Technical Research | December 29, 2011

Daily Technical Report

Sensex (15728) / NIFTY (4706)
Once again indices opened on a flat note and traded with negative bias almost throughtout the session. On the sectoral front, Metal, Banking and Oil & Gas sectors were among the major losers, whereas Power and Capital Goods counters ended marginally on a losing side. The advance to decline ratio was strongly in favor of declining counters. (A=1055 D=1667). (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
We are witnessing a positive crossover in RSI Smoothened oscillator. The 20 EMA on the daily chart is placed at 16020 /

4800 level.

Trading strategy:
We are witnessing that the 20 day EMA placed at 16020/4800 is proving to be a strong resistance for the Indices. Yesterday, markets opened quietly and selling pressure dragged indices lower to breach Tuesdays low of 15799 / 4723. In line with expectations, indices then drifted below 15800 / 4700 mark during the trading session but finally managed to close around this level. Going forward, if indices manage to sustain below yesterdays low of 15666 / 4685, then they are likely to slide further towards the next support levels of 15592 15472 / 4665 4632. On the upside, we reiterate that the 20 Day EMA levels of 16020 16070 / 4800 4820 remains to be a strong resistance zone for the markets. Due to Derivatives expiry, the coming trading session is likely to trade with high volatility and choppiness. Traders are advised to stay light on positions and place strict stop losses.

Source: Falcon

Actionable points:
View Resistance levels Support levels Neutral 4800 4820 4685 4665 4632

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Technical Research | December 29, 2011

Bank Nifty Outlook - (8111)

Yesterday, Bank Nifty opened lower and tested the mentioned support level of 8072. On the down side, 8028 is the 61.8% Fibonnaci retracement level of the rise from 7766 8452. This retracement level is close to yesterdays low of 8053 and we expect the Bank Nifty to take support near this level. However, on the Daily chart, we are witnessing a negative crossover in Stochastic and RSI momentum oscillators. Hence, in a scenario in which the Bank Nifty sustains below 8028, it may slide further to 7936 level. On the upside, 8150 8256 levels may now act as resistance for the coming trading sessions. Exhibit 2: Bank Nifty Daily Chart

Actionable points: View Resistance Level Support Level

Neutral 8150 - 8256 8053 - 8028

Source: Falcon

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Technical Research | December 29, 2011

Positive Bias:

Stock Name Wel Corp

CMP 86.9

5 Day EMA 83.8

20 Day EMA 80.7

Expected Target 92

Remarks View will change below 81.6

Negative Bias:

Stock Name Jindal Steel

CMP 455

5 Day EMA 478.6

20 Day EMA 500.6

Expected Target 441

Remarks View will change above 491

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Technical Research | December 29, 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 15,539 4,645 7,937 1,145 159 810 1,569 337 233 485 305 311 183 1,538 385 379 647 429 1,873 113 406 678 92 2,727 199 418 51 436 996 668 939 155 258 746 97 397 70 240 721 349 71 78 1,583 156 642 87 491 18 176 89 339 1,155 384 S1 15,634 4,676 8,024 1,157 161 821 1,590 340 240 490 310 317 188 1,552 390 386 654 434 1,892 115 409 688 94 2,754 200 436 53 445 1,013 678 949 158 259 760 99 401 71 244 730 354 71 79 1,597 158 649 88 495 19 178 91 343 1,162 391 PIVOT 15,761 4,716 8,140 1,171 163 831 1,616 343 244 497 317 321 191 1,571 394 390 665 439 1,906 117 413 704 95 2,779 203 464 53 451 1,024 693 961 160 261 785 100 407 72 248 744 362 72 80 1,616 160 662 90 499 19 181 92 347 1,173 401 R1 15,855 4,746 8,227 1,183 164 842 1,636 347 251 502 322 326 196 1,585 399 396 672 444 1,925 119 416 714 97 2,807 205 482 55 461 1,040 702 971 163 263 799 101 411 73 251 753 366 73 81 1,629 162 670 92 503 20 183 94 351 1,180 407 R2 15,982 4,786 8,343 1,197 166 852 1,663 349 255 509 330 330 200 1,603 403 400 682 449 1,939 122 421 731 98 2,832 207 510 55 467 1,051 718 983 166 265 824 102 416 75 255 767 374 74 82 1,648 164 683 94 507 20 186 96 355 1,191 417

Technical Research Team

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Technical Research | December 29, 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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