Technical Research | February 08, 2012

Daily Technical Report Sensex (17623) / NIFTY (5335)

Yesterday Indices opened higher in-line with strong cues from Asian markets but failed to sustain at higher levels and corrected sharply during the second half to close marginally above the days low. On the sectoral front, Capital Goods, Realty and Power counters were among the major losers, whereas Oil & Gas and Consumer Durables sectors ended on a gaining side. The advance to decline ratio was in favor of declining counters. (A=1247 D=1630) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
Indices are hovering around Horizontal Line resistance of 17908 / 5400. Mondays candle resembled a Hanging Man. This is a bearish pattern but requires confirmation. The RSI-Smoothened oscillator on daily chart is placed in extreme overbought territory. The daily chart depicts a Bearish Engulfing pattern. The momentum oscillator on the daily chart viz., the Stochastic is negatively poised.
Source: Falcon

Trading strategy:
We witnessed yet another gap up opening mainly on the back of positive sentiments across global. However, markets pared early gains and a relatively sharp down move during the second half led indices to close marginally above the low of the Hanging Man pattern formed on Mondays session. Also, yesterdays candle resembles a Bearish Engulfing pattern but requires confirmation. The said pattern will be confirmed on the violation of 17582 / 5322 level. In addition, the Stochastic oscillator on the daily chart is negatively poised. As a result of this, a sustainable move below 17582 / 5322 level may reinforce the selling pressure and indices may slide towards 17504 - 17308 / 5290 - 5225 levels. On the upside, 17908 / 5414 level is likely to act as a strong resistance for the markets.

Actionable points:
View Expected Targets Resistance levels Bearish below 5322 5290 5225 5414

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Technical Research | February 08, 2012

Bank Nifty Outlook - (10325)

Yesterday, Bank Nifty opened up with an upside gap but closed marginally below the mentioned resistance level of 10350. For the second consecutive session we are witnessing a narrow range body formation, which is a sign of uncertainty prevailing at current levels. We reiterate our view, on the Daily chart; we are witnessing a possibility of negative divergence in RSI oscillator which is coupled with other overbought momentum oscillators. Hence a chance of minor correction cannot be ruled out. On the downside, if Bank Nifty trades convincingly below yesterdays low of 10260 then it is likely to drift towards 10100 - 9916 levels. On the upside the levels of 10430 - 10516 are likely to act as resistance for the day.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View
Resistance Levels Support Levels Neutral

10430 - 10516 10260 10100 - 9916

Source: Falcon

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Technical Research | February 08, 2012

Positive Bias:
Expected Target 208

Stock Name ITC

CMP 205.4

5 Day EMA 202.9

20 Day EMA 203.2

Remarks View will change below 202

Negative Bias:
Expected Target 356

Stock Name Reliance Capital

CMP 374.5

5 Day EMA 372.5

20 Day EMA 337.8

Remarks View will change above 390

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Technical Research | February 08, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS SENSEX NIFTY BANKNIFTY ACC AMBUJACEM AXISBANK BAJAJ-AUTO BHARTIARTL BHEL BPCL CAIRN CIPLA COALINDIA 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 RELIANCE RELINFRA RPOWER SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA SUZLON TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 17,429 5,267 10,169 1,270 173 1,087 1,604 365 248 553 354 346 318 222 1,600 369 451 667 504 1,895 148 373 916 130 2,657 201 552 71 509 1,319 663 1,228 172 276 965 105 447 87 825 533 94 103 2,119 211 759 118 521 28 244 105 435 1,182 423 S1 17,526 5,301 10,247 1,315 175 1,100 1,621 372 254 560 360 350 322 225 1,617 374 456 676 506 1,922 151 377 927 133 2,692 203 563 73 522 1,337 676 1,237 174 281 974 106 452 89 835 542 97 104 2,136 216 768 120 533 28 247 106 443 1,190 426 PIVOT 17,679 5,357 10,338 1,344 179 1,113 1,640 381 264 573 366 355 328 231 1,647 382 462 693 511 1,968 155 383 937 138 2,749 205 577 76 530 1,366 699 1,250 176 284 984 108 455 92 844 552 99 107 2,162 225 779 124 544 29 251 108 458 1,200 428 R1 17,775 5,391 10,416 1,389 181 1,126 1,657 388 270 581 372 359 332 235 1,664 388 467 702 514 1,996 158 387 947 141 2,784 207 588 77 544 1,384 712 1,259 178 289 993 110 460 94 853 562 102 109 2,179 230 788 126 556 30 254 109 466 1,208 431 R2 17,929 5,448 10,508 1,418 184 1,138 1,676 397 280 594 377 364 339 241 1,694 396 474 718 518 2,041 162 393 957 145 2,840 208 602 81 552 1,413 734 1,272 180 293 1,003 112 463 96 862 572 104 111 2,205 239 799 129 567 31 258 110 480 1,218 434

Technical Research Team

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Technical Research |Technical08, 2012 February 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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