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Technical Research | February 24, 2012

Daily Technical Report Sensex (18079) / NIFTY (5483)


Yesterday, markets opened down with a minor gap, traded with immense volatility throughout the day due to derivatives expiry and closed marginally below its initial opening level. On the sectoral front, Realty, Metal and Auto counters were among the major losers, whereas FMCG and Power sectors ended on a gaining side. The advance to decline ratio was strongly in favor of declining counters. (A=1092 D=1786) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
The daily chart depicts a Bearish Engulfing pattern. On the Weekly chart, indices have closed well above the Horizontal Resistance Line placed at 17908 / 5400 level. We are now observing a negative crossover in RSISmoothened momentum oscillator. The Daily 20 EMA is placed around 17700 5364 level.
Source: Falcon

Trading strategy:
After a minor gap down opening, indices traded in a range with very high volatility. Post mid-session indices bounced back sharply from the day's low and moved towards the hourly 20 EMA. We observed strong selling pressure near hourly 20 EMA, which dragged indices significantly lower to close marginally below its initial opening level. We have continuously mentioning in our previous reports that the "RSI-Smoothened" is placed well within the extreme overbought territory. We are now observing a negative crossover in this technical tool, which indicates possibility of a minor correction from current levels, if indices sustain below yesterday's low of 18005 / 5460. In this scenario indices can drift towards the daily 20 EMA placed at 17700 / 5364. Conversely, 18250 18339 / 5537 5573 levels may act as resistance in coming trading session.

Actionable points:
View Expected Targets Resistance levels Negative below 5460 5390 5364 5537 5573

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Technical Research | February 24, 2012

Bank Nifty Outlook - (10713)


Yesterday, Bank Nifty opened flat and traded in a narrow range throughout the day to close marginally in red. Due to derivative expiry, we witnessed a high volatility in the markets. Hence, Bank Nifty tested both support as well as resistance levels of 10630 and 10875 mentioned in our previous report. The bearish technical evidences found on Wednesday are still intact. Therefore, we reiterate our view that if Bank Nifty sustains below yesterdays low of 10630 then the index may correct further till 10340 levels. On the upside, 10850 10875 levels could act as resistance in coming trading session. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Expected Target Resistance Levels Bearish 10340 10850 10875
Source: Falcon

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Technical Research | February 24, 2012

Negative Bias:
20 Day EMA 328.3 Expected Targets 308 303 Negative Below Below 318

Stock Name Coal India

CMP 322.8

5 Day EMA 324.7

Remarks View will change above 331

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Technical Research | February 24, 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 17,867 5,417 10,498 1,272 157 1,171 1,749 329 293 603 373 308 314 222 1,594 367 487 690 523 2,007 141 373 918 137 2,878 204 587 70 547 1,360 702 1,250 178 282 965 108 422 91 815 567 115 102 2,201 215 788 107 526 26 261 105 452 1,229 432 S1 17,973 5,450 10,606 1,286 159 1,194 1,768 334 302 629 377 312 319 228 1,612 370 491 696 528 2,048 144 380 931 141 2,905 206 597 72 557 1,380 713 1,265 182 286 984 110 431 94 828 585 118 103 2,231 221 801 111 536 27 265 108 462 1,244 437 PIVOT 18,111 5,494 10,729 1,307 162 1,220 1,793 339 312 647 384 317 322 236 1,633 374 495 702 532 2,108 147 385 945 145 2,944 208 608 76 566 1,404 729 1,286 184 291 1,010 112 439 96 839 603 121 105 2,277 232 813 116 547 28 269 111 470 1,260 441 R1 18,217 5,527 10,837 1,320 165 1,243 1,811 344 321 674 388 321 326 243 1,651 377 499 708 537 2,149 150 393 958 150 2,972 211 619 78 576 1,424 740 1,301 187 296 1,029 115 448 99 851 621 124 106 2,307 239 825 120 556 29 273 115 480 1,275 446 R2 18,355 5,570 10,960 1,341 168 1,269 1,837 349 330 691 394 326 330 251 1,673 381 502 714 541 2,209 154 397 972 153 3,010 213 630 82 584 1,448 756 1,322 190 301 1,056 117 456 101 862 639 128 108 2,353 250 838 125 567 30 277 118 489 1,290 451

Technical Research Team


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Technical Research |Technical24, 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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