Technical Research | February 29, 2012

Daily Technical Report

Sensex (17731) / NIFTY (5376)

Exhibit 1: Nifty Daily Chart

Yesterday, markets opened with an upside gap and traded

with positive bias throughout the day to close near day’s

high. The rally led the indices to test the mentioned

resistance zone of 17720 - 17975 / 5370 - 5450 and

finally closed with 1.7% gains. On the sectoral front, Realty,

Consumer Goods and Banking counters contributed heavily

in yesterday’s rally, whereas FMCG and IT sector ended

with a nominal loss. The advance to decline ratio was

strongly in favor of advancing counters. (A=2139 D=765)

(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 daily chart indicates the formation of a “Bullish

Harami” Candlestick pattern

Source: Falcon

Actionable points:

Trading strategy:

View

Neutral

Yesterday, we witnessed that our markets traded with

Resistance Level

5406 - 5450

positive momentum throughout the day to test and close

Support Level

5340 - 5306

near the mentioned resistance zone of 17720 - 17975 /

5370 - 5450. The daily chart now indicates the formation

Indicates that only a sustainable move beyond 17818 -

of a “Bullish Harami“pattern but this pattern requires

5406 may trigger positive momentum and indices may

confirmation in the form of a closing above days high at

test 17975 - 5450. On the downside yesterday’s low of

17776 - 5391. Since, the bearish technical evidences in

17530 / 5306 could now act as immediate support for the

“RSI-Smoothened” oscillator and “3 & 8 EMA” are still

markets. A fall below this support could trigger fresh selling

intact, we are of the opinion that markets may face

and indices can test 17382 / 5255, thus negating the

resistance near 17818 / 5406 levels. This level coincides

bullish implication of the “Harami” pattern.

with 38.2% Fibonacci retracement levels of the recent fall

from February

22,

2012 to February

27,

2012

respectively. Overall assessment of the market position

For Private Circulation Only |

Technical Research | February 29, 2012

Bank Nifty Outlook - (10484)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, Bank Nifty opened on an optimistic note in line

with our benchmark indices and gained strength as the

day progressed to close 3.76% higher. We are now

witnessing that the index has taken support at the 61.8%

Fibonacci retracement of the rise from January 30, 2012

- February 22, 2012. However the negative crossover in

directional indicators of “ADX (14)” mentioned in our

previous report is still intact. On the upside a move

beyond yesterday’s high of 10561 may trigger positive

momentum and the bank nifty may test 10760 levels. On

the downside 10316 - 10178 levels are likely to act as

support in coming trading session.

Actionable points:

View

Neutral

Resistance Levels

10587 - 10760

Support Levels

10316 - 10178

Source: Falcon

For Private Circulation Only |

Technical Research | February 29, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

17,433

17,582

17,679

17,828

17,926

NIFTY

5,273

5,324

5,358

5,409

5,442

BANKNIFTY

10,025

10,255

10,408

10,638

10,791

ACC

1,250

1,269

1,286

1,305

1,321

AMBUJACEM

158

160

163

165

168

AXISBANK

1,092

1,131

1,160

1,199

1,227

BAJAJ-AUTO

1,687

1,727

1,752

1,792

1,817

BHARTIARTL

333

338

344

349

355

BHEL

285

297

304

316

323

BPCL

635

644

657

666

679

CAIRN

353

360

369

376

386

CIPLA

310

315

319

323

327

COALINDIA

321

325

328

333

336

DLF

212

219

223

230

235

DRREDDY

1,624

1,636

1,645

1,657

1,667

GAIL

369

371

375

378

381

HCLTECH

466

474

481

489

495

HDFC

660

665

674

679

687

HDFCBANK

506

518

526

538

546

HEROMOTOCO

1,919

1,943

1,965

1,988

2,011

HINDALCO

138

142

145

150

153

HINDUNILVR

378

380

382

383

386

ICICIBANK

884

897

909

922

933

IDFC

128

134

138

143

147

INFY

2,824

2,848

2,879

2,903

2,934

ITC

208

209

211

213

215

JINDALSTEL

570

582

591

603

612

JPASSOCIAT

KOTAKBANK

531

541

554

564

577

1,247

1,298

1,329

1,379

1,410

M&M

691

697

704

711

718

MARUTI

1,228

1,249

1,264

1,285

1,300

NTPC

177

179

181

183

185

ONGC

274

279

282

287

290

PNB

887

919

944

977

1,002

POWERGRID

109

111

112

113

115

RANBAXY

419

424

428

432

436

RCOM

RELIANCE

782

789

795

802

808

RELINFRA

517

559

587

629

657

RPOWER

107

113

116

122

126

SAIL

101

103

SBIN

2,081

2,156

2,206

2,281

2,330

SESAGOA

201

205

208

212

216

SIEMENS

751

781

799

829

846

STER

114

118

120

123

125

SUNPHARMA

538

542

547

552

557

SUZLON

TATAMOTORS

257

265

270

279

284

TATAPOWER

109

110

112

114

115

TATASTEEL

440

450

456

466

472

TCS

1,194

1,210

1,235

1,252

1,277

WIPRO

411

416

423

428

436

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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