Technical Research | January 03, 2012
Daily Technical Report
Sensex (15518) / NIFTY (4637)
Exhibit 1: Nifty Daily Chart
Yesterday, markets opened marginally higher and yet again
selling pressure dragged indices marginally below 4600
mark during the first half. However, positive momentum
was witnessed towards the latter part of the day and
markets closed at almost the highest point of the day. On
the sectoral front, Oil & Gas, Consumer Durables and IT
sectors were among the major gainers, whereas FMCG and
Auto counters ended on a losing side. The advance to
decline ratio was in favor of gaining counters. (A=1430
D=1212). (Source -www.bseindia.com)
Formation
• The Daily chart exhibits a formation which resembles a
“Dragon Fly Doji” Japanese Candlesticks pattern.
• On the Daily chart, the 61.80% and 78.60% Fibonacci
retracement levels of the rise from 15135 to 16049 / 4531
to
4801 are at 15485 /
4634 and 15331 /
4589,
respectively.
Source: Falcon
Trading strategy:
Actionable points:
As stated in the earlier report, we witnessed selling pressure
View
Positive Above 4646
Expected Targets
4691 - 4726
below 15406 / 4609 and indices corrected to test expected
Support levels
4588 - 4531
support level of 15331 / 4589. However, during the second
half, buying was clearly seen in large cap counters which
led indices to close near day’s high. We are now observing
a candlestick pattern which resembles a “Dragon Fly Doji”.
This formation has taken place exactly at the
78.60%
Fibonacci retracement level of the rise from 15135 to
16049 / 4531 to 4801. The said bullish pattern will ONLY
be confirmed if prices sustain above yesterday’s high of
15543 / 4646. In this case, indices are likely to rally
towards 15694 - 15797 / 4691 - 4726 levels. On the
downside, yesterday’s low of 15358 / 4588 is likely to act
as strong support level in coming trading session. The
above mentioned pattern will be negated only on the
violation of yesterday’s low and in such a scenario indices
can drift towards the recent bottom of 15135 / 4531.
For Private Circulation Only |
1
Technical Research | January 03, 2012
Bank Nifty Outlook - (7995)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened on a flat note and the
selling pressure in initial hours of trade led the index to
break the mentioned support of 7913 and register a low
of
7888. However, during the second half, buying
emerged at lower levels and Bank Nifty closed marginally
below 8000 mark. On the Daily chart, we are witnessing
a Japanese Candlestick pattern which resembles a bullish
“Hammer”. This pattern needs confirmation for its bullish
implication in the form of prices sustaining above
yesterday’s high of 8028. In such a scenario, Bank Nifty
can test 8120 -8140 levels. On the downside, low of
“Hammer” (7888) will now act as a crucial support in
coming trading session.
Actionable points:
View
Positive Above 8028
Expected Target
8120 - 8140
Support Level
7888
Source: Falcon
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2
Technical Research | January 03, 2012
Positive Bias:
Expected
Stock Name
CMP
5 Day EMA
20 Day EMA
Remarks
Target
Ranbaxy
412.7
407.7
412.7
426
View will change below 402
Syndicate Bank
69.6
70.9
81.6
75
View will change below 67
Negative Bias:
Expected
Stock Name
CMP
5 Day EMA
20 Day EMA
Remarks
Target
Hind Zinc
115.3
118.5
119.9
107
View will change above 120
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3
Technical Research | January 03, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
15,288
15,403
15,473
15,588
15,658
NIFTY
4,566
4,601
4,624
4,659
4,681
BANKNIFTY
7,830
7,913
7,971
8,053
8,111
ACC
1,106
1,122
1,134
1,150
1,162
AMBUJACEM
150
153
155
158
160
AXISBANK
767
781
798
812
829
BAJAJ-AUTO
1,348
1,412
1,506
1,570
1,664
BHARTIARTL
339
342
345
348
352
BHEL
229
233
237
241
245
BPCL
471
476
481
486
492
CAIRN
307
311
314
318
321
CIPLA
313
317
320
324
328
DLF
171
175
180
184
189
DRREDDY
1,551
1,560
1,575
1,584
1,599
GAIL
376
381
386
392
397
HCLTECH
383
388
392
397
401
HDFC
635
643
649
657
663
HDFCBANK
415
421
425
431
436
HEROMOTOCO
1,730
1,785
1,852
1,906
1,973
HINDALCO
108
110
114
116
120
HINDUNILVR
396
399
405
408
413
ICICIBANK
679
688
694
702
708
IDFC
89
91
92
93
94
INFY
2,715
2,762
2,789
2,836
2,864
ITC
196
197
199
201
203
JINDALSTEL
434
447
456
469
477
JPASSOCIAT
51
52
53
53
54
KOTAKBANK
409
415
424
431
440
LT
981
995
1,005
1,019
1,029
M&M
656
665
679
687
701
MARUTI
906
922
933
950
961
NTPC
155
156
159
160
163
ONGC
253
256
259
262
266
PNB
741
754
769
782
798
POWERGRID
98
99
100
101
101
RANBAXY
396
404
410
419
425
RCOM
68
70
71
74
75
RELCAPITAL
220
226
233
239
246
RELIANCE
679
693
701
715
724
RELINFRA
320
327
336
343
351
RPOWER
68
69
70
71
72
SAIL
78
80
81
83
84
SBIN
1,600
1,614
1,625
1,639
1,650
SESAGOA
148
153
157
162
166
SIEMENS
622
630
640
648
658
STER
87
89
90
92
93
SUNPHARMA
482
489
495
501
507
SUZLON
17
17
18
19
19
TATAMOTORS
176
180
183
186
189
TATAPOWER
85
86
88
89
91
TATASTEEL
326
333
340
347
354
TCS
1,140
1,159
1,173
1,192
1,205
WIPRO
392
396
399
402
405
Technical Research Team
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4
Technical Report
RESEARCH TEAM
Shardul Kulkarni
Head - Technicals
Sameet Chavan
Technical Analyst
Sacchitanand Uttekar
Technical Analyst
Mehul Kothari
Technical Analyst
Ankur Lakhotia
Technical Analyst
For any Queries, Suggestions and Feedback kindly mail to [email protected]
Research Team: 022-3952 6600
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