DailyTech Report by mnmgroup

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									                                                                                      Technical Research | January 23, 2012



Daily Technical Report


Sensex (16739) / NIFTY (5049)
                                                                 Exhibit 1: Nifty Daily Chart
On Friday, our Benchmark indices witnessed a volatile
trading session and managed to close near 5050 mark.
During the session, indices tested psychological levels of
16600 / 5000 and strong buying in final hour of trade led
Indices to close near days high. On the sectoral front,
Banking, Consumer Durables and Power sectors were
among the major gainers, whereas FMCG ended in the
negative territory. The advance to decline ratio was
marginally in favor of declining counters. (A=1363
D=1481) (Source –www.bseindia.com)



 Formation:
•    The 20-week EMA (Exponential Moving Average) is
placed at 16504 / 4957 level.

•    We are witnessing a positive crossover on weekly “RSI –
Smoothened” oscillator.

•    Indices are nearing a “Downward Sloping Trend Line”
drawn by joining July 8, 2011, weekly high of 19132 /
5740 and October 28, 2011, weekly high of 17908 /
5400.

•    The 200-day SMA is placed at 17384 / 5220 level.
                                                                 Source: Falcon
•    The daily chart indicates formation of “Gravestone
Doji” Japanese candlestick pattern.



Trading strategy:                                                Actionable points:
Last week indices have rallied significantly after crossing               View                         Neutral
                                                                 Resistance levels                   5064 – 5100
16421 / 4920 level and have managed to close almost at           Support levels                      4991– 4931
the highest point of the week. Markets are now nearing
strong resistance level of 17004 / 5100. Also, as mentioned      Also, we are observing a positive crossover on weekly “RSI
above, the “Gravestone Doji” candlestick pattern indicates       – Smoothened” oscillator. Therefore, after a healthy
the possibility of a profit booking or a consolidation. We       correction or consolidation, if indices manage to break and
advise traders to book profits in individual counters and stay   sustain above 17004 / 5100, then we may witness strong
light on positions. Going forward, if indices sustain below      upside momentum, which can push indices to test 200-day
16572 / 4991 level, then indices are likely to correct           SMA level of 17384 / 5220 level. In the coming week,
towards 16384 – 16116 / 4931 – 4840 levels. Conversely,          traders are advised to stay cautious as volatility is likely to
indices have closed convincingly above the 20-week EMA           increase on account of the RBI’s monetary policy and
placed at 16504 / 4957 level.                                    derivative expiry.

For Private Circulation Only |                                                                                                1
                                                                                     Technical Research | January 23, 2012




    Bank Nifty Outlook - (9517)
                                                                    Exhibit 2: Bank Nifty Daily Chart
   On Friday’s session, once again Bank Nifty opened with an
   upside gap, and gained momentum as the day progressed
   to close near day’s high. The index tested 78.6% Fibonacci
   retracement of the fall from 31st October 2011 – 20th
   December 2011. We are now observing a positive crossover
   in “ADX (9)” indicator on the weekly chart. The effect of this
   indicator will be witnessed if the index manages to sustain
   above Friday’s high of 9560. In such a case Bank Nifty is
   likely to test 9650 – 9900 levels. On the downside 9390 –
   9265 levels are likely to act as support in coming trading
   session.



    Actionable points:

    View                                Neutral
    Resistance Levels                 9650 – 9900
    Support Levels                    9390 - 9265
                                                                    Source: Falcon




For Private Circulation Only |                                                                                          2
                                                                         Technical Research | January 23, 2012




   Positive Bias:


                                                                   Expected
     Stock Name                   CMP     5 Day EMA   20 Day EMA                          Remarks
                                                                    Target
         BHEL                    273.7      271.2       262.6        285         View will change below 266


   Negative Bias:


                                                                   Expected
     Stock Name                   CMP     5 Day EMA   20 Day EMA                          Remarks
                                                                    Target
        Grasim                   2489.2     2493        2460.9       2390        View will change above 2530




For Private Circulation Only |                                                                                 3
                                                     Technical Research | January 23, 2012



Daily Pivot Levels for Nifty 50 Stocks
  SCRIPS                          S2       S1      PIVOT          R1             R2

   SENSEX                        16,536   16,638   16,713        16,814        16,890
   NIFTY                         4,979    5,014    5,039         5,074          5,099
   BANKNIFTY                     9,157    9,337    9,449         9,629          9,740
   ACC                           1,131    1,140    1,150         1,160          1,170
   AMBUJACEM                      154      156      159           162           165
   AXISBANK                       930      970      995          1,034          1,059
   BAJAJ-AUTO                    1,418    1,490    1,532         1,604          1,646
   BHARTIARTL                     333      338      342           347           352
   BHEL                           262      268      272           278           283
   BPCL                           527      544      554           571           582
   CAIRN                          339      343      346           350           354
   CIPLA                          328      333      337           342           346
   DLF                            209      211      214           217           220
   DRREDDY                       1,595    1,620    1,657         1,682          1,719
   GAIL                           361      367      371           377           382
   HCLTECH                        404      411      417           423           429
   HDFC                           680      686      690           697           701
   HDFCBANK                       475      483      488           496           501
   HEROMOTOCO                    1,814    1,880    1,938         2,004          2,062
   HINDALCO                       138      141      144           147           150
   HINDUNILVR                     387      389      391           393           396
   ICICIBANK                      798      820      836           858           874
   IDFC                           110      115      122           128           135
   INFY                          2,558    2,574    2,592         2,607          2,625
   ITC                            193      197      204           208           216
   JINDALSTEL                     509      522      531           544           553
   JPASSOCIAT                     64       66       67            68             70
   KOTAKBANK                      460      477      488           505           515
   LT                            1,238    1,256    1,275         1,293          1,311
   M&M                            628      642      661           675           694
   MARUTI                        1,058    1,081    1,108         1,131          1,158
   NTPC                           169      172      174           177           179
   ONGC                           266      271      274           279           283
   PNB                            900      924      940           964           980
   POWERGRID                      99       100      101           102           103
   RANBAXY                        454      461      468           475           481
   RCOM                           86       88       91            93             95
   RELCAPITAL                     307      315      325           333           343
   RELIANCE                       760      776      788           804           816
   RELINFRA                       452      466      481           495           510
   RPOWER                         89       90       91            93             94
   SAIL                           88       90       91            93             95
   SBIN                          1,875    1,904    1,924         1,953          1,973
   SESAGOA                        184      187      190           193           196
   SIEMENS                        734      744      753           763           771
   STER                           110      112      115           117           120
   SUNPHARMA                      514      521      528           536           543
   SUZLON                         22       23       24            25             26
   TATAMOTORS                     213      216      219           222           224
   TATAPOWER                      102      104      105           107           108
   TATASTEEL                      423      430      437           444           451
   TCS                           1,063    1,071    1,081         1,089          1,099
   WIPRO                          401      408      416           422           431

                                                                Technical Research Team
For Private Circulation Only |                                                          4
                                                                                                                | January Report
                                                                                             Technical ResearchTechnical23, 2012



                                                         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 sameet.chavan@angelbroking.com

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

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