Technical Research | January 25, 2012

Daily Technical Report Sensex (16996) / NIFTY (5127)

Yesterday, we witnessed an optimistic opening and Indices traded with extreme volatility before the announcement of RBI Monetary policy. However, post the announcement of a higher than expected CRR cut, buying momentum resumed and indices closed well above 5100 mark. On the sectoral front, Capital Goods, Banking and Metal counters contributed heavily in yesterdays gain. There was no sector in the negative territory. The advance to decline ratio was in favor of advancing counters. (A=1592 D=1207) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
We are witnessing a positive crossover on weekly RSI Smoothened oscillator. Indices are nearing a Downward Sloping Trend Line

joining July 8, 2011 high of 19132 / 5740 and October 20, 2011 high of 17908 / 5400
Source: Falcon

The 200-day SMA is now placed around 17356 / 5210

level.

Trading strategy:
Benchmark Indices opened with an upside gap and traded with a strong positive momentum post announcement of RBI Monetary policy. Subsequently, indices surged significantly higher to register a close well above 5100 mark for the first time after November 14, 2011. We are now observing that indices have closed near the Downward Sloping Trend Line joining July 8, 2011 high of 19132 / 5740 and October 20, 2011 high of 17908 / 5400. Hence, a move beyond yesterdays high of 17050 / 5141 may reinforce positive momentum and then indices may rally towards the 200-day SMA level of 17356 / 5210. On the downside, the 16670 / 5049 level may provide decent support in coming trading session.

Actionable points:
View Resistance levels Support level Neutral 5141 5210 5049

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Technical Research | January 25, 2012

Bank Nifty Outlook - (9834)

Yesterday, Bank Nifty opened on a flat note and gained momentum post RBI monetary policy and tested 9900 level. The Shooting Star candle stick pattern mentioned in our previous report has been negated as the index managed to close above 9659 level. Going forward if the index manages to sustain above yesterdays high of 9885 then it is likely to test 9976 - 10017 levels. At present, the momentum indicators suggest that the index is extremely overbought and a small correction cannot be ruled out. In such a scenario Bank Nifty is likely to find support near 9670 - 9548 levels in coming trading session.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Resistance levels Support Levels
Neutral 9885 9976 10017 9670 9548
Source: Falcon

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Technical Research | January 25, 2012

Positive Bias:
Expected Target 83

Stock Name Delta Corp

CMP 76.8

5 Day EMA 73.8

20 Day EMA 68.6

Remarks View will change below 71.5

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Technical Research | January 25, 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 16,658 5,015 9,296 1,155 156 959 1,537 347 275 531 343 339 210 1,625 363 404 690 475 1,792 133 387 829 116 2,574 203 529 65 463 1,255 645 1,109 171 269 927 99 451 88 317 761 453 90 90 1,877 183 727 103 502 26 213 102 413 1,070 412 S1 16,827 5,071 9,565 1,166 158 996 1,559 352 278 544 348 342 214 1,635 365 416 695 482 1,840 138 390 858 121 2,597 204 539 68 479 1,304 665 1,133 173 271 965 100 459 91 328 772 466 93 93 1,959 186 745 107 509 26 217 105 423 1,079 415 PIVOT 16,939 5,106 9,725 1,175 160 1,021 1,578 357 282 554 351 344 219 1,649 369 423 701 487 1,877 142 395 877 124 2,618 206 546 70 489 1,335 677 1,153 175 275 990 101 465 94 337 782 479 95 94 2,009 189 756 109 518 27 221 107 431 1,087 419 R1 17,107 5,162 9,994 1,186 162 1,058 1,600 361 285 566 355 347 224 1,659 371 435 706 494 1,925 147 398 906 129 2,642 207 556 72 505 1,383 697 1,177 177 277 1,027 101 473 97 348 793 493 98 97 2,090 193 774 114 525 27 225 109 441 1,096 422 R2 17,219 5,197 10,154 1,195 164 1,083 1,619 366 290 576 358 349 229 1,673 374 442 711 500 1,962 150 402 925 132 2,663 209 563 74 515 1,415 709 1,197 179 281 1,052 102 478 99 356 803 506 100 99 2,140 196 786 116 535 28 229 111 450 1,104 426

Technical Research Team

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Technical ResearchTechnical25, 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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