Technical Research | December 21, 2011

Daily Technical Report

Sensex (15175) / NIFTY (4544)
Yesterday markets opened on a flat note and traded with immense volatility throughout the session. A sharp correction during the last hour forced indices to break previous low of 15190 / 4555 and close marginally below this level. On the sectoral front, Capital Goods, Metal and Realty were among the major losers, whereas FMCG sector ended on a gaining side. The advance to decline ratio was strongly in favor of declining counters. (A=862 D=1877). (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
On the Daily chart, we are witnessing a Downward Sloping Trend Line joining two lows of 15760 15479 / 4728 4639.
Source: Falcon

Trading strategy:
Indices opened on a quiet note and tried crossing the resistance at 15440 / 4623 but failed to sustain at higher levels as strong selling pressure intensified during the latter part of the session. As a result indices breached the low of a bullish Hammer and negated the bullish implication of the pattern. However, considering the positive global cues it is likely that our markets may open on a positive note. On the upside, 15450 / 4638 level is expected to act as the first resistance level. A move beyond this may push indices higher to test 15590 15750 / 4672 4730 levels. On the downside, a fall below 15135 / 4531 may lead indices to drift towards 14870 / 4430 levels.

Actionable points:
View Resistance levels Support levels Neutral 4638 4672 4531 4430

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Technical Research | December 21, 2011

Bank Nifty Outlook - (7799)

Bank nifty opened on a flat note and traded with extreme volatility throughout the session to close marginally below yesterdays low of 7801. As mentioned in our previous reports the rising ADX (14) currently at 27.71, is suggesting that the downtrend is getting stronger. On the contrary the RSI - Smoothened oscillator on the hourly chart is placed in an extreme oversold condition. Thus a possibility of a pullback cannot be ruled out. On the upside 7961 8085 levels are likely to act as resistance levels for the day. On the downside 7728 7600 levels are likely to act as support in coming trading session. Actionable points: View Resistance Level Support Level
Neutral 8107 - 8172 7801 - 7600

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon

Stock Recommendations:
Stock ICICI Bank (December Futures) Action Buy Last close Buy Above Stop Loss Target ` 654.40 ` 670 ` 649.80 ` 710

Exhibit 3: ICICI Bank(December Futures)

Justification On the Daily chart, the stock has taken a support near 161.8% retracement of the rise from ` 702 to ` 794.85 and has formed a Hammer candle pattern during Mondays session. The RSI - Smoothend oscillator on the hourly chart is positively poised. We advise buying the stock ONLY above ` 670 for a target of ` 710 in coming 5 6 trading sessions.
Source: Falcon

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Technical Research | December 21, 2011

Positive Bias:

Stock Name Ranbaxy Dabur

CMP 394.55 97.2

5 Day EMA 392.4 96.7

20 Day EMA 419.9 96.7

Expected Target 419 100.2

Remarks View will change below 382 View will change below 95.1

Negative Bias:

Stock Name Bajaj-Auto

CMP 1600.65

5 Day EMA 1634.4

20 Day EMA 1660.6

Expected Target 1566

Remarks View will change above 1626

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Technical Research | December 21, 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 14,941 4,465 7,647 1,056 144 780 1,552 307 216 468 302 322 178 1,541 370 370 613 396 1,704 113 390 635 97 2,626 197 454 49 420 931 621 899 149 246 748 95 375 58 221 689 335 67 74 1,522 140 613 85 488 17 170 75 324 1,115 383 S1 15,058 4,504 7,723 1,079 146 800 1,576 315 222 484 306 325 182 1,554 374 380 618 405 1,757 116 393 644 99 2,647 198 467 51 432 955 635 908 152 249 763 96 385 60 227 701 341 69 76 1,550 145 622 86 494 17 172 78 333 1,124 390 PIVOT 15,253 4,571 7,842 1,107 151 829 1,619 327 230 513 311 330 187 1,576 379 398 623 413 1,841 121 398 658 102 2,673 199 486 55 453 994 647 917 157 252 786 98 392 63 236 721 349 71 77 1,600 153 635 89 504 18 177 83 350 1,138 398 R1 15,370 4,611 7,918 1,130 154 849 1,643 336 236 529 315 334 191 1,590 383 409 629 423 1,894 124 402 667 104 2,694 201 499 57 465 1,017 661 926 160 256 801 99 402 65 242 734 355 73 79 1,628 158 644 91 510 18 179 86 359 1,147 405 R2 15,565 4,677 8,038 1,158 158 878 1,686 348 244 557 319 338 197 1,611 387 426 634 431 1,978 129 406 680 106 2,720 202 517 60 485 1,056 673 935 165 258 824 101 408 68 250 754 363 75 80 1,677 166 658 93 520 19 183 91 376 1,160 413

Technical Research Team

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Technical Research | December 21, 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

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