Technical Report 4th January 2012

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Technical Research | January 04, 2012

Yesterday, markets opened with a decent upside gap on the

back of strong global cues. The positive momentum

continued throughout the day and indices registered a

massive 3% intraday rally. On the sectoral front, Metal,

Capital Goods, Realty and Banking sectors contributed

heavily in yesterday’s rally. There was no sector in the

negative territory. The advance to decline ratio was strongly

in favor of gaining counters. (A= 1863 D= 860). (Source –

www.bseindia.com)

Formation

• The 20 day EMA has now shifted to 15839 / 4743

level.

• On the Daily chart, we are witnessing a positive

crossover in momentum oscialltors viz., the RSI and the

Stochastic. Also, “3 & 8” EMA and ADX (9) indicator hasgiven a positive crossover.

Trading strategy:

As mentioned in our yesterday’s report, indices opened

firmly above the high of the “Dragon Fly Doji” candlestick

pattern and the bullish implication was clearly seen. As a

result, indices closed well above the 20 day EMA which is

now placed at 15839 / 4743 level. We are now observing

a positive crossover in few technical indicators, such as, RSI,Stochastic, 3 & 8 EMA and ADX (9). Looking at these

technical tools and yesterday’s strong closing above 20 day

EMA, the possibility of breaking strong resistance zone of

16020 – 16070 / 4800 – 4820 is significantly high. The

closing above 16070 / 4820 would also lead to a

confirmation of “Higher Top Higher Bottom” formation on

the daily chart. Therefore, we advise traders to trade with a

positive bias if indices manage to sustain above 16070 /

4820 level. In this case, indices are likely to rally towards

16286 – 16421/ 4881 – 4920 levels. On the downside,

15640 - 15542 / 4675 – 4645 levels may act as support in

coming trading sessions.

Daily Technical Report

Sensex 15939 / NIFTY 4765

Exhibit 1: Ni fty Daily Chart

Source: Falcon

Actionable points:

View Positive Above 4820Expected Targets 4881 – 4920

Support levels 4675 – 4645





Yesterday, Bank Nifty opened with an upside gap in line

with our benchmark indices and continued to move

higher to close near the highest point of the day. The

index ended with 4.32% gains and above 8300 mark.

Bank Nifty opened well above the “Hammer” (8028)

mentioned in our previous report and surpassed all the

intermediate resistances to test the “20 Day EMA” placed

near 8330 level. On the Daily chart, we are now

witnessing a positive crossover in momentum oscillators

viz. “RSI” and “Stochastic”, which suggest momentum onthe upside is likely to continue. Going forward, Bank Nifty

may test 8450 – 8600 levels once it crosses 8356 level.

On the downside, 8180 – 8130 levels may now act as a

strong support as these are the 38.2% and 50% Fibonacci

retracement levels of the entire rise from 7888 – 8356

respectively.

Actionable points:

View Positive Above 8356

Expected Target 8450 – 8600Support Level 8180 – 8130

Bank N ifty Outlook - (8340)

Exhibit 2: Bank Ni fty Daily Chart

Source: Falcon





Positive Bia :

Stock Name CMP 5 Day EMA 20 Day EMAExpected

TargetRemarks

Orient Bank 204.4 202 226 214 View will change below 196.5

EKC 26 26.3 31.4 31 View will change below 24.5

RCOM 74.3 71.8 71.1 80 View will change below 69.7





SCRIPS S2 S1 PIVOT R1 R2

SENSEX 15,520 15,730 15,850 16,060 16,180

NIFTY 4,641 4,703 4,738 4,800 4,835

BANKNIFTY 7,973 8,157 8,256 8,440 8,540

ACC 1,109 1,126 1,143 1,160 1,176

AMBUJACEM 150 152 156 158 162

AXISBANK 789 814 828 852 866

BAJAJ-AUTO 1,429 1,462 1,483 1,515 1,536

BHARTIARTL 340 349 355 364 370

BHEL 234 241 246 253 259

BPCL 460 467 472 478 483

CAIRN 313 321 326 334 339

CIPLA 319 324 327 331 334

DLF 178 185 189 195 199

DRREDDY 1,562 1,584 1,598 1,620 1,634

GAIL 383 388 391 396 399

HCLTECH 392 398 402 407 411

HDFC 650 658 663 671 676

HDFCBANK 426 432 437 443 448

HEROMOTOCO 1,754 1,791 1,838 1,875 1,922

HINDALCO 112 114 115 117 118

HINDUNILVR 402 405 408 411 415

ICICIBANK 696 711 720 735 744

IDFC 92 94 95 98 99

INFY 2,790 2,827 2,857 2,894 2,924

ITC 198 199 200 202 203

JINDALSTEL 451 469 481 499 511

JPASSOCIAT 52 54 54 55 56

KOTAKBANK 415 432 443 461 471

LT 1,004 1,032 1,049 1,077 1,093

M&M 642 653 667 678 691

MARUTI 930 941 953 965 976

NTPC 157 159 160 162 163

ONGC 258 260 262 265 267

PNB 759 781 793 815 827

POWERGRID 99 100 101 102 102

RANBAXY 410 418 423 431 436

RCOM 71 73 74 75 76

RELCAPITAL 230 239 245 254 259RELIANCE 704 714 721 731 737

RELINFRA 331 342 348 358 364

RPOWER 70 71 72 73 74

SAIL 81 83 83 85 85

SBIN 1,619 1,662 1,686 1,729 1,753

SESAGOA 154 159 162 166 169

SIEMENS 629 648 659 678 689

STER 90 92 93 96 97

SUNPHARMA 493 496 499 502 504

SUZLON 18 18 19 19 19

TATAMOTORS 183 189 192 197 200

TATAPOWER 87 90 91 94 96TATASTEEL 337 349 357 369 376

TCS 1,166 1,182 1,196 1,212 1,226

WIPRO 395 406 412 422 428

Technical Research Team

Daily Pivot Levels for Nifty 50 Stocks





Technical Report

RESEARCH TEAM

Shardul Kulkarni Head - Technicals

Sameet Chavan Technical Analyst

Sacchitanand Uttekar Technical Analyst

Mehul Kothari Technical Analyst

Ankur Lakhotia Technical Analyst

For any Queries, Suggestions and Feedback kindly mail to [email protected]

Research Team: 022-3952 6600 Website: www.angelbroking.com

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Technical Report 4th January 2012