Technical Research | November 23, 2011
Daily Technical Report
Sensex (16065) / NIFTY (4812)
Exhibit 1: Nifty Daily Chart
Markets opened marginally higher and traded with positive
bias almost throughout the trading session. However,
indices could not sustain at higher level and lost some of
their gains during the last hour of trade. On the sectoral
front, the Consumer Durables and FMCG were among the
major losers, whereas IT, Metal and Auto sectors gained in
yesterday’s bounce. The advance decline ratio was
marginally in favor of declining counters (A=1355
D=1404). (Source -www.bseindia.com)
Formation
• We are observing a Japanese candlestick formation
known as “Bullish Harami” body formation.
Source: Falcon
Actionable points:
Trading strategy:
View
Neutral
Despite weak US and European cues, we witnessed an
Resistance levels
4874 - 4916
optimistic opening and indices gained further ground to test
Support level
4764 - 4718
16200 / 4850 level. However, a minor correction towards
the end of the session led indices to close marginally above
16000 / 4800 mark. We are now observing a “Bullish
Harami” body formation on Daily chart. This pattern needs
confirmation in the form of a close above 16213/4854.
Going forward, if indices manage to cross and sustain
above yesterday’s high of 16213 / 4854, then they are
likely to bounce further to test 16297 - 16397 / 4874 -
4916 levels. On the downside, 15900 - 15745 / 4764 -
4718 levels remain to be a crucial and important support.
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1
Technical Research | November 23, 2011
Bank Nifty Outlook - (8612)
Exhibit 2: Bank Nifty Daily Chart
Bank nifty opened on an optimistic note and faced
resistance near our mentioned level of
8730.
Subsequently, index traded with extreme choppiness
throughout the session to close near the initial opening
level. We are now witnessing a “Bullish Harami Cross”
candlestick pattern, which is a reversal pattern. The said
pattern requires a confirmation in the form of closing
above the high of 8698.The said pattern will be negated
only if the index closes below 8544 level. Therefore, if
Bank Nifty sustains above yesterday’s high of 8698 then it
is likely to test 8798 - 8873 level.
On the downside, 8544 - 8430 levels may act as support
levels for the day.
Actionable points:
View
Neutral
Resistance levels
8798 - 8873
Support Levels
8544 - 8430
Source: Falcon
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2
Technical Research | November 23, 2011
Positive Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Auro Pharma
89.30
106.90
100
View will change below 80
EKC
44.35
53.60
48
View will change below 40
Negative Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Arvind
89.10
96.60
80
View will change above 89.70
Jindal Steel
528.30
540
501
View will change above 522
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3
Technical Research | November 23, 2011
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
15,840
15,953
16,083
16,196
16,326
NIFTY
4,745
4,779
4,816
4,850
4,888
BANKNIFTY
8,464
8,538
8,618
8,692
8,772
ACC
1,109
1,126
1,138
1,155
1,167
AMBUJACEM
143
146
148
151
153
AXISBANK
917
932
945
961
974
BAJAJ-AUTO
1,551
1,576
1,604
1,629
1,657
BHARTIARTL
364
371
380
387
396
BHEL
259
262
266
269
273
BPCL
480
501
514
535
548
CAIRN
278
289
296
307
314
CIPLA
307
312
315
320
323
DLF
192
197
200
205
208
DRREDDY
1,482
1,511
1,538
1,566
1,593
GAIL
361
368
373
380
385
HCLTECH
378
385
394
401
410
HDFC
616
627
636
647
657
HDFCBANK
435
440
445
449
454
HEROMOTOCO
2,103
2,135
2,166
2,198
2,228
HINDALCO
118
120
122
124
125
HINDUNILVR
379
382
387
390
395
ICICIBANK
726
736
744
754
762
IDFC
105
107
108
109
111
INFY
2,531
2,628
2,696
2,793
2,861
ITC
191
193
198
201
205
JINDALSTEL
487
501
525
539
564
JPASSOCIAT
59
61
63
65
66
KOTAKBANK
436
444
458
466
480
LT
1,208
1,218
1,231
1,240
1,253
M&M
687
698
715
726
743
MARUTI
935
947
956
968
977
NTPC
152
154
156
158
160
ONGC
246
249
253
256
260
PNB
858
871
881
894
903
POWERGRID
96
97
98
99
101
RANBAXY
436
441
449
454
461
RCOM
67
69
70
71
73
RELCAPITAL
282
289
296
303
310
RELIANCE
778
786
795
804
813
RELINFRA
396
402
409
416
423
RPOWER
88
90
91
93
95
SAIL
87
89
90
91
93
SBIN
1,644
1,667
1,688
1,711
1,732
SESAGOA
168
171
175
179
182
SIEMENS
667
684
709
725
751
STER
100
102
105
107
110
SUNPHARMA
488
495
501
508
514
SUZLON
20
21
22
23
24
TATAMOTORS
158
165
170
177
182
TATAPOWER
90
92
95
97
99
TATASTEEL
372
382
391
401
409
TCS
1,040
1,061
1,078
1,099
1,116
WIPRO
364
371
375
382
387
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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