Technical Research | January 03, 2012

Daily Technical Report

Sensex (15518) / NIFTY (4637)
Yesterday, markets opened marginally higher and yet again selling pressure dragged indices marginally below 4600 mark during the first half. However, positive momentum was witnessed towards the latter part of the day and markets closed at almost the highest point of the day. On the sectoral front, Oil & Gas, Consumer Durables and IT sectors were among the major gainers, whereas FMCG and Auto counters ended on a losing side. The advance to decline ratio was in favor of gaining counters. (A=1430 D=1212). (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The Daily chart exhibits a formation which resembles a Dragon Fly Doji Japanese Candlesticks pattern. On the Daily chart, the 61.80% and 78.60% Fibonacci

retracement levels of the rise from 15135 to 16049 / 4531 to 4801 are at 15485 / 4634 and 15331 / 4589, respectively.
Source: Falcon

Trading strategy:
As stated in the earlier report, we witnessed selling pressure below 15406 / 4609 and indices corrected to test expected support level of 15331 / 4589. However, during the second half, buying was clearly seen in large cap counters which led indices to close near days high. We are now observing a candlestick pattern which resembles a Dragon Fly Doji. This formation has taken place exactly at the 78.60% Fibonacci retracement level of the rise from 15135 to 16049 / 4531 to 4801. The said bullish pattern will ONLY be confirmed if prices sustain above yesterdays high of 15543 / 4646. In this case, indices are likely to rally towards 15694 15797 / 4691 4726 levels. On the downside, yesterdays low of 15358 / 4588 is likely to act as strong support level in coming trading session. The above mentioned pattern will be negated only on the violation of yesterdays low and in such a scenario indices can drift towards the recent bottom of 15135 / 4531.

Actionable points:
View Expected Targets Support levels Positive Above 4646 4691 4726 4588 4531

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Technical Research | January 03, 2012

Bank Nifty Outlook - (7995)

Yesterday, Bank Nifty opened on a flat note and the selling pressure in initial hours of trade led the index to break the mentioned support of 7913 and register a low of 7888. However, during the second half, buying emerged at lower levels and Bank Nifty closed marginally below 8000 mark. On the Daily chart, we are witnessing a Japanese Candlestick pattern which resembles a bullish Hammer. This pattern needs confirmation for its bullish implication in the form of prices sustaining above yesterdays high of 8028. In such a scenario, Bank Nifty can test 8120 -8140 levels. On the downside, low of Hammer (7888) will now act as a crucial support in coming trading session. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Target Support Level
Positive Above 8028

8120 8140 7888

Source: Falcon

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Technical Research | January 03, 2012

Positive Bias:

Stock Name Ranbaxy Syndicate Bank

CMP 412.7 69.6

5 Day EMA 407.7 70.9

20 Day EMA 412.7 81.6

Expected Target 426 75

Remarks View will change below 402 View will change below 67

Negative Bias:

Stock Name Hind Zinc

CMP 115.3

5 Day EMA 118.5

20 Day EMA 119.9

Expected Target 107

Remarks View will change above 120

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Technical Research | January 03, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS SENSEX NIFTY BANKNIFTY ACC AMBUJACEM AXISBANK BAJAJ-AUTO BHARTIARTL BHEL BPCL CAIRN CIPLA DLF DRREDDY GAIL HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK IDFC INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RCOM RELCAPITAL RELIANCE RELINFRA RPOWER SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA SUZLON TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 15,288 4,566 7,830 1,106 150 767 1,348 339 229 471 307 313 171 1,551 376 383 635 415 1,730 108 396 679 89 2,715 196 434 51 409 981 656 906 155 253 741 98 396 68 220 679 320 68 78 1,600 148 622 87 482 17 176 85 326 1,140 392 S1 15,403 4,601 7,913 1,122 153 781 1,412 342 233 476 311 317 175 1,560 381 388 643 421 1,785 110 399 688 91 2,762 197 447 52 415 995 665 922 156 256 754 99 404 70 226 693 327 69 80 1,614 153 630 89 489 17 180 86 333 1,159 396 PIVOT 15,473 4,624 7,971 1,134 155 798 1,506 345 237 481 314 320 180 1,575 386 392 649 425 1,852 114 405 694 92 2,789 199 456 53 424 1,005 679 933 159 259 769 100 410 71 233 701 336 70 81 1,625 157 640 90 495 18 183 88 340 1,173 399 R1 15,588 4,659 8,053 1,150 158 812 1,570 348 241 486 318 324 184 1,584 392 397 657 431 1,906 116 408 702 93 2,836 201 469 53 431 1,019 687 950 160 262 782 101 419 74 239 715 343 71 83 1,639 162 648 92 501 19 186 89 347 1,192 402 R2 15,658 4,681 8,111 1,162 160 829 1,664 352 245 492 321 328 189 1,599 397 401 663 436 1,973 120 413 708 94 2,864 203 477 54 440 1,029 701 961 163 266 798 101 425 75 246 724 351 72 84 1,650 166 658 93 507 19 189 91 354 1,205 405

Technical Research Team

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Technical ResearchTechnical03, 2012 | January Report

RESEARCH TEAM
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Mehul Kothari Ankur Lakhotia Head - Technicals Technical Analyst Technical Analyst Technical Analyst Technical Analyst

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