technical report 30th january 2012
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Technical Research | January 30, 2012
On Friday, once again for the third consecutive session,
markets opened with an upside gap and traded with
extreme choppiness. Hence, indices closed around the 200-
day SMA placed at 17332 / 5202 level. On the sectoral
front, Metal, PSU and Teck counters were among the major
gainers, whereas Capital goods ended with a marginal
loss. The advance to decline ratio was strongly in favor of
advancing counters. (A= 1808 D= 1040) (Source -
www.bseindia.com)
Formation:
• The positive crossover on weekly “RSI – Smoothened”
oscillator is still intact.
• ADX (9) indicator on the weekly chart is positively
poised.
• Indices have broken out from the “Downward Sloping
Trend Line” drawn by joining July 8, 2011, weekly high of19132 / 5740 and October 28, 2011, weekly high of
17908 / 5400.
• Indices are now nearing another “Downward Sloping
Trend Line” drawn by joining November 12, 2010, weekly
high of 21076 / 6336 and July 29, 2011, weekly high of
18945 / 5702.
• The 200-day SMA is placed at 17332 / 5202 level.
• Friday’s candle resembled a “Hanging Man” . This is a
bearish pattern and requires confirmation. Trading strategy:
The week opened on a quiet note, but the RBI’s Monetary
Policy on January 24, 2012, gave a boost to the markets.
This was followed by a strong rally in Reliance Industries
along with some of the Capital Goods and IT counters.
Hence, markets have closed well above the “Downward
Sloping Trend Line” drawn by joining July 8, 2011, weekly
high of 19132 / 5740 and October 28, 2011, weekly high
of 17908 / 5400. Indices are now heading towards another“Downward Sloping Trend Line” drawn by joining
November 10, 2010, weekly high of 21076 / 6336 and
July 29, 2011, weekly high of 18945 / 5702.
Daily Technical Report
Sensex (17234) / NIFTY (5205)
Exhibit 1: Ni fty Daily Chart
Source: Falcon
Actionable points:
View BearishSell Only below 5162Expected target 5110 – 5050Resistance level 5220
The placement of this trend line almost coincides with the
200-day SMA placed around 17332 / 5202. Therefore,
markets are hovering around the stiff resistance zone of
17384 – 17332 / 5220 – 5202. Further, we are now
observing a candlestick pattern, which resembles a
“Hanging Man”. The said pattern gives a bearish
implication and needs a confirmation in the form of closing
below the low of the “Hanging Man”, which is 17106 /
5162. In this scenario, indices may lose the current positive
momentum and may slide towards 16757 – 16447 / 5055
– 4955 levels. Conversely, the positive crossover in weekly
“RSI-Smoothened” oscillator is still intact along with the
positively poised daily ADX (9) indicator. The impact of
these technical evidences would be seen after a sustainable
move beyond 17384 / 5220 level. In this case, indices may
rally towards the next resistance levels of 17702 – 17908 /
5326 – 5400.
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On Friday’s session, Bank Nifty opened near our
mentioned resistance level of 9967, where selling
pressure was witnessed which dragged the index to close
well below the 9900 mark. We had mentioned in our
previous reports, that the momentum oscillators are
placed in an overbought zone. We are now witnessing
negative crossover in momentum oscillator “RSI and
Stochastic”. Thus, if Bank Nifty manages to sustain below
Friday’s low of 9701 then it is likely to test 9527 – 9390
levels. On the upside 9970 level is likely to act asresistance in coming trading session.
Actionable points:
View Negative Below 9701
Expected TargetResistance Levels
9527 - 93909970
Bank N ifty Outlook - (9814)
Exhibit 2: Bank Ni fty Daily Chart
Source: Falcon
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Positive Bias:
Stock Name CMP 5 Day EMA 20 Day EMA ExpectedTarget
Remarks
JINDALPOLYFILMS
212.7 203.7 192.9 235 View will change below 195
Negative Bias:
Stock Name CMP 5 Day EMA 20 Day EMAExpectedTarget
Remarks
DLF 211.6 213.8 202.6 204.50 View will change above 224.55
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SCRIPS S2 S1 PIVOT R1 R2
SENSEX 17,047 17,141 17,200 17,293 17,352
NIFTY 5,140 5,172 5,195 5,227 5,249
BANKNIFTY 9,560 9,687 9,828 9,955 10,096
ACC 1,157 1,174 1,191 1,208 1,225
AMBUJACEM 160 161 163 164 166
AXISBANK 1,047 1,060 1,070 1,083 1,093
BAJAJ-AUTO 1,478 1,509 1,555 1,586 1,632
BHARTIARTL 353 364 370 381 387
BHEL 260 267 276 283 292
BPCL 563 570 579 586 595
CAIRN 343 348 352 357 361
CIPLA 338 342 345 349 352
DLF 202 207 216 220 229
DRREDDY 1,484 1,565 1,616 1,697 1,748
GAIL 362 367 371 377 381
HCLTECH 416 422 426 432 436
HDFC 683 692 704 713 725
HDFCBANK 465 475 489 499 514
HEROMOTOCO 1,744 1,781 1,828 1,865 1,912
HINDALCO 140 142 145 147 150
HINDUNILVR 375 383 391 399 407
ICICIBANK 855 871 881 898 907
IDFC 124 128 130 134 136
INFY 2,667 2,696 2,715 2,745 2,764
ITC 195 199 203 206 211
JINDALSTEL 507 518 534 546 562
JPASSOCIAT 68 69 72 73 75
KOTAKBANK 474 484 493 502 511
LT 1,305 1,343 1,366 1,404 1,426
M&M 650 675 690 715 730
MARUTI 1,137 1,174 1,196 1,233 1,256
NTPC 169 172 175 178 181
ONGC 245 262 271 288 297
PNB 941 956 979 994 1,017
POWERGRID 99 101 103 105 107
RANBAXY 432 438 448 454 464
RCOM 93 95 96 98 99
RELCAPITAL 326 334 343 351 360RELIANCE 787 804 816 833 845
RELINFRA 491 511 522 542 553
RPOWER 93 95 97 99 101
SAIL 95 100 104 109 112
SBIN 1,991 2,016 2,043 2,068 2,095
SESAGOA 197 206 211 220 225
SIEMENS 736 745 752 761 769
STER 113 117 119 123 125
SUNPHARMA 516 522 528 534 540
SUZLON 27 28 28 29 30
TATAMOTORS 229 235 238 243 247
TATAPOWER 103 104 105 107 108TATASTEEL 441 450 456 465 471
TCS 1,089 1,099 1,110 1,120 1,130
WIPRO 412 415 419 421 425
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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