Technical Research | February 16, 2012
Daily Technical Report
Sensex (18202) / NIFTY (5532)
Exhibit 1: Nifty Daily Chart
After a consolidation of nearly seven trading sessions,
finally we witnessed a gap up opening above the trading
range. Subsequently, indices continued to trade with a
strong positive momentum throughout the day to close near
the day’s high. Almost all the sectors contributed to the
yesterday’s rally among which Realty, Consumer Goods
and Banking counters were the major gainers. The advance
to decline ratio was strongly in favor of advancing counters.
(A=1896 D=1081) (Source -www.bseindia.com)
Formation:
• Indices have given a break out from the narrow range
of 17579 - 17890 / 5322 - 5428. The target of this
breakout is at 18440 - 18580 / 5550 - 5590.
• The “RSI-Smoothened” oscillator on the daily chart is
Source: Falcon
placed in extreme overbought territory.
Actionable points:
Trading strategy:
View
Positive Above 5542
Yesterday, after seven trading sessions, we witnessed a
Expected targets
5550 - 5590
breakout from the mentioned range of 17579 - 17890 /
Support level
5495 - 5460
5322 - 5428, with high volumes. Strong buying interest in
yesterday’s trading session suggests that the current
momentum is likely to continue and markets may head
higher once they trade convincingly above the high of
18231 / 5542. In such case, we may witness a further rally
till 18440 - 18580 / 5550 - 5590 levels. On the flip side,
there is a possibility of a breather or consolidation where
18100 - 18000 / 5495 - 5460 levels would act as support
in coming trading session.
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1
Technical Research | February 16, 2012
Bank Nifty Outlook - (10930)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, finally after a few sessions of consolidation, the
Bank Nifty has given an upward breakout. The Index
opened positive, well above the mentioned resistance of
10607 and traded with strong positive bias throughout
the day to close near days high with more than 3.5%
gains. The rally was backed by higher volumes. Hence,
going forward, the positive momentum is likely to
continue if Bank Nifty trades convincingly above 10960
level. In such a scenario, Index can test 11060 - 11150
levels. On the downside, 10800 - 10650 would act as
support for coming trading session.
Actionable points:
View
Positive Above 10960
Expected Targets
11060 - 11150
Support Levels
10650 - 10800
Source: Falcon
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2
Technical Research | February 16, 2012
Positive Bias:
Expected
Stock Name
CMP
5 Day EMA
20 Day EMA
Remarks
Target
Bhel
277.1
267.5
264.5
290
View will change below 266.5
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3
Technical Research | February 16, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,914
18,058
18,145
18,289
18,376
NIFTY
5,430
5,481
5,512
5,563
5,593
BANKNIFTY
10,515
10,723
10,841
11,049
11,167
ACC
1,320
1,345
1,366
1,391
1,413
AMBUJACEM
167
169
172
174
176
AXISBANK
1,107
1,164
1,197
1,254
1,287
BAJAJ-AUTO
1,725
1,736
1,751
1,762
1,777
BHARTIARTL
340
345
349
354
358
BHEL
262
269
275
282
287
BPCL
588
596
601
610
615
CAIRN
372
375
380
383
388
CIPLA
311
315
321
325
331
DLF
333
337
340
344
347
DRREDDY
232
240
245
254
259
GAIL
1,603
1,612
1,618
1,627
1,633
HCLTECH
381
389
394
402
407
HDFC
464
467
469
472
474
HDFCBANK
692
703
709
720
726
HEROMOTOCO
511
522
528
540
546
HINDALCO
2,055
2,075
2,087
2,107
2,120
HINDUNILVR
157
160
162
165
168
ICICIBANK
380
384
389
393
398
IDFC
939
960
973
995
1,008
INFY
137
140
142
145
147
ITC
2,791
2,828
2,851
2,888
2,911
JINDALSTEL
201
202
203
204
205
JPASSOCIAT
596
603
609
616
622
KOTAKBANK
77
82
84
88
91
LT
554
564
570
580
586
M&M
1,378
1,417
1,440
1,478
1,502
MARUTI
711
723
737
749
762
NTPC
1,251
1,277
1,301
1,327
1,351
ONGC
177
180
182
184
187
PNB
272
275
280
284
289
POWERGRID
1,005
1,028
1,043
1,065
1,081
RANBAXY
107
109
111
113
115
RCOM
432
437
441
446
450
RELCAPITAL
97
101
103
107
109
RELIANCE
819
828
842
851
865
RELINFRA
610
619
626
634
642
RPOWER
101
112
118
129
135
SAIL
109
111
112
114
115
SBIN
2,209
2,230
2,244
2,265
2,279
SESAGOA
242
245
249
253
256
SIEMENS
786
793
798
805
811
STER
126
130
134
138
142
SUNPHARMA
547
552
558
563
570
SUZLON
28
28
29
30
30
TATAMOTORS
271
280
286
294
301
TATAPOWER
102
106
109
113
116
TATASTEEL
483
489
493
499
503
TCS
1,207
1,224
1,237
1,254
1,266
WIPRO
429
433
437
440
444
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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