Technical Research | December 08, 2011
Daily Technical Report
Sensex (16877) / NIFTY (5063)
Exhibit 1: Nifty Daily Chart
We witnessed a flat opening in yesterday’s session and then
indices managed to break Monday’s high during the first
half. However, a sharp correction towards the end of the
session dragged indices lower to test 16781 / 5032 level.
On the sectoral front, Health Care, Consumer Durables
and Power counters were among the losers, whereas IT and
FMCG sectors ended on a gaining side. The advance
decline ratio was marginally in favour of advancing
counters.
(A=1448 D=1364).
(Source
-
www.bseindia.com)
Formation
• The Weekly “20 EMA” is placed at 17000 / 5110 level.
• On the Daily chart, the 61.8% Fibonacci Retracement
level of the fall from 17908 to 15478 / 5400 to 4639 levels
is at 16980 / 5110 level.
• The Daily chart exhibits a “Spinning Top” candlesticks
Source: Falcon
pattern which is a sign of uncertainty.
Actionable points:
Trading strategy:
View
Neutral
Markets opened quietly and immediately negated “Inside
Resistance levels
5099 - 5142
day” candlesticks pattern (mentioned yesterday) by crossing
Support levels
5032 - 5002
Friday’s high of
16889 / 5063. Subsequently, indices
moved towards the mentioned resistance level of 16980 /
5110 and registered a high of 17004 / 5099 level. This
high almost coincides with 61.8% Fibonacci retracement
level of the fall from 17908 to 15478 / 5400 to 4639 levels
and with the Weekly
“20 EMA”. Therefore, it can be
considered as a strong resistance level. On the daily chart,
we are now observing a “Spinning Top” Candlestick pattern
which requires a confirmation. The said pattern will be
confirmed only if indices manage to sustain below
yesterday’s low of 16781 / 5032. In this case, indices may
drift towards 16691 - 16530 / 5002 - 4960 levels. On the
upside, only a sustainable move above the resistance level
of 17000 / 5110 may push indices to test 17096 / 5142
level.
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1
Technical Research | December 08, 2011
Bank Nifty Outlook - (9176)
Exhibit 2: Bank Nifty Daily Chart
Bank nifty opened on a flat note, faced resistance near our
mentioned resistance level of 9275. We are observing a
negative divergence in the “RSI” momentum oscillator on the
hourly chart which indicates bearishness. As mentioned in
our earlier report 9275 level is an important resistance for
Bank Nifty. We reiterate our view, as the index is placed in a
strong resistance zone we may witness some consolidation
or correction. On the upside 9275 - 9325 levels are likely to
act as resistance in coming trading session. On downside
9133 - 9073 levels may act as support levels for the day.
Actionable points:
View
Neutral
Resistance level
9275 - 9325
Support levels
9133 - 9073
Source: Falcon
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2
Technical Research | December 08, 2011
Positive Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Hcl Tech
407.7
406
435
View will change below 396
Mc dowell
726
758
780
View will change below 714
Negative Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Rpower
85.7
86.7
83
View will change above 89.6
Idea
94.7
95.7
86
View will change above 98
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3
Technical Research | December 08, 2011
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
16,665
16,771
16,887
16,993
17,110
NIFTY
4,998
5,030
5,065
5,097
5,132
BANKNIFTY
9,055
9,116
9,194
9,255
9,334
ACC
1,177
1,198
1,214
1,235
1,251
AMBUJACEM
157
159
162
164
167
AXISBANK
1,017
1,029
1,040
1,052
1,063
BAJAJ-AUTO
1,672
1,698
1,715
1,741
1,758
BHARTIARTL
366
372
381
387
396
BHEL
283
286
289
292
295
BPCL
532
541
550
559
569
CAIRN
313
317
323
328
334
CIPLA
318
322
326
330
334
DLF
220
223
225
228
230
DRREDDY
1,502
1,529
1,566
1,593
1,631
GAIL
391
397
401
406
410
HCLTECH
403
410
416
424
429
HDFC
649
662
670
683
691
HDFCBANK
458
463
467
471
476
HEROMOTOCO
2,028
2,043
2,064
2,078
2,099
HINDALCO
134
136
138
140
142
HINDUNILVR
390
393
397
400
403
ICICIBANK
751
760
773
781
794
IDFC
114
116
118
119
121
INFY
2,650
2,705
2,738
2,793
2,827
ITC
201
203
206
207
210
JINDALSTEL
522
528
536
542
549
JPASSOCIAT
67
69
70
72
73
KOTAKBANK
483
488
494
499
506
LT
1,298
1,315
1,325
1,342
1,352
M&M
745
751
757
764
770
MARUTI
978
988
1,002
1,012
1,025
NTPC
163
167
172
176
181
ONGC
265
269
272
276
278
PNB
894
907
926
939
957
POWERGRID
100
102
103
105
106
RANBAXY
430
434
439
442
448
RCOM
77
78
80
82
83
RELCAPITAL
303
306
311
314
319
RELIANCE
795
802
811
818
827
RELINFRA
405
412
417
423
428
RPOWER
84
85
87
89
91
SAIL
84
85
87
88
90
SBIN
1,894
1,920
1,940
1,966
1,986
SESAGOA
183
186
190
192
196
SIEMENS
710
719
724
733
738
STER
104
107
109
112
114
SUNPHARMA
495
503
516
525
538
SUZLON
23
23
24
24
25
TATAMOTORS
187
189
192
195
198
TATAPOWER
94
96
98
100
103
TATASTEEL
404
411
416
423
428
TCS
1,163
1,171
1,182
1,190
1,201
WIPRO
382
393
399
410
417
Technical Research Team
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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]
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