dailytech report 12.12.11
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8/3/2019 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.
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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
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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
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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
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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]
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