Technical Research | October 31, 2011

Daily Technical Report

Sensex (17805) / NIFTY (5361)

On Friday’s session, indices opened nearly

3% higher

Exhibit 1: Nifty Daily Chart

mainly due to strong positive sentiments across global

indices. Subsequently, indices moved in a narrow range

and closed almost near 5400 mark. On the sector front,

Metal, Realty, and Banking counters contributed major part

of Friday’s gain. There was no sector in the negative

territory. The advance decline ratio was strongly in favor of

advancing counters (A=1728 D=1139).

(Source

www.bseindia.com)

Formation

• On the Weekly chart, the “Downward Sloping Trend

Line” is placed around the 18150 / 5475 level.

• We are observing a positive crossover in the Weekly

ADX (9) indicator.

Source: Falcon

• The Daily “200 SMA” is placed at the 18020 / 5410

level.

Actionable points:

• The “Higher - Top Higher - Bottom” formation is

confirmed on the Daily chart after nearly six months.

View

Neutral

Resistance Levels

5410 - 5475

• We are witnessing a downside gap area of 17671 to

Support Levels

5322 - 5219

17350 / 5322 to 5219 created on October 28, 2011.

Trading strategy:

Finally, after several attempts, the bulls have managed to

The effect of positive crossover may push indices higher to

cross a firm resistance level of 17260 / 5198 and closed

test 18300 - 18440 / 5500 - 5550 levels. At this juncture,

convincingly above it. As a result, a “Higher - Top Higher -

the “Narrow range” body formation on the Daily chart

Bottom” formation on the Daily chart was confirmed after

indicates possibility of a consolidation or a minor pull back

nearly six months. Going forward, it is likely that indices are

if indices trade below the 17671 / 5322 level. In this case,

now heading initially towards the Daily “200 SMA” placed

indices may fill the gap of 17671 to 17350 / 5322 to 5219

at the

18020

5410 level and then towards the

created on October 28, 2011.

“Downward Sloping Trend Line” placed around 18150 /

5475. Thus, indices may face supply pressure near 18020 -

We advise traders to adopt stock specific approach and

18150 / 5410 - 5475 levels. However, we are also

avoid taking undue risks.

observing a positive crossover in the “ADX (9)” indicator,

which suggests possibility of a strong momentum if indices

manage to cross and sustain above the 18175 / 5475

level.

For Private Circulation Only |

Technical Research | October 31, 2011

Bank Nifty Outlook - (9841)

Exhibit 2: Bank Nifty Daily Chart

Bank nifty opened with an upward gap, tested the mentioned

resistance level of 9970 and registered highest close nearly

after two months. We are observing a trend line breakout in

“RSI” momentum oscillator on daily chart, which suggest a

possibility of a breakout from the mentioned resistance level

of 9970-10030. If Bank Nifty manages to give a close above

this resistance level, then it is likely to rally towards 10300-

10350 levels.

On the downside, the gap area formed on 28th October i.e.

9837 - 9607 levels may act as support levels for the day.

Actionable points:

View

Bullish

Positive Above

9970

Expected Target

10300 - 10350

Support Level

9837 - 9607

Source: Falcon

Stock Recommendations:

Exhibit 3: Bharat Forge (Bse Cash) Daily chart

Stock - Bharat Forge (Bse Cash)

Action - Buy

Last close

` 301.70

Buying Range ` 301 - ` 290

Stop Loss

` 285

Target

` 322

Justification - On the Daily chart, we are witnessing a

bullish “Inverse Head & Shoulder” breakout with significant

rise in volumes. Further, on Weekly chart the momentum

oscillator “RSI Smoothened” is positively poised. We advise

buying the stock in a range of ` 301 - ` 290 for a target

of ` 322 in coming 2 - 3 weeks.

Source: Falcon

For Private Circulation Only |

Technical Research | October 31, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

17,558

17,681

17,795

17,918

18,031

NIFTY

5,284

5,322

5,361

5,399

5,438

BANKNIFTY

9,801

9,859

9,896

9,954

9,991

ACC

1,192

1,208

1,223

1,239

1,253

AMBUJACEM

153

157

159

163

165

AXISBANK

1,122

1,136

1,160

1,174

1,197

BAJAJ-AUTO

1,705

1,731

1,777

1,803

1,850

BHARTIARTL

377

384

397

404

417

BHEL

316

322

325

331

335

BPCL

613

625

647

659

681

CAIRN

296

300

306

311

317

CIPLA

291

294

297

300

303

DLF

230

239

245

255

261

DRREDDY

1,584

1,627

1,656

1,700

1,729

GAIL

408

418

434

444

460

HCLTECH

431

441

448

459

466

HDFC

671

680

690

698

708

HDFCBANK

471

477

486

492

500

HEROMOTOCO

2,085

2,121

2,176

2,213

2,268

HINDALCO

131

137

140

146

150

HINDUNILVR

339

345

352

359

366

ICICIBANK

903

918

927

942

950

IDFC

129

130

132

134

136

INFY

2,765

2,812

2,892

2,938

3,018

ITC

212

214

215

217

218

JINDALSTEL

526

552

577

604

629

JPASSOCIAT

KOTAKBANK

489

500

510

521

531

1,366

1,391

1,407

1,432

1,448

M&M

850

860

869

879

888

MARUTI

1,067

1,096

1,141

1,170

1,215

NTPC

172

175

179

183

186

ONGC

272

278

287

293

301

PNB

927

945

973

991

1,019

POWERGRID

101

103

105

108

110

RANBAXY

505

510

518

523

531

RCOM

RELCAPITAL

347

359

368

380

389

RELIANCE

876

888

896

908

916

RELINFRA

410

437

460

487

509

RPOWER

SAIL

109

112

115

118

121

SBIN

1,871

1,890

1,910

1,929

1,949

SESAGOA

198

202

207

211

217

SIEMENS

830

841

859

870

889

STER

120

127

132

138

143

SUNPHARMA

439

474

539

574

638

SUZLON

TATAMOTORS

193

200

204

211

215

TATAPOWER

100

103

105

108

TATASTEEL

456

470

481

495

505

TCS

1,096

1,109

1,124

1,137

1,152

WIPRO

363

366

370

373

377

Technical Research Team

For Private Circulation Only |

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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