Technical Research | January 27, 2012

Daily Technical Report

Sensex (17077) / NIFTY (5158)

Exhibit 1: Nifty Daily Chart

On Wednesday, markets opened on a higher note for the

second consecutive session. After immense volatility on

account of derivative expiry for the January series, Indices

managed to close marginally above 17000 / 5150 mark.

On the sectoral front, Metal, PSU and Teck counters were

among the major gainers, whereas Capital goods ended

with a marginal loss. The advance to decline ratio was

strongly in favor of advancing counters. (A=1808 D=1040)

(Source -www.bseindia.com)

Formation:

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

Smoothened” oscillator.

• Indices are now trading above a “Downward Sloping

Trend Line” joining July 8, 2011 high of 19132 / 5740 and

October 20, 2011 high of 17908 / 5400

Source: Falcon

• The 200-day SMA is now placed around 17356 / 5210

level.

Trading strategy:

Actionable points:

View

Bearish

We witnessed a very volatile session on Wednesday due to

Sell Only below

5130

derivative expiry. However, indices maintained their early

Expected target

5080 - 5050

gains and managed to close above the “Downward Sloping

Resistance levels

5174 - 5210

Trend Line” resistance. Thus Indices are likely to test 200-

day SMA placed around 17356 / 5210 level if they manage

to sustain above Wednesday’s high of 17130 / 5174 level.

However, we are now observing a “Narrow range body”

formation on daily chart, which indicates an uncertainty

among the bulls and the bears. Thus, if Wednesday’s low of

17016 / 5130 is violated, then indices are likely to drift

towards 16846 / 5080 level.

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Technical Research | January 27, 2012

Bank Nifty Outlook - (9857)

Exhibit 2: Bank Nifty Daily Chart

On Wednesday, Bank Nifty opened on a flat note and

traded with immense volatility to close marginally below the

initial opening level. Similar to the benchmark indices, we

are now witnessing a narrow range body formation on the

daily charts, which is a sign of indecision prevailing at

current levels. Therefore, if the index manages to sustain

above Wednesday’s high of 9906 then it is likely to test

9967 - 10017 levels. At present, the momentum indicators

suggest that the Index is in an overbought condition and a

small correction cannot be ruled out. In such a scenario, if

Bank Nifty sustains below Wednesday’s low of 9762 then it

is likely to test 9680 - 9550 levels.

Actionable points:

View

Positive Above 9906

Expected Target

9967 - 10017

Support Levels

9760 - 9680 - 9550

View

Negative Below 9760

Expected Target

9680 - 9550

Resistance Levels

9906 - 9967 - 10017

Source: Falcon

For Private Circulation Only |

Technical Research | January 27, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,961

17,019

17,075

17,133

17,188

NIFTY

5,110

5,134

5,154

5,178

5,198

BANKNIFTY

9,699

9,778

9,842

9,921

9,985

ACC

1,151

1,162

1,179

1,191

1,208

AMBUJACEM

157

159

161

163

166

AXISBANK

998

1,031

1,053

1,086

1,109

BAJAJ-AUTO

1,548

1,568

1,589

1,609

1,629

BHARTIARTL

349

354

359

364

370

BHEL

276

279

282

285

288

BPCL

544

562

576

594

608

CAIRN

329

337

352

360

375

CIPLA

338

340

343

345

348

DLF

216

217

220

222

224

DRREDDY

1,616

1,633

1,644

1,661

1,672

GAIL

361

364

367

370

373

HCLTECH

410

415

423

428

436

HDFC

699

704

708

713

717

HDFCBANK

482

486

490

494

497

HEROMOTOCO

1,801

1,828

1,862

1,888

1,922

HINDALCO

138

140

143

145

148

HINDUNILVR

384

389

394

399

404

ICICIBANK

856

868

881

894

907

IDFC

125

127

129

131

132

INFY

2,605

2,636

2,655

2,686

2,705

ITC

204

205

206

207

208

JINDALSTEL

525

533

543

551

561

JPASSOCIAT

KOTAKBANK

476

486

492

502

508

1,287

1,309

1,338

1,360

1,389

M&M

676

681

687

692

698

MARUTI

1,118

1,149

1,174

1,205

1,230

NTPC

173

174

175

176

178

ONGC

267

270

273

276

279

PNB

972

986

1,002

1,016

1,032

POWERGRID

100

101

102

103

RANBAXY

460

467

473

480

486

RCOM

RELCAPITAL

331

338

344

351

357

RELIANCE

777

784

790

796

802

RELINFRA

461

487

503

529

544

RPOWER

100

SAIL

100

101

SBIN

2,015

2,037

2,061

2,083

2,107

SESAGOA

181

191

198

207

214

SIEMENS

736

745

757

765

778

STER

111

112

114

115

116

SUNPHARMA

511

514

518

521

525

SUZLON

TATAMOTORS

218

224

229

236

241

TATAPOWER

102

104

106

108

110

TATASTEEL

429

437

442

450

455

TCS

1,081

1,089

1,100

1,108

1,119

WIPRO

413

416

419

423

426

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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