Technical Research | November 25, 2011
Daily Technical Report
Sensex (15858) / NIFTY (4756)
Exhibit 1: Nifty Daily Chart
Yesterday, markets opened on a flat note and drifted lower
during the first half to test Wednesday’s low of 15479 /
4641. However, huge short covering towards the latter part
of the session pushed indices higher to close well in the
positive territory. On the sectoral front, the Auto, Capital
Goods and Teck counters were among the major gainers,
whereas Consumer Durables ended with a marginal loss.
The advance decline ratio was in favor of declining counters
(A=1475 D=1299). (Source -www.bseindia.com)
Formation
• There is no specific formation is seen on the chart.
Source: Falcon
Actionable points:
Trading strategy:
We witnessed a very volatile session after a flat opening
View
Neutral
mainly due to November series Derivatives expiry. After
Resistance levels
4780 - 4854
testing yesterday’s low of 15479 / 4641, indices rallied
Support level
4640
sharply due to huge short covering towards the end of the
session. Going forward, yesterday’s low of 15479 / 4639
may act as key support for the markets. A sustainable move
below this level would attract strong selling pressure, which
may drag indices lower to test 15330 / 4540. On the
upside, indices are likely to face resistance near 15970 /
4780 level. If indices cross and sustain above 15970 /
4780, then they are likely to rally towards the next
resistance level of 16213 / 4854.
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1
Technical Research | November 25, 2011
Bank Nifty Outlook - (8473)
Exhibit 2: Bank Nifty Daily Chart
Bank nifty opened on a flat note and traded in a narrow
range during the first half of the session. However, during
the last hour of the trade, the index bounced back sharply
mainly due to short covering, to close near day’s high.
We are now observing a narrow range body formation,
which suggest indecisiveness prevailing at current levels.
Therefore, if Bank Nifty sustains above yesterday’s high of
8504, then it is likely to test 8626 - 8700 levels. On the
downside, 8335 - 8240 levels may act as support levels
for the day.
Actionable points:
View
Neutral
Resistance levels
8626 - 8700
Support Levels
8335 - 8240
Source: Falcon
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2
Technical Research | November 25, 2011
Positive Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Coal India
303.4
315.7
315
View will change below 297
Suzlon
23.5
29.7
29
View will change below 21
Negative Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Hind Petro
288.9
310.5
270
View will change above 296
Hero Motocop
2136
2124.9
2035
View will change above 2154
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3
Technical Research | November 25, 2011
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
15,325
15,592
15,747
16,013
16,168
NIFTY
4,590
4,673
4,722
4,805
4,854
BANKNIFTY
8,190
8,331
8,418
8,559
8,646
ACC
1,085
1,100
1,119
1,133
1,153
AMBUJACEM
137
144
148
155
159
AXISBANK
923
940
953
969
982
BAJAJ-AUTO
1,524
1,589
1,633
1,699
1,742
BHARTIARTL
354
366
375
388
397
BHEL
239
250
258
269
277
BPCL
476
490
500
513
523
CAIRN
283
292
301
310
318
CIPLA
303
309
314
320
325
DLF
187
192
196
201
205
DRREDDY
1,478
1,528
1,567
1,617
1,656
GAIL
365
376
383
394
401
HCLTECH
363
378
388
403
413
HDFC
598
612
621
635
644
HDFCBANK
402
416
425
439
449
HEROMOTOCO
2,038
2,072
2,113
2,148
2,188
HINDALCO
114
116
118
120
123
HINDUNILVR
376
380
384
388
392
ICICIBANK
711
721
728
738
745
IDFC
100
103
106
109
111
INFY
2,548
2,607
2,646
2,705
2,743
ITC
186
189
193
196
199
JINDALSTEL
482
491
499
508
515
JPASSOCIAT
58
60
61
63
64
KOTAKBANK
419
431
440
451
461
LT
1,154
1,189
1,209
1,244
1,265
M&M
673
693
706
726
739
MARUTI
933
961
980
1,008
1,027
NTPC
151
155
157
161
164
ONGC
238
247
252
261
266
PNB
849
867
880
898
911
POWERGRID
94
94
95
96
97
RANBAXY
403
416
426
439
448
RCOM
68
69
71
72
73
RELCAPITAL
277
282
287
292
297
RELIANCE
743
758
768
783
793
RELINFRA
380
388
395
404
410
RPOWER
84
86
89
91
93
SAIL
81
83
85
87
90
SBIN
1,611
1,632
1,650
1,672
1,690
SESAGOA
159
168
174
182
188
SIEMENS
634
660
678
705
723
STER
100
102
103
105
107
SUNPHARMA
478
490
498
510
518
SUZLON
21
22
23
24
25
TATAMOTORS
160
166
171
177
182
TATAPOWER
89
90
92
94
95
TATASTEEL
359
372
381
394
403
TCS
1,026
1,059
1,078
1,110
1,129
WIPRO
356
364
369
376
381
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]
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