Technical Research | November 11, 2011

Daily Technical Report

Sensex (17362) / NIFTY (5221)

Exhibit 1: Nifty Daily Chart

On Wednesday, markets opened marginally higher and

traded in a narrow range in the initial part of the session.

Immense selling pressure during the latter part of the day

dragged indices sharply lower to close marginally above the

support level of 17300 / 5200. On the sector front, the

Banking, Metal and Realty counters were among the major

losers in Wednesday’s fall whereas FMCG sector ended on

a positive note. The advance decline ratio was strongly in

favor of declining counters (A=991 D=1879). (Source -

www.bseindia.com)

Formation

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

at 17165 / 5165 and 17300 / 5200, respectively.

Source: Falcon

• We are observing a negative crossover in “RSI

Smoothened” oscillator on Daily chart.

Trading strategy:

Actionable points:

Markets were struggling since last couple of sessions to

cross immediate resistance level of 17702 / 5326. On

View

Neutral

Resistance Levels

5326 - 5365

Wednesday, markets made an attempt but again failed to

Support Levels

5200 - 5160

cross this level and corrected sharply from the day’s high.

Going forward, as mentioned in earlier reports also, 17300

- 17165 / 5200 - 5160 may act as support levels. We are

now observing a negative crossover in daily “RSI

Smoothened” oscillator which indicates negativity. A breach

of 17165 / 5160 would attract further selling pressure

which could drag indices to test crucial support levels of

16900 - 16669 / 5085 - 5011. On the upside, 17700 /

5326 level remains to be a strong resistance.

For Private Circulation Only |

Technical Research | November 11, 2011

Bank Nifty Outlook - (9593)

Exhibit 2: Bank Nifty Daily Chart

In Wednesday’s session Bank nifty opened near our

mentioned resistance level of 9914 and traded in a narrow

range during first half of the session. During the second half

we witnessed immense selling pressure which led the index

lower and close below both our mentioned support levels.

We are witnessing a trend line breakdown at 9785 level

coupled with negative positioning of the momentum

oscillators on daily chart. If Bank Nifty breaches

Wednesday’s low of 9565 then it is likely to test 9323 -

9166 levels.

On the upside, 9896 - 9914 levels may act as resistance

levels for the day.

Actionable points:

View

Neutral

Source: Falcon

Resistance Levels

9896 - 9914

Support Levels

9323 - 9166

For Private Circulation Only |

Technical Research | November 11, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

17,123

17,243

17,451

17,570

17,778

NIFTY

5,144

5,183

5,250

5,288

5,356

BANKNIFTY

9,354

9,473

9,685

9,804

10,016

ACC

1,183

1,195

1,211

1,223

1,238

AMBUJACEM

158

160

161

163

164

AXISBANK

1,075

1,094

1,122

1,140

1,169

BAJAJ-AUTO

1,679

1,697

1,722

1,740

1,765

BHARTIARTL

387

391

397

401

406

BHEL

321

325

332

336

343

BPCL

541

555

581

595

621

CAIRN

302

308

316

321

330

CIPLA

284

286

289

292

295

DLF

224

229

236

241

249

DRREDDY

1,581

1,593

1,613

1,625

1,645

GAIL

408

412

418

422

428

HCLTECH

418

422

429

433

440

HDFC

675

679

683

687

691

HDFCBANK

469

473

479

484

490

HEROMOTOCO

2,103

2,121

2,144

2,163

2,186

HINDALCO

128

131

137

140

145

HINDUNILVR

375

384

391

400

407

ICICIBANK

838

850

870

882

902

IDFC

117

120

125

128

133

INFY

2,800

2,818

2,843

2,860

2,885

ITC

208

210

212

214

217

JINDALSTEL

550

559

572

581

594

JPASSOCIAT

KOTAKBANK

485

489

496

501

508

1,349

1,362

1,381

1,394

1,413

M&M

791

802

821

832

851

MARUTI

1,035

1,056

1,092

1,113

1,150

NTPC

170

172

176

178

181

ONGC

265

268

274

277

283

PNB

943

955

970

981

996

POWERGRID

103

104

105

RANBAXY

454

465

480

490

505

RCOM

RELCAPITAL

339

349

366

376

392

RELIANCE

841

853

873

885

904

RELINFRA

449

459

475

485

501

RPOWER

100

101

104

105

108

SAIL

103

105

108

110

113

SBIN

1,745

1,804

1,911

1,969

2,076

SESAGOA

200

204

209

212

217

SIEMENS

809

820

837

848

865

STER

115

118

121

124

128

SUNPHARMA

482

486

493

497

504

SUZLON

TATAMOTORS

179

182

187

190

195

TATAPOWER

100

101

103

104

105

TATASTEEL

424

436

456

467

487

TCS

1,085

1,104

1,125

1,144

1,165

WIPRO

364

370

375

382

387

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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