indicates

- Smoothened” oscillator. Therefore, after a healthy

the possibility of a profit booking or a consolidation. We

correction or consolidation, if indices manage to break and

advise traders to book profits in individual counters and stay

sustain above 17004 / 5100, then we may witness strong

light on positions. Going forward, if indices sustain below

upside momentum, which can push indices to test 200-day

16572 / 4991 level, then indices are likely to correct

SMA level of 17384 / 5220 level. In the coming week,

towards 16384 - 16116 / 4931 - 4840 levels. Conversely,

traders are advised to stay cautious as volatility is likely to

indices have closed convincingly above the 20-week EMA

increase on account of the RBI’s monetary policy and

placed at 16504 / 4957 level.

derivative expiry.

For Private Circulation Only |

Technical Research | January 23, 2012

Bank Nifty Outlook - (9517)

Exhibit 2: Bank Nifty Daily Chart

On Friday’s session, once again Bank Nifty opened with an

upside gap, and gained momentum as the day progressed

to close near day’s high. The index tested 78.6% Fibonacci

retracement of the fall from 31st October 2011 - 20th

December 2011. We are now observing a positive crossover

in “ADX (9)” indicator on the weekly chart. The effect of this

indicator will be witnessed if the index manages to sustain

above Friday’s high of 9560. In such a case Bank Nifty is

likely to test 9650 - 9900 levels. On the downside 9390 -

9265 levels are likely to act as support in coming trading

session.

Actionable points:

View

Neutral

Resistance Levels

9650 - 9900

Support Levels

9390 - 9265

Source: Falcon

For Private Circulation Only |

Technical Research | January 23, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,536

16,638

16,713

16,814

16,890

NIFTY

4,979

5,014

5,039

5,074

5,099

BANKNIFTY

9,157

9,337

9,449

9,629

9,740

ACC

1,131

1,140

1,150

1,160

1,170

AMBUJACEM

154

156

159

162

165

AXISBANK

930

970

995

1,034

1,059

BAJAJ-AUTO

1,418

1,490

1,532

1,604

1,646

BHARTIARTL

333

338

342

347

352

BHEL

262

268

272

278

283

BPCL

527

544

554

571

582

CAIRN

339

343

346

350

354

CIPLA

328

333

337

342

346

DLF

209

211

214

217

220

DRREDDY

1,595

1,620

1,657

1,682

1,719

GAIL

361

367

371

377

382

HCLTECH

404

411

417

423

429

HDFC

680

686

690

697

701

HDFCBANK

475

483

488

496

501

HEROMOTOCO

1,814

1,880

1,938

2,004

2,062

HINDALCO

138

141

144

147

150

HINDUNILVR

387

389

391

393

396

ICICIBANK

798

820

836

858

874

IDFC

110

115

122

128

135

INFY

2,558

2,574

2,592

2,607

2,625

ITC

193

197

204

208

216

JINDALSTEL

509

522

531

544

553

JPASSOCIAT

KOTAKBANK

460

477

488

505

515

1,238

1,256

1,275

1,293

1,311

M&M

628

642

661

675

694

MARUTI

1,058

1,081

1,108

1,131

1,158

NTPC

169

172

174

177

179

ONGC

266

271

274

279

283

PNB

900

924

940

964

980

POWERGRID

100

101

102

103

RANBAXY

454

461

468

475

481

RCOM

RELCAPITAL

307

315

325

333

343

RELIANCE

760

776

788

804

816

RELINFRA

452

466

481

495

510

RPOWER

SAIL

SBIN

1,875

1,904

1,924

1,953

1,973

SESAGOA

184

187

190

193

196

SIEMENS

734

744

753

763

771

STER

110

112

115

117

120

SUNPHARMA

514

521

528

536

543

SUZLON

TATAMOTORS

213

216

219

222

224

TATAPOWER

102

104

105

107

108

TATASTEEL

423

430

437

444

451

TCS

1,063

1,071

1,081

1,089

1,099

WIPRO

401

408

416

422

431

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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