Technical Research | October 17, 2011

Daily Technical Report

Sensex (17083) / NIFTY (5132)

On Friday’s session, our benchmark indices opened flat

Exhibit 1: Nifty Daily Chart

and traded with positive bias throughout the day to close

near days high. On the sector front, IT, Teck and Oil & Gas

counters were among the major gainers whereas Realty and

Metal ended on a losing side. The advance decline ratio

was in favor of advancing counters (A=1431 D=1331).

(Source -www.bseindia.com)

Formation

• We are observing a positive crossover in Weekly “RSI -

Smoothened” momentum oscillator.

• On the Weekly chart, there is a “Horizontal Trend Line”

resistance at 17256 / 5198 level.

• The “20 EMA” on the Weekly chart is placed at 17260 /

5177 level.

Source: Falcon

Actionable points:

Trading strategy:

On Friday’s session, markets surged significantly higher

View

Neutral

mainly due to strong positive momentum in IT and Oil &

Resistance Levels

5141 - 5198

Gas counters. Looking at the Weekly chart, it is observed

Support Levels

5057-5034

that indices are nearing the “Horizontal Trend Line”

resistance at 17256 / 5198 levels. This level coincides with

“20 EMA” on the Weekly chart and adds weight in favor of

the bears. Consequently, 17260 / 5198 levels may act as a

major hurdle for the bulls. However, on the other hand, we

are observing a positive crossover in the weekly “RSI -

Smoothened” oscillator, which indicates if indices manage

to cross and sustain above 17260 / 5198 levels, then the

current positive momentum may increase even further. In

such a case, indices may rally towards the gap area of

17358 - 17665 / 5230 - 5323 created on August 5, 2011.

On the downside, 16316 - 16510 / 5034 - 4964 levels

are likely to act as a support in the coming trading session.

Markets are nearing strong resistance levels; therefore, we

advise traders to stay light on positions and trade with strict

stop losses.

For Private Circulation Only |

Technical Research | October 17, 2011

Bank Nifty Outlook - (9660)

Exhibit 2: Bank Nifty Daily Chart

As mentioned in our previous report 9685 proves to be stiff

resistance for bank nifty. Bearish implication of “Bearish Doji

Star” Japanese candle stick pattern on daily chart,

mentioned in our previous report still holds as bank nifty

failed to close above 9685 level. However, on the other

hand, we are observing positive crossover of “5 & 20 EMA”

on daily chart which indicates possibility of an upside if bank

nifty gives a close above 9685 level. Subsequently, index

may rally towards 9970 level which is a prior swing high.

On the downside, 9400-9280 level may act as support level

for the day.

Actionable points:

View

Neutral

Support Level

9400 - 9280

Resistance Level

9700 - 9970

Source: Falcon

Stock Recommendations:

Exhibit 3: Reliance Capital (Oct Fut) Daily chart

Stock - Jubilant Food Works (NSE Cash)

Action - Sell

Last close - ` 870.15

Level

- Below ` 857

Stop Loss - ` 880

Target

- ` 805

Justification - After a sharp rally from ` 635 to ` 920 the

stock is facing multiple resistance near ` 920 level. Also we

are witnessing “Evening star” Japanese candlestick pattern,

which is a price reversal pattern. Further, momentum

oscillators on the daily chart suggest weakness in coming

trading sessions. We advise selling the stock ONLY below `

857 for a target of ` 805 in coming 2-3 weeks.

Source: Falcon

For Private Circulation Only |

Technical Research | October 17, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,724

16,903

17,008

17,187

17,292

NIFTY

5,025

5,079

5,110

5,164

5,195

BANKNIFTY

9,462

9,561

9,626

9,726

9,791

ACC

1,105

1,112

1,120

1,127

1,134

AMBUJACEM

146

147

149

150

152

AXISBANK

1,062

1,083

1,096

1,117

1,131

BAJAJ-AUTO

1,558

1,596

1,618

1,656

1,678

BHARTIARTL

361

372

379

390

396

BHEL

324

329

334

338

343

BPCL

643

649

655

662

668

CAIRN

273

281

285

292

296

CIPLA

279

283

287

291

295

DLF

225

228

232

235

239

DRREDDY

1,488

1,506

1,516

1,534

1,544

GAIL

407

411

416

420

425

HCLTECH

419

430

437

447

454

HDFC

655

661

665

671

675

HDFCBANK

461

467

472

478

483

HEROMOTOCO

1,949

1,971

1,991

2,013

2,033

HINDALCO

123

126

128

131

133

HINDUNILVR

323

327

331

335

338

ICICIBANK

860

875

888

903

915

IDFC

116

120

123

127

130

INFY

2,659

2,701

2,729

2,772

2,799

ITC

200

202

204

207

209

JINDALSTEL

479

502

515

538

551

JPASSOCIAT

KOTAKBANK

462

468

474

481

487

1,382

1,395

1,412

1,425

1,442

M&M

787

796

803

812

818

MARUTI

1,004

1,016

1,033

1,045

1,063

NTPC

169

171

174

176

179

ONGC

261

264

266

269

271

PNB

959

966

975

981

990

POWERGRID

100

101

RANBAXY

490

496

502

509

515

RCOM

RELCAPITAL

333

341

347

356

362

RELIANCE

831

849

859

877

888

RELINFRA

405

414

422

432

440

RPOWER

SAIL

104

106

108

110

111

SBIN

1,850

1,868

1,887

1,905

1,924

SESAGOA

211

215

221

226

231

SIEMENS

826

836

845

854

864

STER

115

117

119

121

123

SUNPHARMA

464

472

479

487

495

SUZLON

TATAMOTORS

171

175

178

183

186

TATAPOWER

100

101

102

TATASTEEL

424

431

441

448

458

TCS

1,069

1,102

1,121

1,154

1,173

WIPRO

340

352

358

370

377

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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