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.
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1
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
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2
Technical Research | November 11, 2011
Positive Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
HINDUNILVR
383.3
360
410
View will change below 375
Wipro
372.5
363.4
390
View will change below 367
Negative Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Arvind
105.4
104.6
95
View will change above 108.4
DLF
239.5
233.9
220
View will change above 245
SBI
1922.5
1908.2
1830
View will change above 1955
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3
Technical Research | November 11, 2011
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
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
77
78
79
79
80
KOTAKBANK
485
489
496
501
508
LT
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
103
104
104
105
RANBAXY
454
465
480
490
505
RCOM
80
82
85
87
90
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
34
35
36
37
38
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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