Technical Research | August 12, 2011
Daily Technical Report
Sensex (17059) / NIFTY (5138)
Our benchmark indices opened on a flat note in-spite of
Exhibit 1: Sensex Daily Chart
weak closing of European and U.S. markets. We witnessed
a range bound movement throughout the trading session
which led indices to close near its opening level. On the
sector front, Banking, Teck and Realty were among the
major losers. The advance decline ratio was in favor of
declining counters (A=1336 D=1481). (Source
-
www.bseindia.com)
Formation
The Daily chart exhibits a candlestick pattern which
resembles a “Doji”. This pattern indicates
indecisiveness and requires a confirmation.
Source: Falcon
The Gap area formed on the daily chart in the
range of 17665 - 17358 / 5323 - 5230 would act
as the next key resistance levels for the Indices.
Trading strategy:
Markets opened with a neutral bias and traded in a narrow
range of 17208 to 17012 / 5185 to 5121. On the Daily
chart, we are observing a candlestick pattern which
resembles a “Doji”. Looking at the global indices, it is likely
that our Benchmark indices may open on a positive note. If
indices manage to trade convincingly above 17208/ 5185
level then they may test 17350 / 5230 level. The above
mentioned pattern will have its bearish implication only if
indices trade below yesterday’s low of 17012 / 5121 level.
The activation of this pattern can attract some selling
pressure which can drag indices to the lower levels 16900 -
16640 / 5100 - 5010.
For Private Circulation Only |
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Technical Research | August 12, 2011
Daily Pivot Levels For Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
16,899
16,979
17,093
17,174
17,288
NIFTY
5,084
5,111
5,148
5,175
5,212
ACC
984
995
1,010
1,021
1,036
AMBUJACEM
125
128
129
132
134
AXISBANK
1,177
1,194
1,223
1,240
1,269
BAJAJ-AUTO
1,429
1,443
1,464
1,478
1,498
BHARTIARTL
388
392
400
404
412
BHEL
1,715
1,737
1,764
1,786
1,814
BPCL
681
686
691
695
701
CAIRN
267
272
275
280
283
CIPLA
285
289
296
301
308
DLF
201
204
206
209
211
DRREDDY
1,457
1,470
1,492
1,505
1,526
GAIL
430
435
439
444
447
HCLTECH
400
406
415
422
431
HDFC
649
666
677
695
706
HDFCBANK
470
475
480
485
490
HEROMOTOCO
1,834
1,846
1,866
1,879
1,898
HINDALCO
151
154
156
159
162
HINDUNILVR
313
314
316
317
319
ICICIBANK
921
932
951
962
981
IDFC
120
122
124
125
128
INFY
2,387
2,414
2,442
2,468
2,496
ITC
194
196
198
201
203
JINDALSTEL
499
505
515
521
531
JPASSOCIAT
61
63
64
66
67
KOTAKBANK
443
457
467
481
491
LT
1,616
1,628
1,644
1,656
1,672
M&M
702
716
727
741
753
MARUTI
1,214
1,231
1,256
1,273
1,299
NTPC
171
174
177
180
183
ONGC
273
275
278
280
282
PNB
1,084
1,098
1,116
1,130
1,148
POWERGRID
101
102
103
104
105
RANBAXY
481
486
491
496
502
RCOM
84
85
87
88
89
RELCAPITAL
438
448
456
466
474
RELIANCE
754
763
774
783
794
RELINFRA
454
469
480
495
506
RPOWER
88
90
91
93
94
SAIL
109
110
112
113
114
SBIN
2,215
2,230
2,257
2,273
2,299
SESAGOA
233
236
241
244
248
SIEMENS
853
871
885
902
917
STER
133
134
136
138
140
SUNPHARMA
468
475
483
490
497
SUZLON
41
41
42
43
44
TATAMOTORS
797
823
843
869
889
TATAPOWER
1,083
1,104
1,139
1,160
1,195
TATASTEEL
475
480
485
490
495
TCS
955
966
975
987
995
WIPRO
343
348
352
357
362
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: 022-3935 7600
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