Technical Research | February 29, 2012

Daily Technical Report Sensex (17731) / NIFTY (5376)

Yesterday, markets opened with an upside gap and traded with positive bias throughout the day to close near days high. The rally led the indices to test the mentioned resistance zone of 17720 17975 / 5370 5450 and finally closed with 1.7% gains. On the sectoral front, Realty, Consumer Goods and Banking counters contributed heavily in yesterdays rally, whereas FMCG and IT sector ended with a nominal loss. The advance to decline ratio was strongly in favor of advancing counters. (A=2139 D=765) (Source -www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
The 200-day SMA and 20-day EMA have now shifted to 17200 / 5170 and 17720 / 5370, respectively. The RSI-Smoothened oscillator and 3 & 8 EMA on the daily chart have given a negative crossover. The weekly Stochastic oscillator is negatively poised. The daily chart indicates the formation of a Bullish Harami Candlestick pattern
Source: Falcon

Trading strategy:
Yesterday, we witnessed that our markets traded with positive momentum throughout the day to test and close near the mentioned resistance zone of 17720 17975 / 5370 5450. The daily chart now indicates the formation of a Bullish Haramipattern but this pattern requires confirmation in the form of a closing above days high at 17776 - 5391. Since, the bearish technical evidences in RSI-Smoothened oscillator and 3 & 8 EMA are still intact, we are of the opinion that markets may face resistance near 17818 / 5406 levels. This level coincides with 38.2% Fibonacci retracement levels of the recent fall

Actionable points:
View Resistance Level Support Level Neutral 5406 5450 5340 5306

Indicates that only a sustainable move beyond 17818 5406 may trigger positive momentum and indices may test 17975 5450. On the downside yesterdays low of
17530 / 5306 could now act as immediate support for the markets. A fall below this support could trigger fresh selling and indices can test 17382 / 5255, thus negating the bullish implication of the Harami pattern.

February 22, 2012 to February 27, 2012 respectively. Overall assessment of the market position
from

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Technical Research | February 29, 2012

Bank Nifty Outlook - (10484)

Yesterday, Bank Nifty opened on an optimistic note in line with our benchmark indices and gained strength as the day progressed to close 3.76% higher. We are now witnessing that the index has taken support at the 61.8% Fibonacci retracement of the rise from January 30, 2012 February 22, 2012. However the negative crossover in directional indicators of ADX (14) mentioned in our previous report is still intact. On the upside a move beyond yesterdays high of 10561 may trigger positive momentum and the bank nifty may test 10760 levels. On the downside 10316 10178 levels are likely to act as support in coming trading session. Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View Resistance Levels Support Levels Neutral 10587 10760 10316 10178

Source: Falcon

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Technical Research | February 29, 2012

Positive Bias:
Expected Target 110

Stock Name Jain Irrigation

CMP 105.3

5 Day EMA 106.2

20 Day EMA 104.8

Remarks View will change below 99

Negative Bias:
Expected Target 408

Stock Name Wipro

CMP 420.2

5 Day EMA 430.3

20 Day EMA 431.4

Remarks View will change above 431

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Technical Research | February 29, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS SENSEX NIFTY BANKNIFTY ACC AMBUJACEM AXISBANK BAJAJ-AUTO BHARTIARTL BHEL BPCL CAIRN CIPLA COALINDIA 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 RELIANCE RELINFRA RPOWER SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA SUZLON TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 17,433 5,273 10,025 1,250 158 1,092 1,687 333 285 635 353 310 321 212 1,624 369 466 660 506 1,919 138 378 884 128 2,824 208 570 69 531 1,247 691 1,228 177 274 887 109 419 86 782 517 107 95 2,081 201 751 114 538 24 257 109 440 1,194 411 S1 17,582 5,324 10,255 1,269 160 1,131 1,727 338 297 644 360 315 325 219 1,636 371 474 665 518 1,943 142 380 897 134 2,848 209 582 72 541 1,298 697 1,249 179 279 919 111 424 90 789 559 113 97 2,156 205 781 118 542 25 265 110 450 1,210 416 PIVOT 17,679 5,358 10,408 1,286 163 1,160 1,752 344 304 657 369 319 328 223 1,645 375 481 674 526 1,965 145 382 909 138 2,879 211 591 74 554 1,329 704 1,264 181 282 944 112 428 93 795 587 116 99 2,206 208 799 120 547 26 270 112 456 1,235 423 R1 17,828 5,409 10,638 1,305 165 1,199 1,792 349 316 666 376 323 333 230 1,657 378 489 679 538 1,988 150 383 922 143 2,903 213 603 77 564 1,379 711 1,285 183 287 977 113 432 97 802 629 122 101 2,281 212 829 123 552 27 279 114 466 1,252 428 R2 17,926 5,442 10,791 1,321 168 1,227 1,817 355 323 679 386 327 336 235 1,667 381 495 687 546 2,011 153 386 933 147 2,934 215 612 79 577 1,410 718 1,300 185 290 1,002 115 436 99 808 657 126 103 2,330 216 846 125 557 27 284 115 472 1,277 436

Technical Research Team

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Technical Research |Technical29, 2012 February 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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