Technical Research | December 09, 2011

Daily Technical Report

Sensex (16448) / NIFTY (4944)
Yesterday markets opened with a minor downside gap and breached previous days low of 16781 / 5032 during the initial part of the session to close below 16500 / 4950 mark. On the sectoral front, Capital Goods, Realty and Metal counters contributed heavily in yesterdays sharp correction. The advance decline ratio was strongly in favour of declining counters. (A=842 D=1910). www.bseindia.com) (Source

Exhibit 1: Nifty Daily Chart

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.
Source: Falcon

Trading strategy:
As mentioned in our earlier report, indices confirmed a Spinning Top candlestick pattern after breaching Wednesdays low of 16781 / 5032. As a result, we witnessed strong selling pressure which dragged indices sharply lower to test expected support level of 16530 / 4960. Considering the bearish global cues, it is likely that our benchmarks Indices may open with a downward gap and test the next support level at 15962 / 4866. A sustainable move below this may attract further selling pressure which would drag indices lower to test 15850 / 4754 level. On the upside, 16781 / 5032 is likely to act as strong resistance in the coming trading sessions.

Actionable points:
View Resistance levels Support level Neutral 5032 4866 - 4754

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Technical Research | December 09, 2011

Bank Nifty Outlook - (8916)

Bank nifty opened on a pessimistic note and selling pressure was clearly seen throughout the session. The momentum oscillators on the daily chart are negatively poised. In addition, we are observing a negative crossover in the daily ADX (9) indicator which indicates further weakness. Thus, if Bank Nifty sustains below yesterdays low of 8871 then it is likely to test 8756 8635 levels. On the upside, 9020 9085 levels are likely to act as resistance for the day.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Resistance level Support levels Neutral 9020 - 9085 8756 - 8635
Source: Falcon

Stock Recommendations:
Stock Tata Motors (December Futures) Action Sell Last close ` 187.20

Exhibit 3: Tata Motors (December Futures)

Selling Range ` 188.20 - 188 Stop Loss Target ` 190.45 ` 183

Justification On the daily chart, the stock has faced resistance near 78.4% retracement of the fall from 205.80 160.85. In addition, the momentum oscillator on the daily chart has given a fresh sell signal. We advise selling this stock in a range of ` 188.20 to ` 188 for a target of ` 183 in coming 1 - 2 days.

Source: Falcon

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Technical Research | December 09, 2011

Positive Bias:

Stock Name Cipla

CMP 328.2

5 Day EMA 327.4

20 Day EMA 316.9

Expected Target 340

Remarks View will change below 325

Negative Bias:

Stock Name Yes Bank Techm

CMP 287.2 574.5

5 Day EMA 287.5 580

20 Day EMA 283.6 583.3

Expected Target 275 550

Remarks View will change above 293 View will change above 595

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Technical Research | December 09, 2011

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 16,261 4,866 8,737 1,152 146 948 1,663 364 267 501 306 326 212 1,511 391 392 649 448 2,029 126 389 745 106 2,618 201 503 63 467 1,265 710 950 162 258 878 98 426 73 286 776 397 86 83 1,765 181 685 101 511 23 178 88 387 1,109 369 S1 16,554 4,958 8,955 1,183 153 977 1,689 377 275 529 312 328 218 1,544 395 405 659 457 2,055 131 392 767 111 2,656 204 518 65 481 1,288 730 971 167 263 897 101 434 75 294 794 405 88 85 1,826 186 704 105 522 23 185 93 403 1,143 381 PIVOT 16,721 5,010 9,078 1,201 158 995 1,704 386 279 548 315 331 221 1,564 397 412 664 462 2,082 134 395 779 114 2,686 205 529 66 490 1,301 741 984 171 266 909 102 440 77 299 805 410 89 87 1,863 189 717 108 530 24 189 97 413 1,164 390 R1 17,014 5,102 9,296 1,232 165 1,023 1,730 399 287 576 321 333 227 1,597 401 424 673 472 2,108 138 398 800 119 2,724 208 544 69 504 1,324 761 1,005 176 271 928 105 448 79 307 823 418 92 88 1,923 194 736 112 541 24 196 102 429 1,199 402 R2 17,182 5,155 9,419 1,250 169 1,041 1,746 407 292 595 324 335 231 1,618 404 432 678 477 2,135 142 401 813 122 2,753 210 555 70 512 1,337 772 1,018 180 275 940 107 454 80 311 833 423 93 90 1,960 198 749 115 549 25 200 105 439 1,220 411

Technical Research Team

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Technical Research | December 09, 2011 Technical 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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