Technical Research | December 20, 2011

Daily Technical Report

Sensex (15349) / NIFTY (4613)
We witnessed a pessimistic opening in yesterdays session and indices remained under pressure during the first half. However, a bounce during the latter part of the day pushed markets to close marginally above 4600 mark. On the sectoral front, Capital Goods, Banking and Realty were among the major losers, whereas Oil & Gas and FMCG sectors ended on a gaining side. The advance to decline ratio was strongly in favor of declining counters. (A=744 D=2030). (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
On the Daily chart, we are witnessing a Downward Sloping Trend Line joining two lows of 15760 15479 / 4728 4639.
Source: Falcon

The Daily chart depicts a Bullish Hammer. This

pattern needs a confirmation.

Actionable points:
View Resistance levels Support level Neutral 4623 4672 - 4730 4555

Trading strategy:
After a weak opening, indices continued to drift lower towards the mentioned support level 15330 / 4540. Subsequently, indices found decent intraday support near this level and bounced almost near the initial opening level. Hence, we are now observing a Bullish Hammer pattern near this downward sloping trend line support zone. This pattern requires a confirmation in the form of crossing and closing above the high of the candle which is 15440 / 4623 level. If indices manage to sustain above yesterdays high, then they are likely to bounce towards 15590 15750 / 4672 4730 levels. On the downside, yesterdays low of 15190 / 4555 may act a support in coming trading sessions. A breach of this low would negate the implication of Bullish Hammer pattern.

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Technical Research | December 20, 2011

Bank Nifty Outlook - (7921)

Bank nifty opened with a downside gap and selling pressure during the first half of the session led the index to test 7800 level. The index has closed well below the trend line support mentioned in our previous report. The mentioned trend line was providing support to the index since past three months. The ADX (14) indicator is rising and is currently placed at 26.04, which suggests that the downtrend is gaining strength. In coming trading session, on the downside 7801 7600 levels are likely to act as support and 8107 8172 levels are likely to act as resistance. Exhibit 2: Bank Nifty Daily Chart

Actionable points: View Resistance Level Support Level

Neutral 8107 - 8172 7801 - 7600
Source: Falcon

Stock Recommendations:
Stock Exide Industries (December Futures) Action Sell Last close Sell Below Stop Loss Target ` 111.10 ` 109 ` 114.5 ` 97

Exhibit 3: Exide Industries (December Futures)

Justification On the Daily chart, we are witnessing an upward sloping trend line break down at ` 111 along with the momentum oscillators which are negatively poised. On the Monthly chart, we are observing a negative crossover in 5 & 20 EMA which can lead to a sharp fall below ` 108. We advise selling the stock ONLY below ` 109 for a target of ` 97 in coming 5 6 trading sessions.
Source: Falcon

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Technical Research | December 20, 2011

Positive Bias:

Stock Name Tata Motors Tata Comm

CMP 180 206.2

5 Day EMA 177.3 200.8

20 Day EMA 179.4 194.6

Expected Target 190 215

Remarks View will change below 173 View will change below 198

Negative Bias:

Stock Name INFY REC LTD.

CMP 2676 163.9

5 Day EMA 2710 172.5

20 Day EMA 2710 181

Expected Target 2600 153

Remarks View will change above 2722 View will change above 175

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Technical Research | December 20, 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 15,087 4,530 7,627 1,097 148 788 1,610 312 221 511 284 321 180 1,546 360 400 590 394 1,847 121 384 626 98 2,631 190 482 56 455 1,000 632 885 155 242 759 95 358 62 227 705 329 71 71 1,562 152 633 85 491 17 165 83 350 1,095 388 S1 15,233 4,572 7,774 1,113 151 819 1,625 324 226 518 297 327 185 1,568 368 406 604 400 1,880 123 390 641 100 2,654 194 491 57 461 1,016 642 901 157 244 779 97 371 63 232 720 340 72 74 1,595 155 638 87 500 17 173 85 357 1,120 396 PIVOT 15,337 4,597 7,948 1,127 154 858 1,642 334 233 527 304 332 189 1,587 374 413 614 406 1,912 125 395 657 102 2,679 196 501 58 472 1,042 653 916 159 247 802 98 378 65 239 730 347 73 76 1,630 157 644 89 508 18 176 86 361 1,138 400 R1 15,483 4,639 8,095 1,144 157 889 1,657 346 238 534 317 338 194 1,609 383 419 628 413 1,945 127 401 672 104 2,701 200 510 59 478 1,058 664 932 162 250 822 101 391 67 244 745 359 74 79 1,663 161 649 91 516 19 184 88 368 1,163 409 R2 15,586 4,665 8,269 1,158 160 928 1,674 356 245 544 324 343 199 1,627 389 426 638 419 1,976 129 405 688 106 2,726 202 521 60 489 1,084 675 947 164 253 845 102 398 68 251 755 366 76 80 1,698 163 655 93 524 20 188 90 372 1,181 413

Technical Research Team

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Technical Research | December 20, 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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