Technical Research | December 15, 2011
Daily Technical Report
Sensex (15881) / NIFTY (4763)
Exhibit 1: Nifty Daily Chart
We witnessed a gap down opening in yesterday’s session
and then indices showed some early signs of positive
movement. However post the announcement of the Inflation
numbers, Indices couldn’t sustain at higher levels and
closed in negative territory. On the sectoral front, Realty,
Metal and Power counters were among the major losers
whereas FMCG sector ended with a marginal gain. The
advance decline ratio was strongly in favor of declining
counters.
(A=1080 D=1626).
(Source
-
www.bseindia.com)
Formation
• On Tuesday’s session, indices have taken a support
near 78.60% Fibonacci Retracement level of the rise from
15478 to 17704 / 4639 to 5100.
• We are observing a negative crossover in daily “RSI -
Source: Falcon
Smoothened” momentum oscillator.
Actionable points:
Trading strategy:
View
Neutral
After a strong recovery on Tuesday’s session, yesterday
Resistance levels
4841
markets opened with a marginal downside gap, tested the
Support level
4728 - 4639
mentioned resistance level of 16142 / 4841and then drifted
lower to close almost at the lowest point of the day. We are
now observing a negative crossover in daily “RSI
-
Smoothened” momentum oscillator. The impact of this
crossover can be witnessed after the violation of Tuesday’s
low of 15771 / 4728 and hence, indices may slide lower to
test the recent bottom of 15478 / 4639. On the other hand,
16142 / 4841 would act as strong resistance in coming
trading session. Only a move beyond this may push indices
to test 16383 - 4918 levels.
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1
Technical Research | December 15, 2011
Bank Nifty Outlook - (8533)
Exhibit 2: Bank Nifty Daily Chart
Bank nifty opened on a flat note and traded in a narrow
range throughout the session to close near the initial
opening level. We are now witnessing a “Doji” candlestick
pattern on daily chart which is a sign of indecision in the
minds of bulls and bears. Hence, if the index sustains below
yesterday’s low 8483 then it is likely to test 8393 - 8295
levels. On the upside, 8622 - 8697 is likely to act as
resistance in coming trading session.
Actionable points:
View
Neutral
Resistance level
8622 - 8697
Support levels
8393 - 8295
Source: Falcon
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2
Technical Research | December 15, 2011
Positive Bias:
Expected
Stock Name
CMP
5 Day EMA
20 Day EMA
Remarks
Target
Sun Pharma
521.4
515.6
510.9
540
View will change below 505
Tata Comm
197.8
193.5
191.5
204
View will change below 189
Negative Bias:
Expected
Stock Name
CMP
5 Day EMA
20 Day EMA
Remarks
Target
Bajaj Auto
1649
1662.9
1673.7
1600
View will change above 1685
Tata Chem
335
334.3
342.4
325
View will change above 346
Auro Pharma
91.5
92
95.4
86
View will change above 95.5
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3
Technical Research | December 15, 2011
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
15,678
15,780
15,957
16,058
16,235
NIFTY
4,695
4,729
4,784
4,818
4,874
BANKNIFTY
8,357
8,445
8,571
8,659
8,785
ACC
1,113
1,127
1,137
1,151
1,162
AMBUJACEM
146
149
151
153
155
AXISBANK
933
946
964
977
994
BAJAJ-AUTO
1,613
1,631
1,658
1,676
1,703
BHARTIARTL
336
343
348
354
360
BHEL
246
251
258
263
270
BPCL
482
498
522
539
563
CAIRN
302
306
311
314
319
CIPLA
319
323
328
332
337
DLF
193
197
203
207
214
DRREDDY
1,554
1,569
1,593
1,608
1,631
GAIL
358
366
378
386
398
HCLTECH
399
405
415
421
431
HDFC
616
623
636
643
655
HDFCBANK
423
428
436
442
450
HEROMOTOCO
1,939
1,957
1,983
2,001
2,027
HINDALCO
124
126
128
130
132
HINDUNILVR
376
380
386
390
396
ICICIBANK
681
693
705
716
729
IDFC
100
102
105
107
110
INFY
2,702
2,721
2,744
2,763
2,786
ITC
195
197
199
202
204
JINDALSTEL
503
512
524
533
545
JPASSOCIAT
59
60
61
62
63
KOTAKBANK
477
482
489
495
501
LT
1,132
1,146
1,170
1,184
1,208
M&M
651
664
684
696
717
MARUTI
923
935
949
962
976
NTPC
161
163
165
166
169
ONGC
247
250
253
256
259
PNB
860
873
889
902
918
POWERGRID
94
95
97
99
101
RANBAXY
392
396
401
406
410
RCOM
69
70
72
73
75
RELCAPITAL
261
266
275
280
289
RELIANCE
723
732
743
753
764
RELINFRA
349
356
368
375
387
RPOWER
75
76
78
79
81
SAIL
75
77
79
80
83
SBIN
1,730
1,757
1,799
1,826
1,868
SESAGOA
165
168
171
173
176
SIEMENS
658
664
672
678
686
STER
95
96
98
99
101
SUNPHARMA
500
511
520
530
539
SUZLON
21
21
22
22
22
TATAMOTORS
173
175
178
180
184
TATAPOWER
84
85
88
89
92
TATASTEEL
363
369
381
387
399
TCS
1,161
1,172
1,180
1,191
1,199
WIPRO
406
411
414
419
423
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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