Technical Research | November 08, 2011

Daily Technical Report

Sensex (17563) / NIFTY (5284)

Exhibit 1: Nifty Daily Chart

We witnessed a gap up opening on Friday’s session due to

strong overnight cues from US and European markets.

However, the selling pressure near day’s high dragged

indices lower to close marginally below 17600 / 5300

mark. On the sectoral front, the Metal, Capital Goods and

Realty counters were among the major gainers whereas Oil

& Gas sector ended with a nominal loss. The advance

decline ratio was strongly in favor of advancing counters

(A=1580 D=1234). (Source -www.bseindia.com)

Formation

• On the Weekly chart, the “Downward Sloping Trend

Line” is now placed around the 18100 / 5450 level.

• The Daily “200 SMA” is placed at 18000 / 5400 level.

• The “20 EMA” on the Daily and Weekly chart is placed

at 17165 / 5165 and 17300 / 5200, respectively.

Source: Falcon

• The positive crossover in the Weekly ADX (9) indicator is

still intact.

Actionable points:

Trading strategy:

Going forward, indices are likely to face resistance near the

View

Neutral

“Downward Sloping Trend Line” level of 18100 / 5450 and

Resistance Levels

5400 - 5450

“200-Day SMA” which is placed at 18000 / 5400 level.

Support Levels

5200 - 5160

However, the impact of positive crossover in the Weekly

Broadly speaking, indices are trading in the range of 18100

ADX (9) indicator would come into action if indices manage

to 17165 / 5450 to 5160. A breakout from this range on

to break the 18100 / 5450 level. In this scenario, we may

either side would set the direction for our benchmark

witness a strong buying interest, which would push indices

indices.

higher to test the next resistance level of 18300 - 18440 /

Therefore, we reiterate our view that traders should stay

5500 - 5550. On the downside, our benchmark indices

light on positions and continue to adopt a stock - specific

have a decent support in the range of 17300 - 17165 /

approach.

5200 - 5160. These levels coincide with the “20 EMA” on

the Weekly as well as Daily chart. A breach of 17165 /

5160 level may attract selling pressure, which may then

drag indices lower to test crucial support levels of 16900 -

16669 / 5085 - 5011.

For Private Circulation Only |

Technical Research | November 08, 2011

Bank Nifty Outlook - (9836)

Exhibit 2: Bank Nifty Daily Chart

Bank nifty opened with a minor upside gap and tested our

mentioned resistance level of 9890. The selling pressure

near day’s high dragged index lower to close marginally

below 9800 mark. We are now witnessing a narrow range

body formation, which is a sign of indecisiveness at current

levels. Only a sustainable move above Friday’s high of 9914

may push the index to test the next resistance level of 10080.

On the downside, 9647- 9500 levels may act as support

levels for the day.

Actionable points:

View

Neutral

Resistance Level

9914

Support Levels

9647 - 9500

Source: Falcon

Stock Recommendations:

Exhibit 3:Voltas (NSE Cash) Weekly chart

Stock - Voltas (NSE Cash)

Action - Buy

Last close - ` 105.45

Buying Range - ` 105.50 - ` 101.50

Stop Loss - ` 98

Target

- ` 115

Justification - The stock has given a confirmation of “Bullish

Harami” Japanese candlestick pattern on weekly chart

which is a price reversal pattern. We are also witnessing a

positive crossover in momentum oscillator’s viz. the RSI and

the Stochastic. Buy this stock in a range of `105.50 -

`101.50 for a target of `115 in coming 2-3 weeks.

Source: Falcon

For Private Circulation Only |

Technical Research | November 08, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

17,352

17,457

17,580

17,685

17,808

NIFTY

5,220

5,252

5,289

5,322

5,359

BANKNIFTY

9,747

9,792

9,853

9,898

9,959

ACC

1,200

1,212

1,222

1,233

1,243

AMBUJACEM

155

158

160

163

165

AXISBANK

1,111

1,120

1,132

1,141

1,154

BAJAJ-AUTO

1,682

1,713

1,741

1,773

1,801

BHARTIARTL

379

388

394

404

410

BHEL

328

331

335

338

342

BPCL

608

616

629

637

650

CAIRN

297

302

305

310

313

CIPLA

290

292

293

295

297

DLF

241

244

248

251

255

DRREDDY

1,563

1,593

1,624

1,653

1,684

GAIL

415

420

425

430

435

HCLTECH

430

434

440

445

451

HDFC

672

678

684

690

695

HDFCBANK

476

480

484

487

491

HEROMOTOCO

2,062

2,088

2,111

2,137

2,159

HINDALCO

136

138

139

140

141

HINDUNILVR

373

376

380

383

387

ICICIBANK

872

878

885

891

898

IDFC

126

127

130

131

133

INFY

2,763

2,795

2,823

2,854

2,882

ITC

209

210

211

213

JINDALSTEL

562

570

576

584

590

JPASSOCIAT

KOTAKBANK

491

497

503

509

515

1,376

1,385

1,395

1,404

1,415

M&M

821

829

839

847

858

MARUTI

1,095

1,109

1,131

1,144

1,166

NTPC

176

178

180

181

183

ONGC

271

274

279

282

287

PNB

958

968

985

996

1,013

POWERGRID

102

103

104

105

106

RANBAXY

491

498

509

515

526

RCOM

RELCAPITAL

364

369

375

380

386

RELIANCE

854

867

886

899

918

RELINFRA

431

444

459

472

487

RPOWER

100

101

102

SAIL

109

110

111

112

113

SBIN

1,939

1,953

1,967

1,980

1,995

SESAGOA

203

207

212

215

220

SIEMENS

848

855

862

869

876

STER

120

121

124

125

127

SUNPHARMA

501

507

511

517

521

SUZLON

TATAMOTORS

181

185

189

193

197

TATAPOWER

101

102

104

105

107

TATASTEEL

458

463

470

474

481

TCS

1,066

1,083

1,104

1,121

1,142

WIPRO

364

368

372

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]

Research Team: 022-3952 6600

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