Technical Research | September 21, 2011
Daily Technical Report
Sensex (17099) / Nifty (5140)
Markets opened flat and traded with strong positive bias
Exhibit 1: Sensex Daily Chart
throughout the session which led indices to close with a
handsome intraday gain. On the sector front, IT, Teck and
Consumer Durables counters were among the major
gainers. The advance decline ratio was in favor of
advancing counters (A=1844 D=969). (Source
-
www.bseindia.com)
Formation
• On the Daily chart, there is a “Horizontal Trend Line”
joining two recent highs of 17256 and 17212 / 5198
and 5169.
Trading strategy:
In yesterday’s trading session, we witnessed a quite opening
Source: Falcon
in-line with global cues but a strong buying emerged as day
progressed which led indices to close at the day’s high.
Markets are now nearing their recent swing high of 17212 /
5169 after a sharp rally in yesterday’s session. This level
coincides with a “Horizontal Trend Line” resistance
mentioned above. Looking at the global clues it is likely that
our benchmark Indices may open lower. If a sustainable
move beyond this resistance level (17212 / 5169) takes
place, it may lead to a break out from this resistance. In this
case, indices may rally towards 17400 - 17600 / 5240 -
5300 levels. On the downside, 16880 - 16700 / 5070 -
5019 levels may act as support in coming trading sessions.
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Technical Research | September 21, 2011
Daily Pivot Levels For Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
16,621
16,860
16,998
17,237
17,375
NIFTY
4,994
5,067
5,108
5,182
5,223
ACC
1,045
1,056
1,063
1,074
1,081
AMBUJACEM
144
145
146
148
149
AXISBANK
1,080
1,112
1,131
1,163
1,182
BAJAJ-AUTO
1,596
1,612
1,621
1,637
1,646
BHARTIARTL
383
387
390
394
397
BHEL
1,611
1,626
1,645
1,659
1,678
BPCL
652
659
664
670
675
CAIRN
280
293
300
313
320
CIPLA
275
279
281
285
287
DLF
201
206
210
216
219
DRREDDY
1,498
1,518
1,531
1,550
1,564
GAIL
426
431
434
440
443
HCLTECH
384
394
399
409
414
HDFC
646
661
669
684
692
HDFCBANK
479
485
489
495
499
HEROMOTOCO
2,178
2,192
2,205
2,218
2,231
HINDALCO
141
145
148
153
155
HINDUNILVR
333
338
342
347
351
ICICIBANK
849
866
877
893
904
IDFC
112
114
115
116
117
INFY
2,352
2,394
2,417
2,459
2,482
ITC
194
196
198
200
202
JINDALSTEL
535
545
555
566
576
JPASSOCIAT
68
70
72
74
75
KOTAKBANK
466
473
477
484
488
LT
1,541
1,552
1,562
1,573
1,584
M&M
788
801
810
824
833
MARUTI
1,099
1,127
1,144
1,172
1,190
NTPC
168
170
171
173
175
ONGC
254
258
264
268
274
PNB
959
981
995
1,017
1,031
POWERGRID
97
98
99
100
101
RANBAXY
475
481
487
493
499
RCOM
81
83
84
85
86
RELCAPITAL
389
404
412
427
436
RELIANCE
803
827
841
865
878
RELINFRA
439
448
454
464
470
RPOWER
78
81
83
85
87
SAIL
105
109
110
113
115
SBIN
1,866
1,929
1,964
2,026
2,062
SESAGOA
217
220
222
226
228
SIEMENS
842
859
869
887
897
STER
127
130
132
136
138
SUNPHARMA
471
478
482
489
494
SUZLON
39
40
40
41
41
TATAMOTORS
159
163
165
168
170
TATAPOWER
968
983
992
1,006
1,015
TATASTEEL
448
455
459
465
469
TCS
1,006
1,032
1,048
1,074
1,090
WIPRO
334
342
349
357
364
Technical Research Team
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T
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: 022-3935 7600
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