Technical Research | November 2, 2011
Daily Technical Report
Sensex (17481) / NIFTY (5258)
Yesterday, indices opened lower in-line with weak global
Exhibit 1: Nifty Daily Chart
cues and continued to remain under pressure as the day
progressed. Due to continuous selling pressure indices then
drifted towards the support level of 17350 / 5219. On the
sector front, Realty, Auto and Banking counters were among
the major loosers. There was no sector in the positive
territory. The advance decline ratio was strongly in favor of
declining counters (A=1177 D=1609).
(Source
-
Formation
• The Daily “200 SMA” is placed at the 18020 / 5410
level.
• We are witnessing a downside gap area of 17671 to
Source: Falcon
17350 / 5322 to 5219 created on October 28, 2011.
Trading strategy:
Actionable points:
We witnessed a pessimistic opening in yesterday’s session
View
Neutral
mainly due to negativity across global indices. As expected,
Resistance Levels
5275 - 5322
we witnessed a corrective movement after the violation of
Support Levels
5219 - 5160
Monday’s low of
17668
/
5314 level. Subsequently,
markets drifted lower to fill the gap area of 17671 to
17350 / 5322 to 5219 created on October 28, 2011.
Going forward, 17350 / 5219 remains to be a decent
support for the market. A move below this support level
may intensify further selling pressure which may drag
indices lower to test 17273 - 17188 / 5196 - 5160 levels.
On the upside, 17540 - 17671 / 5275 - 5322 levels may
act as resistance in coming trading session.
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1
Technical Research | November 2, 2011
Bank Nifty Outlook - (9822)
Exhibit 2: Bank Nifty Daily Chart
Bank nifty opened lower in-line with our benchmark indices
and traded in a narrow range during the initial hours of the
trade. However, during the latter part of the session, the
index slipped marginally below mentioned support level of
9826. Going forward, if Bank Nifty sustains below
yesterday’s low of 9783 then it is likely to test 9607 - 9500
levels which is a multiple support zone.
On the upside, 10080 level may act as a resistance for the
day.
Actionable points:
View
Neutral
Resistance Level
10080
Support Level
9607 - 9500
Source: Falcon
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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
Research Team: 022-3952 6600
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