Technical Research | December 01, 2011

Daily Technical Report

Sensex (16123) / NIFTY (4832)
Yesterday, we witnessed a highly volatile trading session where our Benchmark indices tested the mentioned resistance as well as support levels of the day. The indices opened lower but ended on a positive note. On the sectoral front, Oil & Gas and FMCG counters were among the major gainers whereas Consumer Durables ended with marginal loss. The advance decline ratio was in favour of declining counters (A=1204 D=1521). (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
On the Daily chart, the momentum oscillator viz. the RSI Smoothened has given a positive crossover.
Source: Falcon

Actionable points: Trading strategy:

Our markets opened lower and traded with extreme volatility throughout the day. On the downside, indices tested the mentioned support level of 15888 / 4766. However, buying emerged near this level which led the indices to test resistance level of 16135 / 4844. On the Daily chart, we are witnessing a positive crossover in momentum oscillator viz. the RSI Smoothened, which indicates further strength. Going forward, if indices trades convincingly above the resistance level of 16210 / 4866, then they are likely to test the 20 Day EMA placed at 16430 / 4932 level. On the downside, 15850 15645 / 4755 - 4693 levels may act as support for coming trading sessions. We are of the opinion that the collective policy changes by central banks across the world have not been factored in by our markets. Positional traders with short positions are advised to exit on any closing above 16430 / 4932 level. View Resistance levels Support levels Neutral 4866 - 4932 4755 - 4693

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Technical Research | December 01, 2011

Bank Nifty Outlook - (8564)

Bank nifty opened with a minor downside gap and traded with extreme volatility throughout the session. We are observing a Spinning top candle pattern formation, which indicates indecision in the mind of bulls and bears prevailing at current levels. Therefore, if Bank Nifty Sustains above yesterdays high of 8704 then it is likely to test 8844 8880 levels. On the downside, 8490 - 8360 levels may act as support levels for the day. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Resistance levels Support levels Neutral 8704 8880 - 8944 8490 - 8360

Source: Falcon

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Technical Research | December 01, 2011

Positive Bias: Stock Name Wipro Lupin 5 Day EMA 373.8 468.1 20 Day EMA 371.2 464.95 Expected Target 389 486 Remarks View will change below 369 View will change below 466.30

Negative Bias:

Stock Name Dish TV Patel Engg

5 Day EMA 64.4 86.5

20 Day EMA 67.1 88.4

Expected Target 58.6 80

Remarks View will change above 68.2 View will change above 92

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Technical Research | December 01, 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 15,721 4,716 8,372 1,126 142 914 1,606 359 270 507 296 322 194 1,550 379 373 616 420 1,903 119 381 688 106 2,534 194 462 60 441 1,239 692 943 154 249 865 94 417 70 271 741 392 82 78 1,695 174 658 96 500 22 166 89 378 1,065 367 S1 15,922 4,774 8,468 1,135 145 931 1,637 373 276 522 299 325 201 1,564 386 378 629 431 1,951 121 389 700 107 2,570 198 483 61 454 1,256 709 957 158 258 874 96 426 72 276 760 398 84 79 1,729 179 674 97 513 23 169 90 382 1,090 372 PIVOT 16,051 4,813 8,586 1,144 148 953 1,663 381 280 533 301 327 206 1,577 390 386 638 440 2,019 122 395 717 109 2,598 200 497 62 462 1,267 720 967 161 264 882 98 439 73 283 772 407 86 81 1,762 182 687 100 521 23 173 91 385 1,107 377 R1 16,252 4,871 8,682 1,153 151 970 1,695 394 287 548 304 330 212 1,591 397 391 651 452 2,068 124 403 730 110 2,634 203 518 63 475 1,283 737 982 165 273 890 101 447 75 288 790 413 87 82 1,796 187 703 102 534 24 176 93 389 1,132 382 R2 16,381 4,910 8,800 1,162 154 992 1,721 403 290 558 307 333 217 1,604 401 399 661 461 2,136 126 409 747 112 2,662 205 532 64 483 1,294 749 991 168 279 898 103 460 77 295 802 422 89 85 1,829 190 717 104 542 24 180 94 392 1,148 387

Technical Research Team

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Technical Research | December 01, 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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