Technical Research | January 24, 2012

Daily Technical Report

Sensex (16752) / NIFTY (5046)

Exhibit 1: Nifty Daily Chart

Yesterday, markets opened on a flat note and traded in a

narrow range throughout the day to close marginally below

5050 mark. On the sectoral front, Metal, Oil & Gas and

Consumer Durables were among the major losers, whereas

FMCG and Realty ended on a gaining side. The advance to

decline ratio was marginally in favor of advancing counters.

(A=1451 D=1334) (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

• On the daily chart, the “Long Legged Doji” has been

formed on Friday’s session.

Trading strategy:

Actionable points:

View

Neutral

After a flat opening, indices traded in a narrow range of

Resistance levels

5064 - 5100

16784 - 16659 / 5060 - 5020 levels and finally closed

Support levels

4991- 4931

marginally below

5050 mark. Movement was seen in

individual counters but the Indices overall remained

lackluster before the announcement of the monetary policy.

Going forward, if indices sustain below

16572 / 4991

level, then indices are likely to correct towards 16384 -

16116 / 4931 - 4840 levels. On the upside, we continue to

maintain our view that only after a healthy correction or

consolidation, if indices manage to break and sustain

above 17004 / 5100, then we may witness strong upside

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

level of 17384 / 5220 level. Traders are advised to remain

light on positions as market may witness immense volatility

during the monetary policy announcement.

For Private Circulation Only |

Technical Research | January 24, 2012

Bank Nifty Outlook - (9520)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened on a flat note and traded with

positive bias in the initial part of the session. However selling

pressure was seen in the later half ad the index closed near

its initial opening level. We are witnessing a “Shooting Star”

candle stick pattern formation near 78.6% of the fall from

31st October 2011 - 20th December 2011. This pattern is a

reversal pattern but requires confirmation in the form of

closing below the low of the “Shooting star”. In such a case,

if the index trades below yesterday’s low of 9503 then it is

likely to test 9390 - 9265 levels. The high of the pattern

(9659) is likely to act as resistance in coming trading session.

The said pattern will be negated if Bank Nifty manages to

close above 9659 level.

Actionable points:

View

Neutral

Resistance Levels

9659

Support Levels

9390 - 9265

Source: Falcon

For Private Circulation Only |

Technical Research | January 24, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,607

16,679

16,732

16,804

16,856

NIFTY

5,004

5,025

5,042

5,063

5,081

BANKNIFTY

9,405

9,463

9,561

9,619

9,717

ACC

1,123

1,144

1,156

1,177

1,189

AMBUJACEM

155

156

159

160

163

AXISBANK

962

979

1,009

1,026

1,056

BAJAJ-AUTO

1,532

1,553

1,572

1,594

1,613

BHARTIARTL

334

343

349

358

363

BHEL

270

276

280

287

291

BPCL

529

537

549

557

569

CAIRN

334

340

343

348

351

CIPLA

335

338

341

344

347

DLF

208

214

217

223

226

DRREDDY

1,619

1,633

1,646

1,660

1,672

GAIL

359

364

369

374

379

HCLTECH

411

415

420

424

428

HDFC

682

689

695

701

707

HDFCBANK

477

481

484

488

491

HEROMOTOCO

1,808

1,842

1,895

1,929

1,983

HINDALCO

131

134

139

142

147

HINDUNILVR

382

389

396

403

410

ICICIBANK

829

843

857

871

886

IDFC

115

117

120

122

125

INFY

2,575

2,588

2,602

2,614

2,628

ITC

196

200

203

207

209

JINDALSTEL

517

527

537

547

557

JPASSOCIAT

KOTAKBANK

458

468

484

493

510

1,196

1,237

1,267

1,308

1,338

M&M

648

655

661

667

673

MARUTI

1,032

1,096

1,134

1,199

1,237

NTPC

171

173

175

178

180

ONGC

270

273

276

278

281

PNB

928

944

958

975

989

POWERGRID

100

102

103

104

RANBAXY

454

459

467

471

479

RCOM

RELCAPITAL

310

319

325

333

340

RELIANCE

744

758

769

782

793

RELINFRA

452

462

477

487

502

RPOWER

SAIL

SBIN

1,897

1,919

1,943

1,965

1,989

SESAGOA

180

184

189

194

199

SIEMENS

738

744

752

758

766

STER

102

105

110

113

117

SUNPHARMA

511

517

526

532

541

SUZLON

TATAMOTORS

214

217

220

222

226

TATAPOWER

102

103

106

108

110

TATASTEEL

414

420

429

435

444

TCS

1,064

1,071

1,081

1,088

1,098

WIPRO

406

411

416

421

425

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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