Technical Research | November 1, 2011
Daily Technical Report
Sensex (17705) / NIFTY (5327)
We witnessed a flat opening in yesterday’s session and then
Exhibit 1: Nifty Daily Chart
indices moved in a narrow range to close marginally above
the support level of 17671 / 5322. On the sector front, Oil
& Gas and Metal counters were among the major losers
whereas FMCG and Banking counters ended on a positive
note. The advance decline ratio was marginally in favor of
advancing counters (A=1485 D=1351).
(Source
-
Formation
• On the Weekly chart, the “Downward Sloping Trend
Line” is placed around the 18150 / 5475 level.
• The Daily “200 SMA” is placed at the 18020 / 5410
level.
• We are witnessing a downside gap area of 17671 to
Source: Falcon
17350 / 5322 to 5219 created on October 28, 2011.
Actionable points:
Trading strategy:
In our earlier report, we had stated that the “Narrow range”
View
Neutral
body formation on the Daily chart indicates possibility of a
Resistance Levels
5410 - 5475
consolidation or a minor pull back. As expected, yesterday
Support Levels
5314 - 5219
indices traded in a narrow range throughout the session
and closed marginally above the support level of 17671 /
5322. We reiterate our view that indices may face supply
pressure near 18020 - 18150 / 5410 - 5475 levels.
Considering the Global clues today morning, it is likely that
our indices open in the red. Thus, a sustainable move below
yesterday’s low of 17668 / 5314 level may result in a minor
correction to fill the gap area of 17671 to 17350 / 5322 to
5219 created on October 28, 2011.
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1
Technical Research | November 1, 2011
Bank Nifty Outlook - (9990)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank nifty managed to cross the mentioned
resistance level of 9970 - 10030 during the day trade, but
failed to give a close above the second resistance level. We
are observing a trend line breakout on daily chart, but the
candle formed is a “Spinning Top” which indicates
indecisiveness at current levels. Therefore, only if bank nifty
sustains above yesterday’s high of 10080 then it is likely to
test 10300 - 10350 levels.
On the downside, 9826 - 9607 levels may act as support
level for the day.
Actionable points:
View
Neutral
Resistance Levels
10080 - 10300
Support Level
9826 - 9607
Source: Falcon
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2
Technical Research | November 1, 2011
Positive Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Aptech
119
117.7
129
View will change below 116.50
BankBaroda
746.2
749.4
800
View will change below 729
Negative Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Jubilant Food
835
844
780
View will change above 834
ONGC
277.5
271
270
View will change above 285
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3
Technical Research | November 1, 2011
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,584
17,644
17,729
17,789
17,874
NIFTY
5,288
5,307
5,334
5,353
5,379
BANKNIFTY
9,712
9,851
9,965
10,104
10,219
ACC
1,169
1,182
1,203
1,216
1,237
AMBUJACEM
149
152
156
160
164
AXISBANK
1,132
1,146
1,155
1,168
1,178
BAJAJ-AUTO
1,692
1,711
1,740
1,759
1,789
BHARTIARTL
385
388
392
395
399
BHEL
309
314
321
326
333
BPCL
599
611
628
639
656
CAIRN
291
295
300
304
309
CIPLA
288
292
296
299
303
DLF
235
239
244
247
252
DRREDDY
1,636
1,653
1,664
1,681
1,692
GAIL
414
418
425
430
437
HCLTECH
433
439
446
451
459
HDFC
670
680
687
697
704
HDFCBANK
472
481
486
495
501
HEROMOTOCO
2,133
2,157
2,174
2,198
2,215
HINDALCO
131
134
137
140
143
HINDUNILVR
338
357
367
387
397
ICICIBANK
903
917
935
949
968
IDFC
128
130
133
135
137
INFY
2,835
2,856
2,877
2,898
2,919
ITC
210
211
213
215
217
JINDALSTEL
545
554
568
577
591
JPASSOCIAT
76
77
78
79
80
KOTAKBANK
499
506
509
516
520
LT
1,388
1,401
1,415
1,427
1,441
M&M
840
853
864
877
888
MARUTI
1,033
1,079
1,106
1,152
1,179
NTPC
175
177
180
182
186
ONGC
271
274
280
283
289
PNB
938
957
968
987
998
POWERGRID
102
104
105
106
107
RANBAXY
489
495
507
513
524
RCOM
77
78
80
81
83
RELCAPITAL
358
364
370
376
382
RELIANCE
856
867
883
894
910
RELINFRA
443
454
463
473
482
RPOWER
92
94
95
97
98
SAIL
109
110
113
115
118
SBIN
1,858
1,882
1,902
1,926
1,946
SESAGOA
200
204
207
211
214
SIEMENS
840
848
860
867
880
STER
123
125
129
131
134
SUNPHARMA
493
499
504
510
515
SUZLON
37
38
38
39
40
TATAMOTORS
193
196
201
203
208
TATAPOWER
97
99
101
103
105
TATASTEEL
469
476
482
489
496
TCS
1,100
1,108
1,120
1,128
1,140
WIPRO
350
358
372
380
393
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
Research Team: 022-3952 6600
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