Technical Research | January 30, 2012

Daily Technical Report Sensex (17234) / NIFTY (5205)

On Friday, once again for the third consecutive session, markets opened with an upside gap and traded with extreme choppiness. Hence, indices closed around the 200day SMA placed at 17332 / 5202 level. On the sectoral front, Metal, PSU and Teck counters were among the major gainers, whereas Capital goods ended with a marginal loss. The advance to decline ratio was strongly in favor of advancing counters. (A=1808 D=1040) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
The positive crossover on weekly RSI Smoothened oscillator is still intact. ADX (9) indicator on the weekly chart is positively
Source: Falcon

poised. Indices have broken out from the Downward Sloping

Trend Line drawn by joining July 8, 2011, weekly high of 19132 / 5740 and October 28, 2011, weekly high of 17908 / 5400. Indices are now nearing another Downward Sloping

Actionable points:
View Sell Only below Expected target Resistance level Bearish 5162 5110 5050 5220

Trend Line drawn by joining November 12, 2010, weekly high of 21076 / 6336 and July 29, 2011, weekly high of 18945 / 5702. The 200-day SMA is placed at 17332 / 5202 level. Fridays candle resembled a Hanging Man. This is a

The placement of this trend line almost coincides with the 200-day SMA placed around 17332 / 5202. Therefore, markets are hovering around the stiff resistance zone of 17384 17332 / 5220 5202. Further, we are now observing a candlestick pattern, which resembles a Hanging Man. The said pattern gives a bearish implication and needs a confirmation in the form of closing below the low of the Hanging Man, which is 17106 / 5162. In this scenario, indices may lose the current positive momentum and may slide towards 16757 16447 / 5055 4955 levels. Conversely, the positive crossover in weekly RSI-Smoothened oscillator is still intact along with the positively poised daily ADX (9) indicator. The impact of these technical evidences would be seen after a sustainable move beyond 17384 / 5220 level. In this case, indices may rally towards the next resistance levels of 17702 17908 / 5326 5400.

bearish pattern and requires confirmation.

Trading strategy:
The week opened on a quiet note, but the RBIs Monetary Policy on January 24, 2012, gave a boost to the markets. This was followed by a strong rally in Reliance Industries along with some of the Capital Goods and IT counters. Hence, markets have closed well above the Downward Sloping Trend Line drawn by joining July 8, 2011, weekly high of 19132 / 5740 and October 28, 2011, weekly high of 17908 / 5400. Indices are now heading towards another Downward Sloping Trend Line drawn by joining November 10, 2010, weekly high of 21076 / 6336 and July 29, 2011, weekly high of 18945 / 5702.
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Technical Research | January 30, 2012

Bank Nifty Outlook - (9814)

On Fridays session, Bank Nifty opened near our mentioned resistance level of 9967, where selling pressure was witnessed which dragged the index to close well below the 9900 mark. We had mentioned in our previous reports, that the momentum oscillators are placed in an overbought zone. We are now witnessing negative crossover in momentum oscillator RSI and Stochastic. Thus, if Bank Nifty manages to sustain below Fridays low of 9701 then it is likely to test 9527 9390 levels. On the upside 9970 level is likely to act as resistance in coming trading session. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Target Resistance Levels
Negative Below 9701

9527 - 9390 9970

Source: Falcon

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Technical Research | January 30, 2012

Positive Bias:
Expected Target 235

Stock Name JINDAL POLYFILMS

CMP 212.7

5 Day EMA 203.7

20 Day EMA 192.9

Remarks View will change below 195

Negative Bias:
Expected Target 204.50

Stock Name DLF

CMP 211.6

5 Day EMA 213.8

20 Day EMA 202.6

Remarks View will change above 224.55

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Technical Research | January 30, 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 17,047 5,140 9,560 1,157 160 1,047 1,478 353 260 563 343 338 202 1,484 362 416 683 465 1,744 140 375 855 124 2,667 195 507 68 474 1,305 650 1,137 169 245 941 99 432 93 326 787 491 93 95 1,991 197 736 113 516 27 229 103 441 1,089 412 S1 17,141 5,172 9,687 1,174 161 1,060 1,509 364 267 570 348 342 207 1,565 367 422 692 475 1,781 142 383 871 128 2,696 199 518 69 484 1,343 675 1,174 172 262 956 101 438 95 334 804 511 95 100 2,016 206 745 117 522 28 235 104 450 1,099 415 PIVOT 17,200 5,195 9,828 1,191 163 1,070 1,555 370 276 579 352 345 216 1,616 371 426 704 489 1,828 145 391 881 130 2,715 203 534 72 493 1,366 690 1,196 175 271 979 103 448 96 343 816 522 97 104 2,043 211 752 119 528 28 238 105 456 1,110 419 R1 17,293 5,227 9,955 1,208 164 1,083 1,586 381 283 586 357 349 220 1,697 377 432 713 499 1,865 147 399 898 134 2,745 206 546 73 502 1,404 715 1,233 178 288 994 105 454 98 351 833 542 99 109 2,068 220 761 123 534 29 243 107 465 1,120 421 R2 17,352 5,249 10,096 1,225 166 1,093 1,632 387 292 595 361 352 229 1,748 381 436 725 514 1,912 150 407 907 136 2,764 211 562 75 511 1,426 730 1,256 181 297 1,017 107 464 99 360 845 553 101 112 2,095 225 769 125 540 30 247 108 471 1,130 425

Technical Research Team

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Technical ResearchTechnical30, 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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