Technical Research | October 20, 2011

Daily Technical Report

Sensex (17085) / NIFTY (5139)

Markets opened with a decent upside gap and traded with

Exhibit 1: Nifty Daily Chart

strong positive momentum throughout the day to close

nearly 2% higher than Tuesday’s closing level. On the

sector front, Realty, Banking and Oil & Gas counters

contributed major part of yesterday’s gain. There was no

sector in the negative territory. The advance decline ratio

was strongly in favor of advancing counters (A=1670

D=1136). (Source -www.bseindia.com)

Formation

• On the Daily as well as Weekly chart, there is a

“Horizontal Trend Line” resistance at 17256 / 5198 level.

• The “20 EMA” on the Daily chart is placed at 16640 /

5000 level.

Source: Falcon

Trading strategy:

Actionable points:

Markets opened with an upside gap and surged higher as

View

Neutral

the day progressed. Thus, the gap remained unfilled and

Resistance Levels

5177 - 5198

strong positive momentum led indices towards the

Support Levels

5075 - 5057

mentioned level of

17110

5140. Going forward,

yesterday’s unfilled gap area of 16874 and 16824 / 5057

and 5075 may act as a support in coming trading session.

On the upside, the buying interest may be seen if indices

manage to sustain above yesterday’s high of 17107 /

5148. Subsequently, they are likely to rally towards the

resistance zone of 17260 - 17300 / 5177 - 5198. A move

beyond this level would attract strong buying interest, which

may push indices higher to test the gap area of 17358 -

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

We would advise traders to adopt a stock specific approach

and trade with strict stop losses.

For Private Circulation Only |

Technical Research | October 20, 2011

Bank Nifty Outlook - (9841)

Exhibit 2: Bank Nifty Daily Chart

Bank nifty opened with an upward gap and gained strength

as the day progressed to close near day’s high. As

mentioned in our previous report, the bullish “Hammer”

pattern got confirmed yesterday as Bank Nifty managed to

close above 9635 level. We are also witnessing a trend line

breakout on daily chart by joining the high of September 21,

2011 and October 17, 2011. If Bank Nifty sustains above

yesterday’s high of 9866 then it is likely to test 9970 -

10030 levels. These levels coincide with multiple resistance

of “Horizontal Line”. Therefore, some profit booking or

consolidation is likely to take place if Bank Nifty manages to

rally towards these levels.

On the downside, 9750 - 9580 levels may act as support

levels for the day.

Actionable points:

View

Mildly bullish

Source: Falcon

Positive Above

9866

Expected Target

9970 - 10030

Support Level

9750 - 9580

Stock Recommendations:

Exhibit 3: Adani Power Daily chart

Stock - Adani Power (Nse Cash)

Action - Buy

Last close

` 85.10

Buying Range ` 83.50 - 84.50

Stop Loss

` 80.90

Target

` 91.50

Justification - On the daily chart, the stock has managed to

break out from the downward sloping trend line at ` 84.70

with significant rise in volumes. Further, the placement of “5

& 20 EMA” suggests possibility of a positive movement in

coming trading sessions. Therefore, we advise traders to

buy this stock in a range of ` 83.50 - 84.50 for a target of

` 91.50 in coming 3 - 4 trading sessions.

Source: Falcon

For Private Circulation Only |

Technical Research | October 20, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,790

16,937

17,022

17,170

17,255

NIFTY

5,048

5,094

5,121

5,166

5,194

BANKNIFTY

9,601

9,721

9,793

9,914

9,986

ACC

1,092

1,109

1,122

1,139

1,151

AMBUJACEM

151

153

155

157

158

AXISBANK

1,094

1,113

1,124

1,144

1,154

BAJAJ-AUTO

1,609

1,623

1,635

1,649

1,662

BHARTIARTL

366

375

381

390

396

BHEL

320

322

324

327

329

BPCL

632

640

646

653

659

CAIRN

294

297

300

303

306

CIPLA

283

286

289

292

294

DLF

230

235

238

242

245

DRREDDY

1,487

1,503

1,512

1,528

1,537

GAIL

406

416

422

432

439

HCLTECH

399

403

408

413

418

HDFC

664

669

675

679

685

HDFCBANK

473

483

489

498

504

HEROMOTOCO

2,016

2,041

2,067

2,093

2,118

HINDALCO

126

127

128

129

HINDUNILVR

325

328

331

334

337

ICICIBANK

880

892

900

912

920

IDFC

121

124

126

129

130

INFY

2,687

2,708

2,721

2,741

2,755

ITC

202

205

206

209

210

JINDALSTEL

509

520

527

537

545

JPASSOCIAT

KOTAKBANK

463

469

473

479

482

1,339

1,370

1,387

1,418

1,435

M&M

802

806

812

816

822

MARUTI

1,042

1,054

1,064

1,076

1,086

NTPC

167

169

171

174

175

ONGC

260

264

267

271

274

PNB

963

971

978

986

993

POWERGRID

100

101

102

RANBAXY

496

506

511

520

525

RCOM

RELCAPITAL

321

327

331

338

342

RELIANCE

816

830

837

851

858

RELINFRA

404

409

413

418

422

RPOWER

SAIL

103

105

106

108

109

SBIN

1,872

1,895

1,909

1,933

1,947

SESAGOA

204

209

217

222

230

SIEMENS

805

819

827

841

849

STER

116

117

119

121

123

SUNPHARMA

461

472

479

490

496

SUZLON

TATAMOTORS

182

184

186

189

191

TATAPOWER

100

101

102

TATASTEEL

426

430

434

438

442

TCS

1,027

1,038

1,046

1,057

1,065

WIPRO

342

350

354

362

367

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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