Technical Research | December 26, 2011

Daily Technical Report

Sensex (15739) / NIFTY (4714)
On Friday, indices opened higher and continued to face strong selling pressure at higher levels. A minor correction during the second half, pulled indices lower from the days high to close marginally above 4700 mark. On the sectoral front, Consumer Durables and Banking sectors corrected on Friday, whereas Capital Goods counters ended on a gaining side. The advance to decline ratio was in favor of advancing counters. (A=1546 D=1069). www.bseindia.com) (Source

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. Also, there is a positive crossover in RSI momentum oscillator. The 20 EMA on the daily chart is placed at 16020 /

4800 level.
Source: Falcon

Trading strategy:
Last week, markets anchored their position near the Downward Sloping Trend Line (joining two lows of 15760 15479 / 4728 4639) support level of 15330 / 4540. Thus, the weekly low of 15135 / 4531 would now act a strong and crucial support level for our markets. The positive crossover in the daily RSI oscillator is still intact. As a result, positive momentum is likely to resume if indices sustain above Fridays high of 15911 / 4764. In this case, indices may move higher to test the resistance zone of 16020 16070 / 4800 4820, which also coincides with the daily 20 EMA. If our markets manage to sustain above these hurdles, then they are likely to rally further towards 16286 16421/ 4881 4920 levels. On the flip side, only a sustainable move below 15135 / 4531 would reinforce the negative momentum and indices then may drift towards the next support levels of 14870 14400 / 4430 4300.

Actionable points:
View Resistance levels Support levels Neutral 4764 - 4800 - 4820 4678 - 4638 - 4600

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Technical Research | December 26, 2011

Bank Nifty Outlook - (8296)

On Friday Bank nifty opened on a flat note and traded in a narrow range during first half of the session. As mentioned in our previous reports, the positive crossover of Stochastic and RSI momentum oscillator on the daily chart is still intact. However we are witnessing a negative crossover in RSI - Smoothened oscillator on the hourly chart. Therefore, if Bank Nifty sustains below Fridays low of 8253 then we may witness a minor correction towards 8190 8110 levels. On the upside, 8366 8452 levels may act as resistance in coming trading session. Actionable points: View Resistance Level Support Level
Neutral 8366 - 8452 8190 - 8110

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon

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Technical Research | December 26, 2011

Positive Bias:

Stock Name Jindal Saw Bhushan Steel

CMP 126.6 310.5

5 Day EMA 124 307.3

20 Day EMA 125.8 310

Expected Target 135 325

Remarks View will change below 117 View will change below 304

Negative Bias:

Stock Name Bata India GitanjaliGems

CMP 543.5 311.7

5 Day EMA 550 316.9

20 Day EMA 586.6 329.7

Expected Target 490 300

Remarks View will change above 567 View will change above 325

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Technical Research | December 26, 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 15,534 4,653 8,135 1,108 153 850 1,570 322 234 485 311 324 187 1,557 384 381 648 430 1,787 117 405 703 95 2,649 201 468 51 444 972 683 957 153 256 787 99 390 65 236 726 348 69 78 1,605 153 640 89 492 18 180 85 337 1,130 390 S1 15,636 4,684 8,216 1,124 154 865 1,584 326 238 496 314 327 190 1,573 388 385 655 434 1,818 120 409 713 97 2,672 203 477 52 450 991 690 966 155 259 802 100 398 66 241 736 354 71 79 1,626 157 649 90 495 19 183 87 342 1,144 398 PIVOT 15,774 4,724 8,334 1,143 156 881 1,602 332 242 512 317 332 196 1,588 392 390 662 440 1,844 123 412 723 100 2,706 204 489 54 459 1,017 699 977 160 263 822 101 409 68 248 753 362 73 81 1,659 162 657 92 499 19 185 89 350 1,153 404 R1 15,876 4,754 8,414 1,158 158 895 1,616 336 247 522 320 335 200 1,604 395 394 668 444 1,875 125 415 733 102 2,729 205 499 55 465 1,035 705 987 163 266 836 102 417 69 253 763 369 74 82 1,680 167 666 94 502 19 187 90 356 1,166 411 R2 16,014 4,794 8,532 1,178 160 911 1,634 342 251 538 323 339 205 1,619 400 398 675 451 1,901 128 418 744 105 2,763 207 511 57 473 1,062 714 998 168 270 856 103 428 71 260 780 377 76 84 1,713 172 674 96 505 20 190 92 364 1,176 417

Technical Research Team

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Technical Research | December 26, 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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