Technical Research | November 04, 2011
Daily Technical Report
Sensex (17482) / NIFTY (5266)
Exhibit 1: Nifty Daily Chart
Markets opened marginally lower and traded with negative
bias during the first half. However, once again indices
found strong support near 17300 / 5200 level and moved
sharply higher to close almost at the highest point of the
day. On the sector front, Realty, Power and Oil & Gas
counters were among the major contributors in yesterday’s
bounce whereas Consumer Durables and IT sectors ended
with a nominal loss. The advance decline ratio was
marginally in favor of declining counters (A=1329
Formation
• The Daily “200 SMA” is placed at the 18000 / 5400
level.
• The Daily chart depicts a candle which resembles a
“Bullish Hammer”.
Source: Falcon
• Also, indices have taken a support at 50% Fibonacci
Retracement level of the rise from 16669 to 17908 / 5011
to 5400 since last two sessions.
Actionable points:
Trading strategy:
In Yesterday’s trading session, we observed that indices
View
Bullish
took support near the mentioned level of 17273 / 5196
Positive Above
5282
where strong buying emerged and markets closed near
Expected Targets
5366 - 5400
Support Levels
5196 - 5160
days high. The Daily chart exhibits a “Bullish Hammer” at
50% Fibonacci Retracement level of the rise from 16669 to
17908 / 5011 to 5400 which indicates possibility of an
upside move till the next resistance level of 17821 - 17908
/ 5366 - 5400. The said pattern will be negated on the
violation of the low of 17278 / 5201.
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1
Technical Research | November 04, 2011
Bank Nifty Outlook - (9783)
Exhibit 2: Bank Nifty Daily Chart
Bank nifty has taken a support near the expected support
level of 9607 and bounced back sharply during the last hour
of trade to close almost at the highest point of the day. We
are now observing a positive crossover of “20 & 50 SMA” on
Daily chart which is a sign of strength. Therefore, if Bank
Nifty sustains above yesterday’s high of 9815 then it is likely
to test 9890 - 10080 levels.
On the downside, 9647 - 9607 levels may act as support
level for the day.
Actionable points:
View
Bullish
Positive Above
9815
Expected Target
9890 - 10080
Support Levels
9647 - 9607
Source: Falcon
Stock Recommendations:
Exhibit 3:Petronet LNG (Nov Fut) Hourly chart
Stock - Petronet LNG (Nov.Fut.)
Action - Buy
Last close - ` 166.85
Buying Range - ` 166.30 - ` 165.80
Stop Loss - ` 164.45
Target
- ` 171
Justification - The stock has given a trend line breakout on
the hourly chart around ` 165.50 with significant rise in
volumes. Also, the placement of momentum oscillators and
moving averages indicates possibility of a further upside
move in coming trading sessions. Therefore, we advise
traders to buy the stock in range of ` 166.30 - ` 165.80
for target of ` 171 in coming 2 - 3 trading sessions
Source: Falcon
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2
Technical Research | November 04, 2011
Positive Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Jswsteel
645.7
619.5
704
View will change below 635
Bhel
322
323.6
345
View will change below 314
BGR Energy
329.2
327
350
View will change below 322
Negative Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Hind Uniliver
376.3
351.21
371
View will change above 392
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3
Technical Research | November 04, 2011
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
17,180
17,331
17,429
17,580
17,678
NIFTY
5,170
5,218
5,250
5,298
5,329
BANKNIFTY
9,583
9,683
9,749
9,849
9,915
ACC
1,158
1,184
1,203
1,229
1,247
AMBUJACEM
153
155
157
159
160
AXISBANK
1,088
1,102
1,116
1,130
1,144
BAJAJ-AUTO
1,690
1,709
1,722
1,741
1,754
BHARTIARTL
379
386
390
398
402
BHEL
311
320
326
335
341
BPCL
619
625
631
636
642
CAIRN
293
297
300
303
306
CIPLA
286
288
290
293
295
DLF
227
236
242
251
257
DRREDDY
1,609
1,625
1,637
1,653
1,665
GAIL
416
422
426
431
435
HCLTECH
427
432
439
445
451
HDFC
669
676
682
689
694
HDFCBANK
467
474
480
487
492
HEROMOTOCO
2,012
2,042
2,065
2,095
2,119
HINDALCO
132
134
135
137
139
HINDUNILVR
376
379
383
387
391
ICICIBANK
857
868
880
890
902
IDFC
125
127
130
132
134
INFY
2,729
2,766
2,804
2,840
2,879
ITC
207
209
210
211
212
JINDALSTEL
546
555
561
570
576
JPASSOCIAT
75
76
78
79
80
KOTAKBANK
487
496
501
510
515
LT
1,349
1,365
1,377
1,392
1,404
M&M
819
829
837
848
856
MARUTI
1,114
1,122
1,128
1,136
1,142
NTPC
173
176
177
180
182
ONGC
268
273
276
281
285
PNB
965
977
986
997
1,007
POWERGRID
102
103
104
105
105
RANBAXY
508
511
514
518
521
RCOM
80
81
83
85
86
RELCAPITAL
357
365
371
379
385
RELIANCE
853
869
879
896
906
RELINFRA
443
454
462
473
481
RPOWER
95
97
98
100
102
SAIL
104
107
110
112
116
SBIN
1,890
1,912
1,926
1,949
1,963
SESAGOA
203
207
209
214
216
SIEMENS
828
842
851
865
874
STER
117
119
121
123
125
SUNPHARMA
493
498
504
510
515
SUZLON
36
36
36
37
37
TATAMOTORS
182
185
189
192
196
TATAPOWER
100
103
104
107
109
TATASTEEL
448
455
462
469
477
TCS
1,078
1,092
1,100
1,114
1,123
WIPRO
363
367
370
374
378
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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