Technical Research | January 10, 2012

Daily Technical Report Sensex (15815) / NIFTY (4743)

Yesterday, markets opened marginally lower in-line with negative global cues. Selling pressure was witnessed during the first half which dragged indices near 4700 mark. However, a smart recovery during the second half pushed indices from the days low to close around 15800 / 4750 mark. On the sectoral front, Power, Realty and Capital Goods sectors were among the major gainers, whereas Oil & Gas and FMCG counters ended on a losing side. The advance to decline ratio was strongly in favor of gaining counters. (A=1640 D=1080). (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
The 20 day EMA (Exponential Moving Average) has now shifted to the 15846 / 4745 level. We are witnessing a positive crossover in weekly

momentum oscillators viz., the RSI and the Stochastic. On the Daily chart, we are observing a Downward
Source: Falcon

Sloping Trend Line resistance around 16070 / 4820 level.

Trading strategy:
After a weak opening, indices slipped initially towards the 4700 mark. However, a strong buying emerged near days low, which pushed indices higher to close near 15800 / 4750 mark. As a result there is no change in the daily chart structure or the view on the Index. Going forward, we continue to mention that indices have a stiff resistance around 16070 / 4820 level. The positive momentum is likely to resume only if this resistance level is crossed on a sustainable basis. In this case, indices are likely to head towards 16286 16421/ 4881 4920 levels. On the downside, support is seen around 15664 15640 / 4686 4673 levels.

Actionable points:
View Expected Targets Support level Positive Above 4820 4881 4920 4686

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Technical Research | January 10, 2012

Bank Nifty Outlook - (8481)

Yesterday, Bank Nifty opened on flat note and traded with extreme volatility throughout the session. For the second straight session, the index took support near the mentioned support level of 8339 and bounced back sharply. We are witnessing a narrow range body formation, which is a sign of indecision in the minds of bulls and bears. Only a sustainable move outside the range of 8604 8297 will decide the direction of the index. Resistance levels are at 8580 8604 and support levels at 8339 8297.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Target Support Levels
Positive Above 8604

8697 - 8800 8339 - 8297

Source: Falcon

Stock Recommendations:
Stock JSW STEEL (NSE Cash) Action Buy Last close Buying Above Stop Loss Target ` 572.30 ` 580 ` 567 ` 610

Exhibit 3: JSW STEEL (NSE Cash)

Justification On the Daily chart, we are witnessing that after giving a trend line breakout near ` 540 level along with positive crossover in 5 & 20 EMA, the stock has been consolidating for few days. During this time frame, we have observed that for the second time stock has managed to take support near ` 554 level which coincides with the value of 20 Day EMA. Hence, we advise buying the stock ONLY above ` 580 for a target of ` 610 in coming 5 - 6 trading sessions.

Source: Falcon

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Technical Research | January 10, 2012

Positive Bias:
Expected Target 74 110

Stock Name Delta Corp Auro Pharma

CMP 64.4 96.5

5 Day EMA 62.2 92.2

20 Day EMA 62.4 90.7

Remarks View will change below 59 View will change below 88.5

Negative Bias:
Expected Target 1360

Stock Name Baja Auto

CMP 1422

5 Day EMA 1453.4

20 Day EMA 1541.3

Remarks View will change above 1475

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Technical Research | January 10, 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 15,595 4,669 8,255 1,083 149 824 1,387 313 242 459 328 328 172 1,577 371 410 649 442 1,691 113 388 721 94 2,791 199 437 49 440 1,029 633 938 155 251 787 98 429 73 243 696 357 73 82 1,605 157 663 91 495 17 196 91 349 1,158 395 S1 15,705 4,706 8,368 1,092 150 841 1,405 317 250 464 331 336 175 1,589 376 412 656 449 1,710 116 391 734 97 2,814 200 458 51 447 1,059 643 954 156 254 806 100 436 76 252 701 368 74 83 1,621 159 671 93 500 18 198 92 356 1,165 398 PIVOT 15,788 4,732 8,443 1,100 152 852 1,426 324 255 470 337 341 177 1,602 383 416 663 453 1,722 117 393 745 99 2,840 201 471 52 452 1,076 649 965 157 256 820 101 442 77 259 708 377 75 84 1,641 163 677 94 504 19 201 93 361 1,172 403 R1 15,898 4,769 8,556 1,108 154 869 1,444 327 263 475 340 350 180 1,614 388 418 670 460 1,741 120 396 758 102 2,863 203 492 55 458 1,105 659 981 158 260 839 102 449 80 268 713 388 76 86 1,658 166 685 96 510 19 203 94 367 1,179 406 R2 15,981 4,796 8,631 1,116 155 881 1,466 334 268 481 345 355 182 1,627 395 421 677 464 1,753 122 399 769 104 2,889 204 505 56 463 1,122 666 992 159 262 854 103 455 82 276 720 397 77 87 1,678 169 691 98 514 20 205 95 372 1,187 412

Technical Research Team

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Technical ResearchTechnical10, 2012 | January 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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