Technical Research | February 17, 2012

Daily Technical Report Sensex (18154) / NIFTY (5522)

After witnessing a strong upside rally on Wednesday, Indices opened with a downside gap during yesterdays session. Subsequently, markets traded in a narrow range throughout the day to close almost at the initial opening level. On the sectoral front, Realty, Power and Capital Goods counters were among the major gainers, whereas Metal and Oil & Gas sectors ended on a losing side. The advance to decline ratio was in favor of advancing counters. (A=1640 D=1292) (Source -www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
Indices have given a break out from the narrow range of 17579 17890 / 5322 5428. The target of this breakout is at 18440 18580 / 5550 5590. The RSI-Smoothened oscillator on the daily chart is placed in extreme overbought territory. Yesterdays price action can be called as Inside Day Japanese candlestick formation.
Source: Falcon

Trading strategy:
Yesterday, after a downside opening indices traded in a narrow range throughout the day. Hence, yesterdays price action called as an Inside Day formation. This candlestick formation occurs when the entire daily price range for a given security falls within the price range of the previous day. An inside day is often used to signal indecision because neither the bulls nor the bears are able to send the price beyond the range of the previous day. Hence, Wednesdays high of 18231 / 5542 remains an immediate resistance. A move beyond this level, on the back of optimism in global markets, may push indices higher to test 18440 - 18580 / 5550 - 5590 levels. Conversely, if indices trade below yesterdays low of 18043 / 5483 level then they are likely to slide towards the next support levels of 18000 17850 / 5460 5420.

Actionable points:
View Expected Targets Support levels Positive Above 5542 5550 5590 5460 - 5420

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Technical Research | February 17, 2012

Bank Nifty Outlook - (10922)

In Yesterdays session, Bank Nifty opened on a flat note and traded in a narrow range throughout the session. Similar to the benchmark indices, the Bank nifty too shows an Inside Day candle stick pattern. On the upside any move above the 10960 mark would push the index higher to 11065 - 11232 levels. On the downside 10780 - 10630 levels are likely to act as support in coming trading session. Considering the overbought position in momentum oscillators, traders are advised to exercise caution and place strict stop losses. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Targets Support Levels Positive Above 10960 11060 - 11232 10780 10630
Source: Falcon

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Technical Research | February 17, 2012

Positive Bias:
Expected Target 97 85

Stock Name Escorts Indian Hotels

CMP 91 78

5 Day EMA 87.4 74.6

20 Day EMA 82.8 69.6

Remarks View will change below 86 View will change below 71.8

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Technical Research | February 17, 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 17,987 5,465 10,720 1,315 169 1,178 1,675 340 272 580 366 311 306 240 1,593 373 466 701 515 1,931 148 379 950 139 2,839 201 596 81 558 1,415 700 1,242 181 274 1,026 108 438 98 790 605 118 109 2,171 238 770 124 529 28 268 107 464 1,204 430 S1 18,071 5,493 10,821 1,330 170 1,201 1,743 345 278 602 379 318 313 245 1,607 379 471 709 521 2,060 151 382 959 143 2,874 203 619 83 566 1,432 712 1,301 183 278 1,041 109 444 101 801 618 121 110 2,261 245 785 127 535 29 272 111 471 1,215 435 PIVOT 18,127 5,512 10,881 1,349 171 1,218 1,788 351 285 613 389 323 326 250 1,630 390 474 715 529 2,132 156 385 971 145 2,896 204 635 84 573 1,450 725 1,338 184 281 1,052 111 449 104 816 634 124 111 2,319 251 794 130 541 29 278 114 482 1,228 438 R1 18,210 5,541 10,982 1,365 172 1,241 1,856 356 292 635 401 331 334 255 1,644 396 479 723 535 2,261 159 388 980 148 2,931 205 658 87 581 1,467 736 1,397 186 284 1,068 112 455 106 827 647 126 113 2,409 258 809 132 548 30 282 117 490 1,239 442 R2 18,266 5,560 11,042 1,384 174 1,258 1,901 362 299 646 411 336 347 260 1,666 407 482 729 544 2,333 164 391 991 151 2,953 206 674 88 587 1,486 749 1,434 187 287 1,079 114 459 109 842 662 129 114 2,467 264 818 136 554 31 288 120 501 1,252 445

Technical Research Team

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Technical Research |Technical17, 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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