Technical Research | February 15, 2012

Daily Technical Report Sensex (17849) / NIFTY (5416)

Yesterday, for yet another session markets traded with extreme volatility throughout the day and closed above 5400 mark. Indices have been trading in this narrow range of 17579 17890 / 5322 5428 for the past seven trading sessions. On the sectoral front, Capital Goods, Realty and Auto counters were among the major gainers, whereas Oil & Gas and Healthcare counters ended in a negative territory. The advance to decline ratio was in favor of advancing counters. (A=1619 D=1269) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
On the Weekly chart, indices are hovering around the Horizontal Resistance Line placed at 17908 / 5400 level. The Weekly chart depicts a Doji formation. The 200-day SMA and 20-day EMA are placed at 17235 / 5178 and 17160 / 5185, respectively. The RSI-Smoothened oscillator on the daily chart is placed in extreme overbought territory.
Source: Falcon

Trading strategy:
Yesterday, yet again indices traded with extreme volatility but remained inside the mentioned range of 17579 17890 / 5322 5428. Therefore, our view remains the same that a break out on either side would give clarity of the trend. Hence, a close above 17890 / 5428 may attract strong buying interest which would then push indices to test 18300 18440 / 5500 5550 levels. On the downside, a negative outlook will be confirmed only if indices sustain below the low of 17579 / 5322. In this case, we may witness a corrective move up to 17200 17000 / 5250 5185 levels, which also coincides with the support zone of 200-Day SMA and 20-day EMA.

Actionable points:
View Expected targets Support level Positive Above 5428 5500 5550 5322

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Technical Research | February 15, 2012

Bank Nifty Outlook - (10557)

In Yesterdays session, Bank Nifty opened on a flat note and traded in a narrow range throughout the session. The Bearish Harami candle stick pattern mentioned in our previous reports has been negated as the index has managed to close marginally above 10555 levels. The ADX (14) indicator is at 40, which shows strength of the ongoing uptrend. Thus on the upside, if Bank Nifty trades convincingly above 10607 then it is likely to test 10661 10750 levels. However, on the hourly chart we are witnessing negative divergence in RSI momentum oscillator. Therefore, if the index falls below yesterdays low of 10449 then we may see a minor correction till 10335 10183 levels. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Resistance Levels Support Levels Neutral 10607 10661 - 10750 10449 - 10335 - 10183
Source: Falcon

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Technical Research | February 15, 2012

Positive Bias:
Expected Target 382 720

Stock Name Bank of India Mc-Dowell

CMP 374.9 675.8

5 Day EMA 366.8 375.9

20 Day EMA 344.7 661.9

Remarks View will change below 372 View will change below 650

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Technical Research | February 15, 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 17,679 5,357 10,380 1,315 168 1,103 1,697 336 255 583 366 310 328 227 1,599 379 459 689 510 1,983 152 387 917 129 2,746 201 583 76 550 1,285 698 1,200 178 272 978 108 428 90 836 587 105 108 2,093 238 777 126 547 27 253 99 477 1,207 428 S1 17,764 5,387 10,468 1,327 169 1,116 1,715 339 260 591 373 315 331 231 1,605 383 464 693 514 2,033 156 389 930 134 2,773 202 591 78 555 1,332 708 1,234 180 274 997 109 431 94 842 602 107 109 2,146 241 784 127 551 27 260 102 482 1,213 431 PIVOT 17,827 5,407 10,538 1,348 171 1,125 1,734 344 264 597 377 326 336 233 1,616 387 467 696 519 2,061 160 391 940 137 2,792 203 599 79 562 1,366 714 1,254 182 277 1,009 109 436 97 849 612 108 110 2,182 247 794 130 554 28 267 105 487 1,222 436 R1 17,912 5,437 10,626 1,361 173 1,138 1,752 347 269 605 383 332 339 237 1,621 391 472 701 523 2,111 165 394 954 141 2,819 204 607 81 567 1,413 724 1,288 183 279 1,028 110 439 102 856 626 110 112 2,236 250 800 131 558 28 274 108 493 1,228 439 R2 17,975 5,457 10,695 1,382 174 1,146 1,771 352 273 611 388 342 343 239 1,632 395 475 703 528 2,139 168 396 963 144 2,838 204 616 82 574 1,446 730 1,308 185 282 1,040 111 444 104 863 636 112 113 2,272 255 810 133 562 29 280 112 497 1,236 443

Technical Research Team

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Technical Research |Technical15, 2012 February 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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