Technical Research | December 08, 2011

Daily Technical Report

Sensex (16877) / NIFTY (5063)
We witnessed a flat opening in yesterdays session and then indices managed to break Mondays high during the first half. However, a sharp correction towards the end of the session dragged indices lower to test 16781 / 5032 level. On the sectoral front, Health Care, Consumer Durables and Power counters were among the losers, whereas IT and FMCG sectors ended on a gaining side. The advance decline ratio was marginally in favour of advancing counters. (A=1448 D=1364). (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The Weekly 20 EMA is placed at 17000 / 5110 level. On the Daily chart, the 61.8% Fibonacci Retracement

level of the fall from 17908 to 15478 / 5400 to 4639 levels is at 16980 / 5110 level. The Daily chart exhibits a Spinning Top candlesticks
Source: Falcon

pattern which is a sign of uncertainty.

Actionable points: Trading strategy:

Markets opened quietly and immediately negated Inside day candlesticks pattern (mentioned yesterday) by crossing Fridays high of 16889 / 5063. Subsequently, indices moved towards the mentioned resistance level of 16980 / 5110 and registered a high of 17004 / 5099 level. This high almost coincides with 61.8% Fibonacci retracement level of the fall from 17908 to 15478 / 5400 to 4639 levels and with the Weekly 20 EMA. Therefore, it can be considered as a strong resistance level. On the daily chart, we are now observing a Spinning Top Candlestick pattern which requires a confirmation. The said pattern will be confirmed only if indices manage to sustain below yesterdays low of 16781 / 5032. In this case, indices may drift towards 16691 16530 / 5002 4960 levels. On the upside, only a sustainable move above the resistance level of 17000 / 5110 may push indices to test 17096 / 5142 level. View Resistance levels Support levels Neutral 5099 - 5142 5032 - 5002

For Private Circulation Only |

Technical Research | December 08, 2011

Bank Nifty Outlook - (9176)

Bank nifty opened on a flat note, faced resistance near our mentioned resistance level of 9275. We are observing a negative divergence in the RSI momentum oscillator on the hourly chart which indicates bearishness. As mentioned in our earlier report 9275 level is an important resistance for Bank Nifty. We reiterate our view, as the index is placed in a strong resistance zone we may witness some consolidation or correction. On the upside 9275 9325 levels are likely to act as resistance in coming trading session. On downside 9133 9073 levels may act as support levels for the day.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Resistance level Support levels Neutral 9275 9325 9133 9073

Source: Falcon

For Private Circulation Only |

Technical Research | December 08, 2011

Positive Bias:

Stock Name Hcl Tech Mc dowell

5 Day EMA 407.7 726

20 Day EMA 406 758

Expected Target 435 780

Remarks View will change below 396 View will change below 714

Negative Bias:

Stock Name Rpower Idea

5 Day EMA 85.7 94.7

20 Day EMA 86.7 95.7

Expected Target 83 86

Remarks View will change above 89.6 View will change above 98

For Private Circulation Only |

Technical Research | December 08, 2011

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 16,665 4,998 9,055 1,177 157 1,017 1,672 366 283 532 313 318 220 1,502 391 403 649 458 2,028 134 390 751 114 2,650 201 522 67 483 1,298 745 978 163 265 894 100 430 77 303 795 405 84 84 1,894 183 710 104 495 23 187 94 404 1,163 382 S1 16,771 5,030 9,116 1,198 159 1,029 1,698 372 286 541 317 322 223 1,529 397 410 662 463 2,043 136 393 760 116 2,705 203 528 69 488 1,315 751 988 167 269 907 102 434 78 306 802 412 85 85 1,920 186 719 107 503 23 189 96 411 1,171 393 PIVOT 16,887 5,065 9,194 1,214 162 1,040 1,715 381 289 550 323 326 225 1,566 401 416 670 467 2,064 138 397 773 118 2,738 206 536 70 494 1,325 757 1,002 172 272 926 103 439 80 311 811 417 87 87 1,940 190 724 109 516 24 192 98 416 1,182 399 R1 16,993 5,097 9,255 1,235 164 1,052 1,741 387 292 559 328 330 228 1,593 406 424 683 471 2,078 140 400 781 119 2,793 207 542 72 499 1,342 764 1,012 176 276 939 105 442 82 314 818 423 89 88 1,966 192 733 112 525 24 195 100 423 1,190 410 R2 17,110 5,132 9,334 1,251 167 1,063 1,758 396 295 569 334 334 230 1,631 410 429 691 476 2,099 142 403 794 121 2,827 210 549 73 506 1,352 770 1,025 181 278 957 106 448 83 319 827 428 91 90 1,986 196 738 114 538 25 198 103 428 1,201 417

Technical Research Team

For Private Circulation Only |

Technical Research | December 08, 2011 Technical Report

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

For any Queries, Suggestions and Feedback kindly mail to sameet.chavan@angelbroking.com Research Team: 022-3952 6600 Website: www.angelbroking.com

DISCLAIMER: This document is not for public distribution and has been furnished to you solely for your information and must not
be reproduced or redistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions. Opinion expressed is our current opinion as of the date appearing on this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true and are for general guidance only. While every effort is made to ensure the accuracy and completeness of information contained, the company takes no guarantee and assumes no liability for any errors or omissions of the information. No one can use the information as the basis for any claim, demand or cause of action. Recipients of this material should rely on their own investigations and take their own professional advice. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Price and value of the investments referred to in this material may go up or down. Past performance is not a guide for future performance. Certain transactions - futures, options and other derivatives as well as non-investment grade securities - involve substantial risks and are not suitable for all investors. Reports based on technical analysis centers on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals and as such, may not match with a report on a company's fundamentals. We do not undertake to advise you as to any change of our views expressed in this document. While we would endeavor to update the information herein on a reasonable basis, Angel Broking, its subsidiaries and associated companies, their directors and employees are under no obligation to update or keep the information current. Also there may be regulatory, compliance, or other reasons that may prevent Angel Broking and affiliates from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Angel Broking Limited and affiliates, including the analyst who has issued this report, may, on the date of this report, and from time to time, have long or short positions in, and buy or sell the securities of the companies mentioned herein or engage in any other transaction involving such securities and earn brokerage or compensation or act as advisor or have other potential conflict of interest with respect to company/ies mentioned herein or inconsistent with any recommendation and related information and opinions. Angel Broking Limited and affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past.

Sebi Registration No : INB 010996539

For Private Circulation Only |