Technical Research | January 20, 2012

Daily Technical Report Sensex (16633) / NIFTY (5018)

Yesterday, markets opened on a higher note in-line with strong positive cues from other Asian markets and then moved in a narrow range which led indices to give a close above the psychological level of 5000. On the sectoral front, Realty, Metal and Power sectors were among the major gainers, whereas IT and Teck ended marginally in the negative territory. The advance to decline ratio was in strongly favor of advancing counters. (A=1802 D=985) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
The 20-day EMA (Exponential Moving Average) has
Source: Falcon

now shifted to the 16050 / 4820 level.

Trading strategy:
After a gap up opening, indices traded in a narrow range during the first half and convincingly managed to sustain above 78.6% Fibonacci retracement resistance level of 16600 / 4976. Going forward, indices are likely to rally towards 16848 17004 / 5050 5100, if they sustain above yesterdays high of 16662 / 5024. On the downside, yesterdays upside gap area of 16517 to 16572 / 4980 to 4991. A sustainable move below 16517 / 4980 may lead to a minor correction towards next support levels of 16500 16384 / 4970 4931. Traders with are advised to lighten up positions and partial book profits as the markets edge higher towards the levels of 16848 - 17004 / 5050 5100.

Actionable points:
View Resistance levels Support levels Neutral 5024 5050 5100 4980 4970 4931

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Technical Research | January 20, 2012

Bank Nifty Outlook - (9199)

Yesterday, once again Bank Nifty opened with an upside gap, and gained momentum as the day progressed to close near days high. However, we are observing narrow range body formation on the hourly chart which suggests exhaustion. The momentum oscillator stochastic is currently placed in an overbought condition. Also on the hourly chart we are observing a bearish formation called Wolfe Wave This formation needs confirmation in the form of a move below 9130. In this case the Index is likely to correct towards 8900 8850 levels. On the other hand only if the index manages to sustain above yesterdays high of 9213 then it is likely to test the resistance zone of 9275 9323.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
Source: Falcon

View Sell Below Expected target Resistance level

Bearish 9130 8900 - 8850 9275 9323

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Technical Research | January 20, 2012

Positive Bias:
Expected Target 454

Stock Name Lupin

CMP 443.1

5 Day EMA 435.7

20 Day EMA 437.1

Remarks View will change below 432.5

Negative Bias:
Expected Target 640

Stock Name M&M

CMP 672.9

5 Day EMA 683.4

20 Day EMA 682.1

Remarks View will change above 697

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Technical Research | January 20, 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 16,536 4,979 9,067 1,109 156 935 1,401 332 254 524 340 325 201 1,638 363 412 681 476 1,841 140 384 772 117 2,552 207 503 62 461 1,233 654 1,096 162 261 901 98 454 88 317 774 431 90 89 1,853 183 729 107 508 22 215 96 424 1,053 394 S1 16,590 4,998 9,133 1,130 158 945 1,434 336 260 533 344 328 206 1,669 366 415 687 481 1,873 143 388 785 119 2,573 208 510 64 468 1,255 663 1,113 167 266 906 99 459 90 323 780 458 92 90 1,869 186 737 111 518 22 216 100 430 1,064 399 PIVOT 16,626 5,011 9,173 1,154 160 953 1,458 341 269 541 348 332 209 1,686 369 419 691 486 1,902 145 392 793 121 2,598 209 516 66 471 1,268 680 1,124 170 270 911 100 462 91 329 788 474 93 92 1,891 190 746 113 525 23 218 102 436 1,077 404 R1 16,680 5,031 9,239 1,175 162 963 1,492 345 275 550 352 336 213 1,718 372 423 697 491 1,935 148 395 806 123 2,619 211 523 68 478 1,290 690 1,141 174 276 917 101 467 93 336 794 501 95 93 1,906 193 754 118 534 23 220 106 442 1,088 409 R2 16,716 5,043 9,279 1,199 164 971 1,516 349 284 557 356 339 216 1,735 375 426 701 496 1,964 150 399 815 124 2,644 212 529 69 481 1,304 706 1,152 177 280 922 102 470 94 341 802 517 96 94 1,928 197 763 120 542 23 222 108 448 1,100 414

Technical Research Team

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Technical ResearchTechnical20, 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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