Technical Report 4th January 2012
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Transcript of 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
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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
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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
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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
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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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