Technical Research | February 24, 2012

Daily Technical Report

Sensex (18079) / NIFTY (5483)

Exhibit 1: Nifty Daily Chart

Yesterday, markets opened down with a minor gap, traded

with immense volatility throughout the day due to

derivatives expiry and closed marginally below its initial

opening level. On the sectoral front, Realty, Metal and Auto

counters were among the major losers, whereas FMCG and

Power sectors ended on a gaining side. The advance to

decline ratio was strongly in favor of declining counters.

(A=1092 D=1786) (Source -www.bseindia.com)

Formation:

• The daily chart depicts a “Bearish Engulfing” pattern.

• On the Weekly chart, indices have closed well above

the “Horizontal Resistance Line” placed at 17908 /

5400 level.

• We are now observing a negative crossover in “RSI-

Smoothened” momentum oscillator.

• The Daily 20 EMA is placed around 17700 - 5364

Source: Falcon

level.

Actionable points:

Trading strategy:

View

Negative below 5460

After a minor gap down opening, indices traded in a range

Expected Targets

5390 - 5364

with very high volatility. Post mid-session indices bounced

Resistance levels

5537 - 5573

back sharply from the day's low and moved towards the

hourly 20 EMA. We observed strong selling pressure near

hourly 20 EMA, which dragged indices significantly lower to

close marginally below its initial opening level. We have

continuously mentioning in our previous reports that the

"RSI-Smoothened" is placed well within the extreme

overbought territory. We are now observing a negative

crossover in this technical tool, which indicates possibility of

a minor correction from current levels, if indices sustain

below yesterday's low of 18005 / 5460. In this scenario

indices can drift towards the daily 20 EMA placed at 17700

/ 5364. Conversely, 18250 - 18339 / 5537 - 5573 levels

may act as resistance in coming trading session.

For Private Circulation Only |

Technical Research | February 24, 2012

Bank Nifty Outlook - (10713)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened flat and traded in a narrow

range throughout the day to close marginally in red. Due

to derivative expiry, we witnessed a high volatility in the

markets. Hence, Bank Nifty tested both support as well as

resistance levels of 10630 and 10875 mentioned in our

previous report. The bearish technical evidences found on

Wednesday are still intact. Therefore, we reiterate our

view that if Bank Nifty sustains below yesterday’s low of

10630 then the index may correct further till

10340

levels. On the upside, 10850 - 10875 levels could act as

resistance in coming trading session.

Actionable points:

View

Bearish

Expected Target

10340

Resistance Levels

10850 - 10875

Source: Falcon

For Private Circulation Only |

Technical Research | February 24, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

17,867

17,973

18,111

18,217

18,355

NIFTY

5,417

5,450

5,494

5,527

5,570

BANKNIFTY

10,498

10,606

10,729

10,837

10,960

ACC

1,272

1,286

1,307

1,320

1,341

AMBUJACEM

157

159

162

165

168

AXISBANK

1,171

1,194

1,220

1,243

1,269

BAJAJ-AUTO

1,749

1,768

1,793

1,811

1,837

BHARTIARTL

329

334

339

344

349

BHEL

293

302

312

321

330

BPCL

603

629

647

674

691

CAIRN

373

377

384

388

394

CIPLA

308

312

317

321

326

DLF

314

319

322

326

330

DRREDDY

222

228

236

243

251

GAIL

1,594

1,612

1,633

1,651

1,673

HCLTECH

367

370

374

377

381

HDFC

487

491

495

499

502

HDFCBANK

690

696

702

708

714

HEROMOTOCO

523

528

532

537

541

HINDALCO

2,007

2,048

2,108

2,149

2,209

HINDUNILVR

141

144

147

150

154

ICICIBANK

373

380

385

393

397

IDFC

918

931

945

958

972

INFY

137

141

145

150

153

ITC

2,878

2,905

2,944

2,972

3,010

JINDALSTEL

204

206

208

211

213

JPASSOCIAT

587

597

608

619

630

KOTAKBANK

547

557

566

576

584

M&M

1,360

1,380

1,404

1,424

1,448

MARUTI

702

713

729

740

756

NTPC

1,250

1,265

1,286

1,301

1,322

ONGC

178

182

184

187

190

PNB

282

286

291

296

301

POWERGRID

965

984

1,010

1,029

1,056

RANBAXY

108

110

112

115

117

RCOM

422

431

439

448

456

RELCAPITAL

101

RELIANCE

815

828

839

851

862

RELINFRA

567

585

603

621

639

RPOWER

115

118

121

124

128

SAIL

102

103

105

106

108

SBIN

2,201

2,231

2,277

2,307

2,353

SESAGOA

215

221

232

239

250

SIEMENS

788

801

813

825

838

STER

107

111

116

120

125

SUNPHARMA

526

536

547

556

567

SUZLON

TATAMOTORS

261

265

269

273

277

TATAPOWER

105

108

111

115

118

TATASTEEL

452

462

470

480

489

TCS

1,229

1,244

1,260

1,275

1,290

WIPRO

432

437

441

446

451

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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