Technical Research | October 14, 2011

Daily Technical Report

Sensex (16884) / NIFTY (5088)

We witnessed a gap up opening in yesterday’ session, but

Exhibit 1: Nifty Daily Chart

markets failed to sustain at higher levels and pared early

gains to close marginally below Wednesday’s close. On the

sector front, Auto, Capital Goods and Healthcare counters

were among the major losers whereas Banking and IT

ended on a gaining side. The advance decline ratio was in

favor of declining counters (A=1379 D=1403). (Source -

www.bseindia.com)

Formation

• On the Daily chart, “Horizontal Trend Line” resistance is

at 17303 / 5177 level.

• We are witnessing a negative crossover of “RSI -

Smoothened” oscillator in hourly chart.

Source: Falcon

Actionable points:

Trading strategy:

Markets are now at the upper end of the broad range of

View

Bearish

5200 to 4700. As mentioned in some of our earlier

Negative Below

5067

reports, the Indices have a strong “Horizontal Trend Line”

Expected Target

5045 - 4964

Resistance Levels

5137 - 5169

resistance at 17300 / 5177 level. Moreover, negative

crossover of “RSI - Smoothened” oscillator in hourly chart

indicates that further downside is likely to continue if indices

sustain below yesterday’s low of

16854

5067.

Subsequently, indices may witness selling pressure and are

likely to test 16774 - 16510 / 5045 - 4964 levels. On the

upside, yesterday’s high of 17084 / 5137 may act as

immediate resistance in coming trading session. A move

beyond this level can push indices towards the mentioned

resistance levels at 17210 - 17303 / 5169 - 5177 levels.

For Private Circulation Only |

Technical Research | October 14, 2011

Bank Nifty Outlook - (9591)

Exhibit 2: Bank Nifty Daily Chart

Bank Nifty opened with an upside gap and tested the initial

resistance level of 9700. After moving towards this

resistance, Bank Nifty traded in a narrow range throughout

the session to close near the initial opening level. Thus we

are now witnessing a “Bearish Doji Star” Japanese candle

stick pattern on daily chart. To confirm the bearish

implication of the said pattern a breach of the low at 9547 is

necessary. If Bank Nifty falls below yesterday’s low of 9547

then it is likely to test 9400 - 9280 levels. The above

mentioned pattern will be negated only if bank nifty closes

above yesterday’s high of 9685. On the Upside, 9700 level

may act as a resistance for the day.

Actionable points:

Source: Falcon

View

Mildly Bearish

Negative Above

9547

Expected Target

9400 - 9280

Resistance Level

9700

Stock Recommendations:

Exhibit 3: Reliance Capital (Oct Fut) Daily chart

Stock - Reliance Capital (Oct.Fut.)

Action - Sell

Last close - ` 346.15

Range

- ` 346 - ` 350

Stop Loss - ` 357.15

Target

- ` 324

Justification - The Daily chart depicts a “Dark Cloud Cover”

Japanese candlestick pattern exactly at 38.2% Fibonacci

retracement of the fall from ` 428 to ` 311.In addition, this

level is near its “20 day EMA” coupled with negatively

poised hourly chart. Hence, we advise selling the stock in a

range of ` 346 to ` 350 for a target of ` 324 in coming 3 -

4 trading sessions.

Source: Falcon

For Private Circulation Only |

Technical Research | October 14, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,711

16,797

16,941

17,027

17,171

NIFTY

5,025

5,051

5,094

5,121

5,163

BANKNIFTY

9,470

9,531

9,608

9,669

9,746

ACC

1,107

1,115

1,128

1,136

1,148

AMBUJACEM

145

146

148

150

151

AXISBANK

1,064

1,075

1,092

1,103

1,120

BAJAJ-AUTO

1,562

1,574

1,589

1,602

1,617

BHARTIARTL

360

365

371

376

382

BHEL

323

328

336

342

350

BPCL

640

647

660

668

681

CAIRN

273

276

280

284

288

CIPLA

283

285

288

290

293

DLF

228

233

238

243

248

DRREDDY

1,465

1,484

1,509

1,528

1,553

GAIL

410

414

419

423

428

HCLTECH

414

420

427

434

440

HDFC

656

660

667

671

677

HDFCBANK

463

467

471

475

480

HEROMOTOCO

1,942

1,962

1,994

2,014

2,045

HINDALCO

124

126

130

133

137

HINDUNILVR

319

323

328

331

336

ICICIBANK

855

868

878

890

901

IDFC

117

119

122

124

127

INFY

2,660

2,678

2,704

2,722

2,748

ITC

198

200

203

205

207

JINDALSTEL

442

470

494

523

546

JPASSOCIAT

KOTAKBANK

464

469

473

478

483

1,390

1,405

1,427

1,442

1,464

M&M

781

790

802

812

824

MARUTI

1,030

1,044

1,064

1,078

1,098

NTPC

170

172

175

177

180

ONGC

257

261

268

272

279

PNB

958

969

985

997

1,013

POWERGRID

100

101

RANBAXY

489

496

507

514

526

RCOM

RELCAPITAL

332

339

347

354

362

RELIANCE

833

840

849

856

865

RELINFRA

404

411

419

426

433

RPOWER

SAIL

104

106

109

111

114

SBIN

1,840

1,864

1,899

1,923

1,958

SESAGOA

220

225

229

233

237

SIEMENS

815

826

838

849

862

STER

116

118

121

123

126

SUNPHARMA

467

472

479

484

491

SUZLON

TATAMOTORS

167

172

179

183

190

TATAPOWER

100

102

104

TATASTEEL

435

444

451

460

467

TCS

1,068

1,080

1,093

1,105

1,117

WIPRO

345

347

351

354

358

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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