Technical Research | November 15, 2011
Daily Technical Report
Sensex (17119) / NIFTY (5148)
Exhibit 1: Nifty Daily Chart
Markets opened on an optimistic note but immense selling
pressure at higher levels dragged indices sharply lower to
close almost at the lowest point of the day. On the sectoral
front, the Realty, Metal and Consumer Durables counters
were among the major losers whereas Teck and IT sector
ended on a gaining side. The advance decline ratio was
strongly in favor of declining counters (A=866 D=1984).
(Source -www.bseindia.com)
Formation
• The Daily “200 SMA” is placed at 18000 / 5400 level.
• The “20 EMA” on the Daily and Weekly chart is placed
at 17165 / 5165 and 17300 / 5200, respectively.
• We are observing a negative crossover in Daily “RSI -
Smoothened” oscillator and the “ADX (9)” indicator.
Source: Falcon
Trading strategy:
Actionable points:
Markets opened nearly 1% higher in yesterday’s session but
View
Neutral
could not sustain at higher levels. We observed strong
Resistance Levels
5240 - 5285
correction in some of the stocks due to which indices
Support Levels
5140 - 5085
remained under pressure till the closing point of the day.
We mentioned a “Long Legged Doji” pattern in Sensex and
a “Spinning Top” pattern in Nifty. These patterns are now
negated as indices have broken Friday’s low. Going
forward, if indices manage to sustain below yesterday’s low
of 17094 / 5140 then they are likely to drift towards the
next support levels of 16900 - 16669 / 5085 - 5011. On
the upside, 17400 - 17570 / 5240 - 5285 levels may act
as resistance in coming trading sessions.
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1
Technical Research | November 15, 2011
Bank Nifty Outlook - (9275)
Exhibit 2: Bank Nifty Daily Chart
Bank nifty opened on a flat note and gradually drifted
lower as the day progressed. However, index managed to
close marginally above the support level of 9270. On the
Daily chart, the momentum oscillator viz., the stochastic is
placed in extreme oversold territory. Therefore, possibility
of a bounce back cannot be ruled out in coming trading
sessions. In this scenario, the pullback may extend
towards the
9458 level which is likely to act as a
resistance. On the other hand, if Bank Nifty breaks and
sustains below yesterday’s low of 9254, then it may test
9165 - 8917 levels.
Actionable points:
View
Neutral
Resistance Level
9458
Support Levels
9165 - 8917
Source: Falcon
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2
Technical Research | November 15, 2011
Positive Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Cummins
367
383.7
383
View will change below 349
DR.Reddy
1628
1592
1685
View will change below 1610
Negative Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Century Tex
315.4
314.9
296
View will change above 316
Ambuja Cem
161.7
156.5
156.5
View will change above 165
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3
Technical Research | November 15, 2011
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
16,904
17,011
17,201
17,308
17,498
NIFTY
5,084
5,116
5,173
5,205
5,261
BANKNIFTY
9,125
9,200
9,329
9,404
9,533
ACC
1,198
1,208
1,220
1,230
1,242
AMBUJACEM
160
162
163
165
166
AXISBANK
1,024
1,037
1,059
1,072
1,094
BAJAJ-AUTO
1,706
1,722
1,748
1,764
1,791
BHARTIARTL
394
400
403
409
412
BHEL
308
313
321
325
333
BPCL
539
544
553
559
568
CAIRN
312
315
319
323
327
CIPLA
283
285
288
291
294
DLF
214
219
227
231
239
DRREDDY
1,613
1,629
1,641
1,657
1,669
GAIL
413
416
418
421
423
HCLTECH
418
424
429
435
440
HDFC
661
667
672
678
682
HDFCBANK
463
467
473
478
484
HEROMOTOCO
2,139
2,174
2,212
2,247
2,285
HINDALCO
121
124
128
131
135
HINDUNILVR
391
395
399
404
407
ICICIBANK
799
810
825
836
850
IDFC
112
114
118
120
124
INFY
2,779
2,794
2,813
2,828
2,847
ITC
208
210
212
214
217
JINDALSTEL
524
535
552
563
580
JPASSOCIAT
71
73
76
77
80
KOTAKBANK
494
498
505
509
515
LT
1,302
1,315
1,332
1,345
1,362
M&M
739
765
808
834
876
MARUTI
989
1,008
1,040
1,060
1,092
NTPC
170
171
174
176
178
ONGC
254
258
263
267
272
PNB
897
914
938
956
980
POWERGRID
103
104
106
107
108
RANBAXY
466
475
481
491
496
RCOM
78
80
83
85
88
RELCAPITAL
311
322
338
349
366
RELIANCE
859
868
882
891
905
RELINFRA
389
405
435
451
481
RPOWER
89
92
98
101
106
SAIL
99
100
104
106
109
SBIN
1,687
1,720
1,774
1,807
1,860
SESAGOA
195
199
205
208
215
SIEMENS
797
806
823
832
849
STER
112
114
117
119
122
SUNPHARMA
498
505
515
521
531
SUZLON
31
32
34
35
36
TATAMOTORS
170
174
180
183
189
TATAPOWER
97
99
101
103
105
TATASTEEL
392
402
420
430
448
TCS
1,105
1,117
1,136
1,148
1,168
WIPRO
379
383
386
390
394
Technical Research Team
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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
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