Technical Research | January 19, 2012

Daily Technical Report Sensex (16451) / NIFTY (4956)

Yesterday, markets opened marginally higher but could not sustain at higher levels and profit booking was seen in the first half. Indices corrected during the mid-session to test hourly 20 EMA placed around 16380 / 4930 level. On the sectoral front, Metal, IT and Capital Goods sectors corrected sharply, whereas Oil & Gas rallied during yesterdays session. The advance to decline ratio was in favor of declining counters. (A=1086 D=1702) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
The 20-day EMA (Exponential Moving Average) has now shifted to the 16050 / 4820 level. The 78.6% Fibonacci retracement level of the fall from
Source: Falcon

17004 to 15135 / 5100 to 4531 is at 16600 / 4978.

Trading strategy:
Markets opened marginally higher around the mentioned 78.6% Fibonacci retracement resistance level of 16600 / 4976. As expected, we witnessed selling pressure near this level indices moved lower to test hourly 20 EMA which is placed at 16380 / 4930 level. Going forward, 16600 / 4976 remains to be an important resistance. Only a sustainable move beyond this level may lead to further up move and indices may test 16848 17004 / 5050 5100. We advise traders to book their profits and stay light on positions in case the markets are able to scale to these levels. On the downside, yesterdays low of 16384 / 4931 would act as immediate support level. A breach of this level may intensify selling pressure and indices may correct to test 16257 16037 / 4898 4827 levels.

Actionable points:
View Resistance levels Support levels Neutral 4976- 5050 4898 - 4827

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Technical Research | January 19, 2012

Bank Nifty Outlook - (9023)

Yesterday, Bank Nifty opened on a flat note and as mentioned in our previous report, we witnessed minor correction below the low of 9011. Bank Nifty traded with negative bias during the first half of the trading session to test the expected support of 8922 and finally recovered from the days low to close above 9000 mark. On the Daily chart, we are witnessing a cluster of narrow range bodies since past few trading sessions. This indicates an exhaustion or consolidation of the current rise from 7900 to 9100 level. On the downside, the zone of 8922 8810 would now act as a crucial support zone for coming trading session. However, the momentum on the upside could only resume once Bank Nifty trades convincingly above 9115 level. In such a scenario, index can test 9275 level.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Resistance Levels Support Levels
Neutral 9115 - 9275 8922 8810
Source: Falcon

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Technical Research | January 19, 2012

Positive Bias:
Expected Target 495

Stock Name HDFCBANK

CMP 481.9

5 Day EMA 470.1

20 Day EMA 455

Remarks View will change below 472

Negative Bias:
Expected Target 345

Stock Name GAIL

CMP 365

5 Day EMA 371.6

20 Day EMA 380.5

Remarks View will change above 375

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Technical Research | January 19, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS SENSEX NIFTY BANKNIFTY ACC AMBUJACEM AXISBANK BAJAJ-AUTO BHARTIARTL BHEL BPCL CAIRN CIPLA DLF DRREDDY GAIL HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK IDFC INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RCOM RELCAPITAL RELIANCE RELINFRA RPOWER SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA SUZLON TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 16,318 4,906 8,860 1,110 155 905 1,424 339 263 506 335 324 194 1,624 352 406 668 463 1,823 136 382 751 114 2,555 205 489 61 442 1,201 652 1,061 160 258 881 97 439 84 295 745 419 87 87 1,801 182 725 104 506 21 208 95 407 1,022 396 S1 16,385 4,931 8,942 1,120 156 919 1,439 342 268 521 340 328 198 1,643 359 412 675 473 1,842 138 387 760 116 2,583 208 500 62 453 1,221 668 1,081 162 263 891 98 447 86 306 763 431 89 89 1,833 185 735 106 512 22 211 96 416 1,049 400 PIVOT 16,451 4,956 9,004 1,136 158 944 1,456 347 277 536 345 335 201 1,659 366 419 680 479 1,856 140 393 771 118 2,614 209 509 63 466 1,254 689 1,113 166 266 906 100 456 89 314 775 439 91 92 1,852 190 746 108 516 22 215 98 430 1,073 407 R1 16,518 4,981 9,086 1,146 159 958 1,471 350 282 551 350 340 205 1,678 373 425 687 488 1,875 142 398 780 119 2,642 211 520 64 476 1,274 705 1,134 168 272 916 101 464 91 325 792 451 93 94 1,884 193 756 110 522 23 218 100 440 1,100 411 R2 16,585 5,005 9,149 1,162 161 983 1,488 355 290 567 355 347 208 1,694 381 433 692 495 1,889 144 404 791 121 2,673 213 530 66 490 1,307 726 1,165 172 275 930 103 473 94 333 805 458 95 97 1,903 198 767 113 526 24 223 102 454 1,124 418

Technical Research Team

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Technical ResearchTechnical19, 2012 | January Report

RESEARCH TEAM
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Mehul Kothari Ankur Lakhotia Head - Technicals Technical Analyst Technical Analyst Technical Analyst Technical Analyst

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