Technical Research | November 22, 2011
Daily Technical Report
Sensex (15952) / NIFTY (4778)
Exhibit 1: Nifty Daily Chart
Yesterday, after a gap down opening, we witnessed yet
another session with extreme pessimism. A massive selling
pressure led indices to close well below 4800 after nearly
seven weeks. On the sectoral front, the Metal, Banking and
Realty corrected sharply in yesterday’s session. There was
no sector in the positive territory. The advance decline ratio
was strongly in favor of declining counters (A=781
D=1971). (Source -www.bseindia.com)
Formation
• There is no specific formation seen on the chart.
Trading strategy:
Source: Falcon
As mentioned in our earlier report, we witnessed a sharp
correction after violating low of the bullish hammer and
Actionable points:
indices closed well below 4800 mark. Indices are now
nearing crucial support level of 15745 / 4718. We may
View
Neutral
Resistance levels
4874 - 4916
witness a minor bounce back up to 16297 - 16397 / 4874
Support level
4764 - 4718
-
4916, mainly due to oversold condition of daily
oscillators. However, a close below 15745 / 4718, may
attract massive selling pressure, which may drag indices
lower to test 15650 - 15330 / 4675 - 4540 levels in
coming trading sessions.
Therefore, we reiterate our view that traders should stay
light on positions and follow strict stop losses
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1
Technical Research | November 22, 2011
Bank Nifty Outlook - (8554)
Exhibit 2: Bank Nifty Daily Chart
Bank nifty opened on a flat note and traded with negative
bias throughout the day to close near the lowest point of
the day. We witnessed strong selling pressure on the
violation of the low of the “Dragon Fly Doji” pattern
formed on Friday and close below the low (8706) has
negated the bullish probability of this pattern. Therefore,
if Bank Nifty sustains below yesterday’s low of 8522, then
it is likely to test 8430 - 8300 levels.
On the upside, 8650 - 8730 levels may act as resistance
levels for the day.
Actionable points:
View
Neutral
Resistance Levels
8650 - 8730
Support Levels
8522 - 8430
Source: Falcon
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2
Technical Research | November 22, 2011
Positive Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Dabur India
97.5
98.6
102
View will change below 95.5
Negative Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Cipla
308
297.6
297
View will change above 314
Techm
596.6
598.4
570
View will change above 605
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3
Technical Research | November 22, 2011
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
15,651
15,799
16,048
16,195
16,445
NIFTY
4,697
4,738
4,806
4,847
4,915
BANKNIFTY
8,343
8,449
8,628
8,733
8,912
ACC
1,116
1,125
1,137
1,147
1,159
AMBUJACEM
146
148
150
152
154
AXISBANK
926
936
954
964
982
BAJAJ-AUTO
1,562
1,593
1,646
1,676
1,729
BHARTIARTL
376
382
389
395
402
BHEL
249
255
266
273
284
BPCL
479
492
510
523
541
CAIRN
272
281
296
305
319
CIPLA
301
305
312
316
322
DLF
185
190
199
204
212
DRREDDY
1,472
1,501
1,535
1,564
1,597
GAIL
362
367
376
382
390
HCLTECH
385
390
395
400
405
HDFC
603
613
628
639
654
HDFCBANK
431
438
447
454
463
HEROMOTOCO
2,133
2,152
2,175
2,194
2,217
HINDALCO
116
118
120
122
125
HINDUNILVR
385
388
390
393
396
ICICIBANK
701
716
741
756
781
IDFC
103
105
108
110
113
INFY
2,569
2,619
2,677
2,728
2,786
ITC
196
198
200
202
204
JINDALSTEL
499
508
523
532
546
JPASSOCIAT
58
59
62
63
65
KOTAKBANK
449
455
464
470
479
LT
1,193
1,210
1,237
1,254
1,281
M&M
693
706
725
738
758
MARUTI
911
927
947
963
983
NTPC
151
154
158
161
165
ONGC
244
248
255
259
266
PNB
852
860
868
876
884
POWERGRID
97
98
99
101
102
RANBAXY
432
440
449
457
466
RCOM
67
69
71
72
75
RELCAPITAL
277
285
294
301
311
RELIANCE
771
779
789
797
808
RELINFRA
389
395
406
413
424
RPOWER
87
88
90
92
94
SAIL
84
86
90
92
96
SBIN
1,614
1,643
1,684
1,713
1,754
SESAGOA
161
166
175
180
189
SIEMENS
702
712
726
735
749
STER
99
101
104
106
109
SUNPHARMA
490
494
498
502
506
SUZLON
19
20
22
24
26
TATAMOTORS
155
158
164
167
173
TATAPOWER
94
95
97
97
99
TATASTEEL
368
374
383
388
397
TCS
1,044
1,055
1,072
1,084
1,100
WIPRO
361
366
370
375
379
Technical Research Team
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4
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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