Technical Research | January 13, 2012

Daily Technical Report Sensex (16038) / NIFTY (4831)

Yesterday, markets opened on a pessimistic note in-line with global cues. Selling pressure was seen during the first half and indices tested mentioned support level of 16030 / 4800. A bounce from the lows during the second half of the session led indices to close marginally in the negative territory. On the sectoral front, IT, Teck and Oil & Gas sectors corrected sharply in yesterdays session, whereas Power, Metal and Banking counters ended on a gaining side. The advance to decline ratio was in favor of gaining counters. (A=1421 D=1311) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
On the Daily chart, we are now witnessing a breakout from the Downward Sloping Trend Line resistance around 16070 / 4820 level. The 61.8% Fibonacci retracement level of the fall from
Source: Falcon

17004 to 15135 / 5100 to 4531 is at 16286 / 4881. The 20 Day EMA is placed at 15915 / 4771level.

Actionable points: Trading strategy:

After a gap down opening, indices remained under pressure during the first half and breached Wednesdays low of 16127 / 4841 to test mentioned support level of 16030 / 4800. Reduction in the guidance given by Infosys (Dollar terms) led the slide in IT counters but the positive IIP numbers provided the bulls some reason to cheer. Going forward, 16030 / 4800 level remains to be a decent psychological support. A move below this level may drag indices towards the 20 Day EMA support level of 15915/ 4771. On the upside, the positive momentum may resume only if indices sustain above the key resistance level of 16286 / 4881. In this case, indices are likely to rally towards 16421 16600 / 4920 4976 levels. View Expected Targets Support levels Positive Above 4881 4920 4976 4841 4820

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Technical Research | January 13, 2012

Bank Nifty Outlook - (8930)

Yesterday, Bank Nifty opened on an optimistic note and traded with positive bias throughout the session to close marginally below the mentioned resistance level of 8950. The positive crossover in ADX (14) indicator mentioned in our previous reports is still intact. In case of individual large cap banking majors, we are witnessing that the weekly charts are giving the first signs of a sustainable move on the upside. Therefore, if Bank Nifty sustains above yesterdays high of 9015, then it is likely to test 9105 9166 levels. However, on the downside, if the index falls below 8848 level, then it is likely to undergo a minor correction and may test 8743 8700 levels.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Target Support Levels
Positive Above 9015

9105 - 9166 8848 8743 - 8700

Source: Falcon

Stock Recommendations:
Stock SUN TV Network Ltd (NSE Cash) Action Buy Last close Buy Above Stop Loss Target ` 297.75 ` 302.50 ` 288 ` 336

Exhibit 3: SUN TV Network Ltd (NSE Cash)

Justification On the Weekly chart, we have observed that after consolidating in the range of ` 250 - ` 300 for more than two months, yesterday the stock has given a breakout above ` 300 with impressive volumes. Also, the momentum oscillators on the Daily and Monthly chart are suggesting momentum to continue on the upside. In addition, we are witnessing a positive crossover in Daily ADX (9) indicator. Hence, we advise buying the stock ONLY above ` 302.5 for a target of ` 336 in coming 8 - 10 trading sessions.
Source: Falcon

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Technical Research | January 13, 2012

Positive Bias:
Expected Target 620

Stock Name United Spirits

CMP 576.5

5 Day EMA 544.9

20 Day EMA 566

Remarks View will change below 559

Negative Bias:
Expected Target 240 520

Stock Name Biocon Bata

CMP 264.2 561.3

5 Day EMA 271.5 568.8

20 Day EMA 276.6 565.3

Remarks View will change above 285 View will change above 608

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Technical Research | January 13, 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 15,844 4,769 8,740 1,101 148 904 1,444 321 255 494 317 334 186 1,632 379 395 654 458 1,765 127 385 761 103 2,467 202 478 55 452 1,095 665 968 158 253 861 99 434 79 271 720 390 79 89 1,698 172 681 98 510 20 199 91 376 1,045 376 S1 15,941 4,800 8,835 1,111 149 922 1,460 324 259 503 323 336 189 1,645 382 400 671 462 1,789 130 389 771 106 2,528 203 482 57 460 1,113 676 981 160 256 882 100 442 81 276 729 397 81 90 1,731 179 699 100 515 20 203 93 382 1,067 383 PIVOT 16,060 4,835 8,925 1,119 151 945 1,473 327 265 510 328 341 192 1,657 385 408 686 466 1,806 132 393 784 108 2,639 204 489 58 469 1,143 682 995 161 259 896 100 449 82 281 741 404 83 92 1,754 183 719 102 520 21 206 94 387 1,091 390 R1 16,157 4,866 9,020 1,129 152 964 1,489 330 269 519 333 343 195 1,670 388 413 703 470 1,830 135 398 794 111 2,699 206 494 60 476 1,161 693 1,008 162 261 916 101 458 84 286 749 411 85 93 1,787 191 737 104 525 21 210 96 394 1,113 398 R2 16,276 4,900 9,110 1,137 153 987 1,502 333 276 525 338 348 199 1,683 391 421 718 474 1,847 137 402 807 113 2,811 207 501 61 485 1,191 699 1,022 164 264 930 102 465 86 292 761 418 86 94 1,810 195 758 105 531 22 213 97 399 1,137 405

Technical Research Team

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Technical ResearchTechnical13, 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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