Technical Research | February 27, 2012

Daily Technical Report

Sensex (17924) / NIFTY (5429)

Exhibit 1: Nifty Daily Chart

On Friday, markets opened on a negative note and strong

selling pressure in the later half led indices to close deep in

red. On the sectoral front, Capital Goods, Realty and

Banking counters were among the major losers, whereas

Metal and Teck sectors ended on a gaining side. The

advance to decline ratio was strongly in favor of declining

counters. (A=1085 D=1820) (Source -www.bseindia.com)

Formation:

• The 200-day SMA and 20-day EMA have now shifted to

17200 / 5170 and 17720 / 5370, respectively.

• The “RSI-Smoothened” oscillator and “3 & 8 EMA” on

the daily chart have given a negative crossover.

• The weekly “Stochastic” oscillator is negatively poised.

• The

61.8% Fibonacci retracement level of the fall

21109 / 6339 (November 5, 2010) to 15135 / 4531

Source: Falcon

(December 23, 2011) is around 18827 / 5645.

Actionable points:

Trading strategy:

View

Neutral

Last week indices corrected after nearing their resistance

Resistance Levels

5522 - 5561

zone of 18756 / 5645. We are now observing that this

Support levels

5405 - 5370 - 5300

resistance zone almost coincides with the 61.8% Fibonacci

Retracement level of the fall from 21109 / 6339 (November

Conversely, the immediate resistance is at 18200 / 5522

5, 2010) to 15135 / 4531 (December 23, 2011). Further,

level. A move beyond this level may push indices higher

we are observing a negative placement of “Daily RSI-

to test 18293 - 18524 / 5561 - 5630 levels. In the short

Smoothened”, “3 & 8 daily EMA” and “Weekly Stochastic”

term, markets have a stiff resistance zone of 18756 -

oscillators. This indicates possibility of a further correction or

18524 / 5645 - 5630 levels. If indices manage to cross

consolidation. At present, indices have a decent support

this resistance zone then they are likely to test important

zone around its “Daily 20-EMA” level of 17720 / 5370. The

resistance of 18945 / 5702 level.

negative impact of above mentioned technical observations

will be seen only if indices sustain below 17720 / 5370

We reiterate that traders should adopt cautious

level. In this scenario, the possibility of testing

17500 -

approach and trade with strict stop-loss.

17200 / 5300 - 5200 levels cannot be ruled out.

For Private Circulation Only |

Technical Research | February 27, 2012

Bank Nifty Outlook - (10507)

Exhibit 2: Bank Nifty Daily Chart

On Friday, Bank Nifty opened flat but traded with

negative bias throughout the day to close in red. Selling

pressure intensified below the mentioned support of

10630 and Bank Nifty ended with a loss of almost 2%.

On the Daily chart, we are witnessing negative crossover

of “3 & 8” EMA which suggests the correction could

continue. However, the 20 Day EMA placed at 10390

could act as a crucial support for the index. Therefore,

only if Bank Nifty sustains below 10390 then we may

witness further selling pressure till 10340 - 10220 levels.

On the upside, 10590 - 10680 levels could act as

resistance for the day.

Actionable points:

View

Bearish below 10390

Expected Target

10340 - 10220

Resistance Levels

10590 - 10680

Source: Falcon

For Private Circulation Only |

Technical Research | February 27, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

17,641

17,782

17,990

18,132

18,339

NIFTY

5,337

5,383

5,452

5,499

5,568

BANKNIFTY

10,244

10,375

10,567

10,699

10,891

ACC

1,217

1,243

1,281

1,307

1,345

AMBUJACEM

156

158

161

163

166

AXISBANK

1,132

1,158

1,202

1,228

1,272

BAJAJ-AUTO

1,718

1,741

1,775

1,798

1,832

BHARTIARTL

334

338

343

347

352

BHEL

291

298

308

314

324

BPCL

635

645

657

668

680

CAIRN

370

376

383

389

397

CIPLA

309

312

315

318

321

COALINDIA

316

322

326

332

336

DLF

216

221

231

236

245

DRREDDY

1,605

1,617

1,634

1,646

1,663

GAIL

369

372

376

379

383

HCLTECH

474

484

492

501

509

HDFC

645

661

673

689

701

HDFCBANK

505

515

525

535

545

HEROMOTOCO

2,028

2,050

2,080

2,102

2,131

HINDALCO

143

146

148

151

154

HINDUNILVR

380

383

387

390

393

ICICIBANK

905

919

931

944

957

IDFC

132

136

142

146

151

INFY

2,898

2,923

2,949

2,974

2,999

ITC

207

208

210

211

212

JINDALSTEL

595

604

611

620

628

JPASSOCIAT

KOTAKBANK

529

540

558

569

587

1,292

1,320

1,369

1,397

1,446

M&M

711

720

730

740

749

MARUTI

1,268

1,277

1,287

1,295

1,305

NTPC

122

ONGC

274

279

287

292

299

PNB

923

944

982

1,003

1,041

POWERGRID

112

113

114

115

117

RANBAXY

413

421

433

440

452

RCOM

100

RELIANCE

798

809

825

836

853

RELINFRA

556

570

592

607

629

RPOWER

113

116

119

122

125

SAIL

102

104

105

107

108

SBIN

2,127

2,166

2,235

2,274

2,343

SESAGOA

218

222

228

232

238

SIEMENS

264

528

264

528

264

STER

114

116

119

121

123

SUNPHARMA

532

540

546

554

560

SUZLON

TATAMOTORS

258

262

267

270

275

TATAPOWER

109

111

113

116

117

TATASTEEL

460

468

474

482

489

TCS

1,246

1,258

1,269

1,281

1,293

WIPRO

428

433

440

445

453

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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