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Technical Research | January 05, 2012

Daily Technical Report


Sensex (15883) / NIFTY (4750)
Yesterday, markets opened marginally higher and traded with extreme volatility as they were nearing strong resistance zone of 16020 16070 / 4800 4820. As a result, indices ended with a nominal loss. On the sectoral front, PSU, Capital Goods and Banking sectors were among the major gainers, whereas Auto and Teck counters ended on a losing side. The advance to decline ratio was in favor of gaining counters. (A=1499 D=1200). (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 20 day EMA has now shifted to 15839 / 4743 level. On the Daily chart, we are witnessing a positive

crossover in momentum oscillators viz., the RSI and the Stochastic. Also, 3 & 8 EMA and ADX (9) indicator has given a positive crossover.
Source: Falcon

Trading strategy:
After a quiet opening, indices traded in a narrow range throughout the day. The bulls appeared to be skeptical while approaching the mentioned resistance zone of 16020 16070 / 4800 4820. These levels acted as a stiff resistance during yesterdays session and a strong selling pressure near days high dragged indices to close marginally in the negative territory. Going forward, we reiterate that only a sustainable move above 16070 / 4820 would reinforce a positive momentum. A possibility of this scenario cannot be ruled out as the positive crossover observed in RSI, Stochastic, 3 & 8 EMA and ADX (9) is still intact. Therefore, a move beyond 16070 / 4820 level may push indices higher to test 16286 16421/ 4881 4920 levels. On the downside, immediate support levels are at 15810 15640 / 4725 4675.

Actionable points:
View Expected Targets Support levels Positive Above 4820 4881 4920 4725 4675

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Technical Research | January 05, 2012

Bank Nifty Outlook - (8340)


Yesterday, similar to the benchmark indices, Bank Nifty too opened on a flat note and traded in narrow range throughout the session to close near the initial opening level. The index has managed to give a close above the 20 EMA which is a sign of strength. The positive crossover of momentum oscillators RSI and Stochastic is still intact. Therefore, if Bank Nifty sustains above yesterdays high of 8453, then it is likely to test the resistance zone of 8580 8604. We may witness some consolidation near to these levels. On the downside 8294 8235 levels are likely to act as support in coming trading session. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Target Support Level
Positive Above 8453

8580 8604 8294 8235

Source: Falcon

Stock Recommendations:
Stock BPCL (JAN FUT) Action Buy Last close Buy Above Stop Loss Target ` 473.65 ` 477 ` 470.50 ` 492

Exhibit 3: BPCL (JAN FUT)

Justification On the Daily chart, the stock has taken a support near a downward sloping trend line joining the two significant bottoms of ` 595 and ` 484.5. Also on the hourly chart, all the technical evidences suggest a chance of further upside. Hence, we advise buying the stock ONLY above ` 477 for a target of ` 492 in coming 2- 3 trading sessions.

Source: Falcon

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Technical Research | January 05, 2012

Positive Bias:

Stock Name BPCL

CMP 470.7

5 Day EMA 478

20 Day EMA 504

Expected Target 490

Remarks View will change below 460

Negative Bias:

Stock Name Hindunilever HeroMotoco

CMP 395.5 1786.5

5 Day EMA 403.8 1837.7

20 Day EMA 401.5 1909

Expected Target 380 1750

Remarks View will change above 409 View will change above 1828

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Technical Research | January 05, 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 15,721 4,700 8,226 1,066 144 821 1,361 338 245 455 316 323 182 1,565 383 395 653 426 1,730 113 384 722 94 2,823 197 459 53 429 1,039 616 928 158 259 782 98 412 71 235 703 341 69 83 1,656 157 648 91 487 18 189 89 351 1,147 410 S1 15,802 4,725 8,317 1,085 147 835 1,393 342 249 463 321 327 185 1,578 389 407 657 434 1,758 116 390 733 96 2,839 198 468 53 434 1,055 628 938 159 263 790 100 425 72 240 709 350 70 84 1,676 161 656 93 494 18 195 91 358 1,160 414 PIVOT 15,903 4,754 8,385 1,112 152 845 1,447 350 254 469 327 329 188 1,592 394 417 663 440 1,793 117 399 741 97 2,857 200 481 54 442 1,066 648 953 160 265 799 101 432 73 247 720 356 72 85 1,695 165 665 95 501 19 199 92 363 1,182 420 R1 15,984 4,779 8,476 1,132 155 859 1,479 354 258 477 332 334 191 1,605 399 429 666 449 1,821 120 404 751 99 2,873 201 490 55 447 1,082 659 964 161 269 807 103 445 74 252 727 366 73 86 1,715 170 673 97 508 19 205 94 369 1,196 424 R2 16,086 4,808 8,544 1,159 160 869 1,532 361 263 482 337 336 194 1,619 405 439 672 454 1,856 122 413 759 101 2,891 203 504 56 454 1,093 679 979 162 272 816 104 452 75 258 738 372 74 87 1,734 173 681 99 514 19 208 95 374 1,218 429

Technical Research Team


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Technical ResearchTechnical05, 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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