Technical Research | February 09, 2012

Daily Technical Report Sensex (17707) / NIFTY (5368)

After nearly 5 - 6 trading sessions, yesterday markets opened on a flat note and traded with extreme volatility to close in green. On the sectoral front, Consumer Durables, Realty and IT counters were among the major gainers, whereas Health Care and Banking sectors ended with a nominal loss. The advance to decline ratio was in favor of advancing counters. (A=1723 D=1157) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
Indices are hovering around Horizontal Line resistance of 17908 / 5400. The RSI-Smoothened oscillator on daily chart is placed in extreme overbought territory. Tuesdays price action indicates a Bearish Engulfing pattern. The momentum oscillator on the daily chart viz., the Stochastic is negatively poised. The daily chart exhibits a Spinning Top formation.
Source: Falcon

Trading strategy:
After a quiet opening, indices made another attempt of crossing 5400 mark. We observed strong selling pressure near this stiff resistance which dragged indices lower to test hourly 20 EMA. However, a sharp recovery towards the latter part of the session led indices to close with decent gains. Yesterdays candle resembles a Spinning Top Japanese candlestick pattern. A combination of this pattern with the Engulfing Bearish pattern formed on Tuesdays session indicates loss of positive momentum and uncertainty among the market participants. Further, we continue to mention that the RSI-Smoothened oscillator is placed well inside the overbought territory and the Stochastic oscillator is negatively poised.

Actionable points:
View Expected Targets Resistance levels Bearish below 5322 5290 5225 5414

Therefore, violation of 17582 / 5322 level may attract strong selling pressure and indices may slide towards 17504 - 17308 / 5290 - 5225 levels. On the upside, 17908 / 5414 level is likely to act as a strong resistance for the markets.

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Technical Research | February 09, 2012

Bank Nifty Outlook - (10320)

Yesterday, Bank Nifty opened on a flat note and traded with extreme volatility throughout the day to close near the initial opening level. We are witnessing a Doji candle stick formation which is a sign of indecision in the minds of the bulls and the bears. We are now of the opinion that the index is in a broad range of 10180 - 10430 levels and only a sustainable move outside the said range will dictate the direction of the trend. However we reiterate our view, on the Daily chart; we are witnessing a possibility of negative divergence in RSI oscillator which is coupled with other overbought momentum oscillators. Thus the chances of a breakdown are higher as compared to that of a breakout. However traders are advised to wait for further confirmatory signals before taking aggressive positions. On the upside resistance of 10430 - 10517 remains intact.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View
Resistance Levels Support Levels Neutral

10430 - 10517 10180 - 9916

Source: Falcon

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Technical Research | February 09, 2012

Positive Bias:
Expected Target 151 93 520

Stock Name Uflex IL&FS Eng. Venkys India

CMP 138 84 473.4

5 Day EMA 137.6 79.3 451

20 Day EMA 132.6 72.1 430.8

Remarks View will change below 127 View will change below 73 View will change below 431

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Technical Research | February 09, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS SENSEX NIFTY BANKNIFTY ACC AMBUJACEM AXISBANK BAJAJ-AUTO BHARTIARTL BHEL BPCL CAIRN CIPLA COALINDIA 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 RELIANCE RELINFRA RPOWER SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA SUZLON TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 17,469 5,292 10,117 1,315 172 1,085 1,617 340 253 559 362 344 322 226 1,575 371 457 681 495 1,931 149 380 902 135 2,724 199 562 73 521 1,336 660 1,229 174 275 962 104 444 87 836 536 98 102 2,128 212 763 120 530 29 242 104 432 1,203 423 S1 17,588 5,330 10,218 1,350 174 1,106 1,633 347 257 569 367 348 328 231 1,598 382 462 689 502 1,964 155 384 911 137 2,746 202 572 75 527 1,352 673 1,248 176 279 971 106 449 90 847 564 100 103 2,153 220 774 122 540 29 246 106 441 1,211 429 PIVOT 17,699 5,363 10,310 1,371 177 1,124 1,648 358 262 574 372 352 332 234 1,616 388 465 695 510 1,987 159 387 920 138 2,764 205 586 76 533 1,366 686 1,264 177 283 984 108 455 92 856 580 101 106 2,170 226 781 124 548 30 250 107 452 1,219 434 R1 17,818 5,402 10,412 1,406 180 1,145 1,664 366 266 584 378 356 337 239 1,639 398 470 702 517 2,021 165 391 930 140 2,787 207 595 79 539 1,382 699 1,283 179 287 994 110 460 95 867 607 103 107 2,195 233 792 126 558 30 254 110 461 1,227 439 R2 17,928 5,435 10,503 1,428 182 1,162 1,678 377 270 589 382 360 341 243 1,657 405 473 708 525 2,043 169 394 939 142 2,805 210 609 80 545 1,396 711 1,299 181 290 1,006 113 465 97 876 624 104 110 2,213 239 799 128 565 31 258 111 471 1,235 444

Technical Research Team

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Technical Research |Technical09, 2012 February 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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