DailyTech Report 12.12.11

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Technical Research | December 12, 2011

On Friday, our benchmark indices opened with a downside

gap in line with the global cues and traded with immense

volatility throughout the session to close marginally above

the mentioned support level of 15962 / 4866. On the

sectoral front, Capital Goods, Auto and Oil & Gas counters

contributed heavily in Friday’s sharp correction. The

advance decline ratio was in favour of declining counters.

(A= 1040 D= 1648). (Source –www.bseindia.com)

Formation

• The Weekly “20 EMA” is placed at 17000 / 5110 level.

• On the Daily chart, we are observing a negative

crossover in “3 & 8 EMA” as well as in “RSI” momentum

oscillator.

• The Daily chart depicts a “Spinning Top” formation

near 61.8% Fibonacci retracement level of the rise from

15478 to 17004 / 4639 to 5100.

Trading strategy:

During the week markets opened on a quiet note and then

as expected moved towards the strong resistance level of

17000 / 5110. However, strong selling pressure from the

bears near this resistance level led the indices to close well

below the 16400 / 5000 mark. We are now observing a

negative crossover in “3 & 8 EMA” and “RSI” oscillator on

the Daily chart. On the contrary, a “Spinning Top”Japanese candlestick pattern on the Daily chart near 61.8%

Fibonacci retracement level of the rise from 15478 to

17004 / 4639 to 5100 indicates uncertainty among bulls

and bears. Thus, if indices sustain below Friday’s low of

16142 / 4841 then we may witness further selling pressure

and markets are likely to drift towards 15850 - 15478 /

4754 - 4639 levels.

Daily Technical Report

Sensex 16213 / NIFTY 4867

Exhibit 1: Ni fty Daily Chart

Source: Falcon

Actionable points:

View NeutralResistance levels 4913 – 5002 - 5100

Support level 4841 – 4754 - 4639

On the other hand, if indices manage to sustain above

16383 / 4913 level, then they are likely to bounce back

towards 16863 / 5002 level. The weekly high of 17004 /

5100 is likely to act as a strong resistance in the coming

trading sessions.

The RBI monetary policy is scheduled on the 16th Dec. Thuswe may witness increased volatility as the marketapproaches the event. Traders are advised to trade with

caution and use strict stop losses.





Bank nifty opened with a downside gap and traded with

immense volatility to close marginally above the initial

opening level. We are witnessing a spinning top formation

near 61.8% retracement of the rise from 8240 – 9273 levels.

If index sustains above 8932 then the possibility cannot be

ruled out. In such a scenario the pullback may extend to

9010 – 9050 levels. On the downside, the low of the

spinning top 8690 is likely to act as support in coming

trading session. Immense selling pressure may be witnessed

on violation of the said support level and index may drift

towards 8490 level.

Actionable poin ts:

View NeutralResistance level 9010 – 9050Support levels 8690 – 8490

Bank N ifty Outlook - (8811)

Exhibit 2: Bank Ni fty Daily Chart

Source: Falcon

Stock Recommendations:

Stock – Indian Oil Corporation Ltd. (NSE Cash)

Action – Buy Last close ` 270.10

Buy Above ` 273

Stop Loss ` 190.45

Target ` 290

Justification – On weekly chart, the stock has givenconfirmation of “Bullish Harami” Japanese candle stickpattern. We are witnessing positive crossover in “ADX (9)”indicator on daily chart. Buy this stock ONLY above ` 273for a target of ` 290 in coming 2-3 weeks.

Stock – Bata India Ltd. (December Futures)

Action – Sell

Last close ` 605.05

Sell Below ` 591.50

Stop Loss ` 613.80

Target ` 545

Justification – On daily chart the stock has given a trend linebreak down with a breakaway gap. Faster time wisecorrection of the previous impulsive wave, indicates furtherweakness. Sell the stock ONLY below ` 591.5 for a target

of ` 545 in coming 1-2 weeks.

Exhibit 3: Indian Oil Corporation Ltd. (NSE Cash)

Source: Falcon

Exhibit 3: Bata India Ltd. (December Futures)

Source: Falcon





Positive Bia :

Stock Name CMP 5 Day EMA 20 Day EMAExpected

TargetRemarks

IOC 270.10 267.5 271.1 284 View will change below 263

ABNUVO 917.65 909.4 905.9 975 View will change below 900

Negative Bias:

Stock Name CMP 5 Day EMA 20 Day EMAExpectedTarget

Remarks

Bajaj-Auto 1670.35 1696.6 1653 1615 View will change above 1719

Wipro 404.95 400.7 384.1 384 View will change above 415





SCRIPS S2 S1 PIVOT R1 R2

SENSEX 16,006 16,110 16,246 16,350 16,486

NIFTY 4,799 4,833 4,876 4,909 4,952

BANKNIFTY 8,569 8,690 8,811 8,932 9,053

ACC 1,136 1,150 1,174 1,188 1,212

AMBUJACEM 155 157 159 161 163

AXISBANK 960 976 994 1,010 1,029

BAJAJ-AUTO 1,619 1,645 1,682 1,707 1,744

BHARTIARTL 345 352 359 366 373

BHEL 256 260 264 268 272

BPCL 539 547 553 561 567

CAIRN 296 301 308 313 320

CIPLA 321 323 326 328 331

DLF 205 209 213 217 221

DRREDDY 1,505 1,539 1,569 1,603 1,633

GAIL 381 387 392 398 404

HCLTECH 398 403 409 414 420

HDFC 646 651 657 662 669

HDFCBANK 434 439 445 450 456

HEROMOTOCO 1,987 2,010 2,034 2,057 2,081

HINDALCO 122 127 131 137 141

HINDUNILVR 381 383 387 390 393

ICICIBANK 712 722 732 741 752

IDFC 107 108 111 112 115

INFY 2,624 2,667 2,703 2,747 2,783

ITC 193 195 197 199 201

JINDALSTEL 503 518 529 543 554

JPASSOCIAT 61 62 64 65 67

KOTAKBANK 466 477 486 497 505

LT 1,197 1,212 1,233 1,248 1,269

M&M 684 694 707 716 729

MARUTI 941 963 979 1,001 1,017

NTPC 160 163 166 168 171

ONGC 257 259 263 265 268

PNB 883 905 924 946 966

POWERGRID 96 98 98 99 100

RANBAXY 401 408 413 421 426

RCOM 72 74 75 78 79

RELCAPITAL 277 285 293 301 308RELIANCE 742 749 759 766 777

RELINFRA 379 383 390 394 401

RPOWER 80 82 84 86 88

SAIL 80 82 84 85 88

SBIN 1,792 1,829 1,857 1,894 1,922

SESAGOA 170 172 175 177 179

SIEMENS 659 675 696 712 733

STER 98 100 101 103 104

SUNPHARMA 501 507 513 519 525

SUZLON 22 22 22 23 23

TATAMOTORS 177 180 183 186 189

TATAPOWER 92 94 95 97 99TATASTEEL 384 391 398 404 411

TCS 1,150 1,161 1,172 1,183 1,194

WIPRO 395 400 406 411 418

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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DailyTech Report 12.12.11