Technical Research | December 07, 2011
Daily Technical Report
Sensex (16805) / NIFTY (5039)
Exhibit 1: Nifty Daily Chart
Markets opened with a minor downside gap and traded in
a narrow range throughout the session to close on a flat
note. On the sectoral front, Metal, Consumer durables and
Realty counters were among the losers, whereas Power and
Capital Goods sectors ended with a nominal gain. The
advance decline ratio was marginally in favour of declining
counters.
(A=1346 D=1351).
(Source
-
www.bseindia.com)
Formation
• The Weekly “20 EMA” is placed at 17000 / 5110 level.
• The “5 & 20 EMA” on the Daily chart has given a
positive crossover.
• The Daily chart depicts an “Inside Day” candlesticks
pattern.
Trading strategy:
Source: Falcon
In the previous trading session, after a marginal gap down
opening, we witnessed a lackluster movement throughout
Actionable points:
the day. We are now observing an “Inside Day” candlestick
pattern on the daily chart. This pattern occurs when entire
View
Neutral
daily price movement is within the price range of the
Resistance levels
5063 - 5110
previous day. An “Inside Day” is often signals indecisiveness
Support level
5002 - 4960
because neither bulls nor bears managed to clear the price
beyond the range of the previous day. Therefore, if indices
sustain below yesterday’s low of 16691 / 5002, then they
are likely to drift towards the support level of 16530 -
16430 / 4960 - 4916. However, we are witnessing a
positive crossover in the daily “5 & 20 EMA” which indicates
possibility of an upside move only if indices manage to
break Friday’s high of 16889 / 5063. In this case, indices
may rally towards 16980 / 5110 level.
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1
Technical Research | December 07, 2011
Bank Nifty Outlook - (9174)
Exhibit 2: Bank Nifty Daily Chart
Bank nifty opened on a flat note and traded in a narrow
range to close near the initial opening level. Similar to the
benchmark indices, we are now witnessing a “Doji” candle
pattern formation on daily chart, which is again a sign on
indecisiveness prevailing at current levels. As mentioned in
our earlier reports 9275 level is an important resistance for
the index. Hence, we may witness some consolidation or
minor correction near this level. Thus, if Bank Nifty sustains
above yesterday’s high of 9215 then it is likely to test 9275 -
9310 levels. On the downside, 9074 - 8975 levels may act
as support levels for the day.
Actionable points:
View
Neutral
Resistance level
9215 - 9275
Source: Falcon
Support levels
9074 - 8975
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2
Technical Research | December 07, 2011
Positive Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Cromp Greaves
131
130
145
View will change below 128
Sun TV
278.6
270.4
305
View will change below 263
Negative Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Hero MotoCop
2065.9
2089
2000
View will change above 2098
Pantaloon
200.5
196
176
View will change above 216
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3
Technical Research | December 07, 2011
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
16,615
16,710
16,787
16,882
16,958
NIFTY
4,980
5,009
5,032
5,062
5,085
BANKNIFTY
9,013
9,093
9,154
9,235
9,296
ACC
1,175
1,190
1,208
1,222
1,240
AMBUJACEM
157
160
161
164
166
AXISBANK
977
1,004
1,020
1,048
1,064
BAJAJ-AUTO
1,664
1,682
1,703
1,722
1,743
BHARTIARTL
379
385
391
397
403
BHEL
279
284
287
292
296
BPCL
539
547
555
563
571
CAIRN
312
317
320
325
328
CIPLA
326
328
330
332
334
DLF
216
219
223
226
230
DRREDDY
1,539
1,560
1,572
1,592
1,605
GAIL
390
394
398
403
406
HCLTECH
396
402
409
415
423
HDFC
650
656
663
670
677
HDFCBANK
453
458
463
467
472
HEROMOTOCO
2,036
2,049
2,065
2,077
2,093
HINDALCO
129
133
135
139
141
HINDUNILVR
389
392
395
398
401
ICICIBANK
762
771
781
789
799
IDFC
112
114
115
118
119
INFY
2,655
2,678
2,698
2,721
2,741
ITC
200
202
205
207
210
JINDALSTEL
515
522
532
539
550
JPASSOCIAT
65
67
68
70
71
KOTAKBANK
482
486
491
496
501
LT
1,281
1,298
1,311
1,328
1,341
M&M
735
742
749
756
764
MARUTI
970
985
995
1,010
1,020
NTPC
169
172
174
178
180
ONGC
261
265
268
272
274
PNB
894
911
922
939
950
POWERGRID
101
102
103
103
104
RANBAXY
428
432
437
442
447
RCOM
74
76
78
80
82
RELCAPITAL
299
303
306
311
314
RELIANCE
792
799
806
813
820
RELINFRA
400
405
411
416
423
RPOWER
84
86
89
91
94
SAIL
83
84
86
87
90
SBIN
1,852
1,882
1,899
1,929
1,946
SESAGOA
183
188
190
194
197
SIEMENS
696
707
721
732
746
STER
106
107
108
109
110
SUNPHARMA
511
518
529
536
547
SUZLON
23
23
24
24
25
TATAMOTORS
186
189
192
194
197
TATAPOWER
95
96
97
99
100
TATASTEEL
404
408
413
416
421
TCS
1,154
1,168
1,176
1,189
1,197
WIPRO
381
385
391
396
402
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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