Technical Research | October 25, 2011
Daily Technical Report
Sensex (16939) / NIFTY (5098)
Markets opened with an upside gap and moved again
Exhibit 1: Nifty Daily Chart
towards the resistance zone of 17100 - 17200 / 5160 -
5177. During the second half selling pressure intensified
which dragged indices lower to close below its iniatial
opening level. On the sector front, IT, Auto and Teck
counters were among the gainers whereas Capital Goods
sector ended on a losing side. The advance decline ratio
was in favor of declining counters (A=1278 D=1528).
(Source -www.bseindia.com)
Formation
• On the Weekly chart, there is a “Horizontal Line”
resistance at 17256 / 5198 level.
• The “20 EMA” on the Weekly chart is now placed at
17215 / 5172 level.
Source: Falcon
• On the Daily chart, the “20 EMA” is placed at 16714 /
5025 level.
Actionable points:
Trading strategy:
Indices opened significantly higher on the back of positive
View
Neutral
sentiments across global indices and subsequently moved
Resistance Levels
5177 - 5198
Support Levels
5011 - 4944
towards the stiff resistance zone of 17100 - 17200 / 5160
- 5177 where once again we witnessed strong selling
pressure. As mentioned earlier, until and unless indices
don’t break out of the trading range of 17256 to 16669 /
5198 to 5011 on either side, we may not get clear direction
of the trend. Thus, going forward, 17200 - 17256 / 5177 -
5198 levels remain to be a strong resistance zone. On the
downside, indices have a decent support around 16714 -
16669 / 5025 - 5011 levels. A breach of these levels may
attract selling pressure which would drag indices lower to
test 16460 - 16300 / 4944 - 4890 levels.
The coming trading session is likely to trade with immense
volatility on account of “RBI Monetary Policy” and Derivative
expiry.Therefore, we advise traders to stay light on positions
and trade with strict stop losses.
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1
Technical Research | October 25, 2011
Bank Nifty Outlook - (9648)
Exhibit 2: Bank Nifty Daily Chart
Bank nifty tested mentioned resistance level of 9970 during
the initial part of the session. However, during the second
half selling pressure emerged near this resistance which led
the index to test support level of 9580. We reiterate our view
that 9970 - 10030 levels may act as a stiff resistance for
Bank Nifty; only a close beyond these levels would provide
clear direction of the trend.
On the downside, 9580 - 9430 levels may act as a support
level for the day.
Actionable points:
View
Neutral
Resistance Levels
9970 - 10030
Support Level
9580 - 9430
Source: Falcon
For Private Circulation Only |
2
Technical Research | October 25, 2011
Positive Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Ongc
269.7
267.2
289
View will change below 268
HindUnilvr
331.7
331.3
347
View will change below 331
Negative Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Larsen & Toubro
1344.8
1401.5
1245
View will change above 1352
Renuka
55.2
56
51.50
View will change above 56.2
For Private Circulation Only |
3
Technical Research | October 25, 2011
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
16,775
16,857
16,981
17,063
17,187
NIFTY
5,049
5,074
5,110
5,134
5,170
BANKNIFTY
9,414
9,531
9,724
9,841
10,034
ACC
1,117
1,125
1,135
1,144
1,154
AMBUJACEM
148
149
152
154
156
AXISBANK
1,134
1,151
1,170
1,187
1,206
BAJAJ-AUTO
1,635
1,665
1,685
1,715
1,735
BHARTIARTL
374
378
382
386
389
BHEL
311
315
321
324
330
BPCL
637
640
644
648
652
CAIRN
285
288
292
295
298
CIPLA
286
288
289
291
292
DLF
223
226
229
232
236
DRREDDY
1,530
1,537
1,546
1,553
1,562
GAIL
417
421
425
429
432
HCLTECH
415
420
423
427
430
HDFC
627
634
641
648
655
HDFCBANK
474
479
488
493
502
HEROMOTOCO
2,046
2,059
2,075
2,088
2,104
HINDALCO
121
122
124
125
127
HINDUNILVR
324
330
334
341
345
ICICIBANK
839
854
876
890
912
IDFC
120
122
123
125
126
INFY
2,728
2,747
2,761
2,781
2,795
ITC
202
205
206
209
210
JINDALSTEL
511
521
533
543
555
JPASSOCIAT
69
70
71
72
73
KOTAKBANK
464
468
472
476
480
LT
1,253
1,274
1,312
1,333
1,371
M&M
804
807
811
814
818
MARUTI
1,096
1,104
1,114
1,123
1,133
NTPC
169
170
172
173
174
ONGC
263
270
274
280
284
PNB
935
953
980
998
1,026
POWERGRID
100
100
101
101
102
RANBAXY
497
501
506
510
515
RCOM
70
72
73
75
76
RELCAPITAL
323
329
336
341
349
RELIANCE
838
842
848
852
858
RELINFRA
395
401
408
414
420
RPOWER
83
86
88
90
92
SAIL
104
105
106
107
109
SBIN
1,825
1,867
1,928
1,970
2,031
SESAGOA
202
205
209
212
216
SIEMENS
798
807
824
833
850
STER
105
110
115
121
125
SUNPHARMA
464
473
487
496
510
SUZLON
36
36
37
38
39
TATAMOTORS
181
183
185
188
190
TATAPOWER
97
98
98
99
100
TATASTEEL
429
433
438
442
448
TCS
1,044
1,062
1,077
1,095
1,110
WIPRO
350
354
360
364
369
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
For any Queries, Suggestions and Feedback kindly mail to [email protected]
Research Team: 022-3952 6600
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