Technical Research | November 24, 2011
Daily Technical Report
Sensex (15700) / NIFTY (4706)
Exhibit 1: Nifty Daily Chart
We witnessed a gap down opening and continued to slide
further to test mentioned support level of 15745 / 4718.
Further selling pressure in the second half of the session led
to a breach of this support and indices tested the 15479 /
4641 mark before closing marginally above 15700 / 4700
mark. On the sectoral front, the Capital goods, Teck and
Oil & Gas counters were among the major losers, whereas
Consumer Durables ended marginally on gaining side. The
advance decline ratio was strongly in favor of declining
counters (A=760 D=2055). (Source -www.bseindia.com)
Formation
• There is no specific formation is seen on the chart.
Trading strategy:
Source: Falcon
After a pessimistic opening, indices gradually drifted
Actionable points:
towards
15745
/
4718 and breached this important
support level after multiple attempts. Going forward, selling
View
Neutral
pressure is likely to intensify further if indices break hourly
Resistance levels
4780
Support level
4681 - 4640
swing low of 15616 / 4681. As a result, indices may drift
towards 15478 - 15330 / 4640 - 4540 in coming trading
sessions. On the upside, indices may face resistance near
yesterday’s high of 15970 / 4780.
Due to Derivatives expiry, the coming trading session is
likely to trade with extreme volatility.
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1
Technical Research | November 24, 2011
Bank Nifty Outlook - (8399)
Exhibit 2: Bank Nifty Daily Chart
Bank nifty opened with a negative bias and witnessed
immense selling pressure throughout the day. As the
index has closed below 8544 level, the “Bullish Harami
Cross” pattern mentioned in our earlier report has been
negated. Bank Nifty has taken support on the trend line
joining the lows of 8918 and 8626 levels. Going forward,
if Bank Nifty sustains below yesterday’s low of 8240 then
it is likely to test 8150 - 7960 levels. On the Upside,
8522 - 8700 levels may act as resistance for the day.
Actionable points:
View
Neutral
Resistance levels
8522 - 8700
Support Levels
8150 - 7960
Source: Falcon
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2
Technical Research | November 24, 2011
Positive Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Educomp
185.8
220.3
197
View will change below 174
Union Bank
206.8
218
218
View will change below 199
Negative Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Canara Bank
431.8
449
405
View will change above 441
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3
Technical Research | November 24, 2011
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
15,225
15,463
15,716
15,953
16,207
NIFTY
4,570
4,638
4,709
4,777
4,848
BANKNIFTY
8,083
8,241
8,399
8,557
8,715
ACC
1,115
1,123
1,134
1,142
1,153
AMBUJACEM
143
145
147
148
150
AXISBANK
912
925
934
946
955
BAJAJ-AUTO
1,546
1,573
1,593
1,619
1,639
BHARTIARTL
345
355
365
374
384
BHEL
247
251
257
262
268
BPCL
481
491
503
513
526
CAIRN
286
291
295
300
305
CIPLA
308
311
315
318
322
DLF
191
193
197
199
203
DRREDDY
1,471
1,502
1,531
1,562
1,591
GAIL
362
368
375
380
387
HCLTECH
371
378
385
392
399
HDFC
599
612
626
638
652
HDFCBANK
400
413
427
441
455
HEROMOTOCO
2,033
2,080
2,150
2,197
2,267
HINDALCO
116
118
119
121
123
HINDUNILVR
374
379
383
388
393
ICICIBANK
696
711
726
741
756
IDFC
98
100
104
107
110
INFY
2,581
2,617
2,653
2,689
2,725
ITC
186
190
193
197
200
JINDALSTEL
478
489
501
512
524
JPASSOCIAT
58
59
61
62
64
KOTAKBANK
428
435
444
451
460
LT
1,153
1,171
1,201
1,219
1,248
M&M
669
683
695
709
721
MARUTI
929
941
956
969
984
NTPC
150
153
155
159
161
ONGC
237
242
247
252
257
PNB
839
861
878
900
917
POWERGRID
92
94
96
97
99
RANBAXY
414
421
432
439
449
RCOM
64
67
71
74
78
RELCAPITAL
281
286
293
297
304
RELIANCE
739
756
773
790
807
RELINFRA
379
386
398
405
417
RPOWER
87
89
91
92
94
SAIL
85
86
88
90
92
SBIN
1,605
1,630
1,652
1,677
1,699
SESAGOA
161
167
170
175
179
SIEMENS
645
664
681
700
718
STER
100
102
104
106
107
SUNPHARMA
486
492
500
505
513
SUZLON
20
21
22
23
23
TATAMOTORS
163
166
168
171
174
TATAPOWER
88
89
92
93
96
TATASTEEL
372
377
383
388
394
TCS
1,021
1,042
1,062
1,083
1,103
WIPRO
354
360
367
373
381
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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