Technical Research | November 17, 2011

Daily Technical Report

Sensex (16776) / NIFTY (5030)

Exhibit 1: Nifty Daily Chart

Yesterday, we witnessed a gap down opening for a second

consecutive trading session and relentless selling pressure

dragged indices below the psychological level of 16700 /

5000. However, strong bounce back in the latter part of the

session led indices to close above this level. On the sectoral

front Capital Goods, Power and Oil & Gas counters were

among the major losers, whereas the Consumer Durables

and FMCG ended marginally on gaining side. The advance

decline ratio was strongly in favor of declining counters

(A=899 D=1937). (Source -www.bseindia.com)

Formation

• We are observing a negative crossover in Daily “5 & 20

EMA”.

• The Daily chart depicts a Japanese candlestick pattern

Source: Falcon

which resembles a “Bullish Hammer”. This pattern needs a

confirmation.

Actionable points:

Trading strategy:

After a gap down opening indices corrected sharply below

View

Neutral

16700 / 5000 mark. However, a sharp bounce towards the

Resistance levels

5065 - 5085

Support levels

4989 - 4944

end pushed indices higher to close above this level. We are

now observing a “Bullish Hammer” on the daily chart at

61.8% Fibonacci Retracement level of the rise from 15745

to 17908 / 4728 to 5400. The pattern will be confirmed

only if indices manage to break and sustain above the

yesterday’s high of 16878 / 5065. In this case indices may

rally towards 16950 - 17034 / 5085 - 5120 levels. On the

downside, selling pressure may intensify on the violation of

yesterday’s low of 16641 / 4989. As a result, indices may

then test support levels of 16460 - 16300 / 4944 - 4890.

For Private Circulation Only |

Technical Research | November 17, 2011

Bank Nifty Outlook - (9062)

Exhibit 2: Bank Nifty Daily Chart

Bank nifty opened with a minor downside gap and has

taken a support near our mentioned support level of

8915. We witnessed extreme volatility throughout the

session, which led the index to close near the initial

opening level. We are observing a “Bullish Doji Star”

Japanese candlestick pattern on daily chart. The said

pattern is a reversal pattern and requires confirmation in

the form of a closing above the high of 9146. Thus going

forward if Bank Nifty sustains above yesterday’s high of

9146, then it is likely to test 9245 - 9410 levels.

On downside, a fall below 8957 may attract further

selling pressure and the bank nifty may then fall towards

the 8626 mark.

Actionable points:

View

Neutral

Resistance Levels

9245 - 9410

Support Levels

8957 - 8626

Source: Falcon

For Private Circulation Only |

Technical Research | November 17, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,529

16,652

16,765

16,889

17,002

NIFTY

4,953

4,992

5,028

5,067

5,104

BANKNIFTY

8,866

8,964

9,055

9,152

9,243

ACC

1,166

1,180

1,195

1,208

1,223

AMBUJACEM

154

156

158

160

163

AXISBANK

959

982

1,002

1,026

1,045

BAJAJ-AUTO

1,669

1,697

1,719

1,747

1,769

BHARTIARTL

387

394

403

410

419

BHEL

275

287

298

309

320

BPCL

492

504

517

529

541

CAIRN

300

305

309

314

318

CIPLA

301

306

310

314

318

DLF

199

205

210

216

221

DRREDDY

1,591

1,603

1,616

1,628

1,641

GAIL

367

379

393

406

420

HCLTECH

395

403

412

421

430

HDFC

612

629

643

660

675

HDFCBANK

454

460

466

472

478

HEROMOTOCO

2,045

2,074

2,117

2,146

2,189

HINDALCO

118

121

124

127

130

HINDUNILVR

384

388

391

395

398

ICICIBANK

760

775

788

802

815

IDFC

108

110

113

115

118

INFY

2,735

2,756

2,780

2,802

2,826

ITC

206

209

212

215

217

JINDALSTEL

509

530

542

563

575

JPASSOCIAT

KOTAKBANK

474

483

490

499

507

1,193

1,215

1,246

1,268

1,299

M&M

745

760

770

786

796

MARUTI

966

979

994

1,006

1,021

NTPC

166

167

170

171

174

ONGC

253

258

262

266

270

PNB

877

886

900

910

924

POWERGRID

101

103

104

105

107

RANBAXY

455

465

472

481

489

RCOM

RELCAPITAL

307

314

321

328

335

RELIANCE

826

837

848

859

870

RELINFRA

396

404

413

421

429

RPOWER

SAIL

101

SBIN

1,693

1,729

1,755

1,791

1,817

SESAGOA

192

197

200

205

208

SIEMENS

713

731

759

777

805

STER

109

111

113

115

117

SUNPHARMA

477

483

493

500

510

SUZLON

TATAMOTORS

175

179

181

185

187

TATAPOWER

101

TATASTEEL

382

394

406

418

429

TCS

1,091

1,104

1,118

1,132

1,146

WIPRO

360

367

376

383

391

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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