Technical Research | October 21, 2011
Daily Technical Report
Sensex (16937) / NIFTY (5092)
We witnessed a gap down opening in yesterday’s session
Exhibit 1: Nifty Daily Chart
mainly due to negativity in Asian markets and headed
towards daily “20 EMA which has now moved higher
around 16706 / 5023 level. However, the buying emerged
near day’s low which pushed indices higher to close
marginally above the opening level. On the sector front,
Realty, Auto and Power counters were among the losers
whereas Teck and IT sectors ended with a marginal gain.
The advance decline ratio was strongly in favor of declining
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 now placed at
16706 / 5023 level.
Source: Falcon
Trading strategy:
Actionable points:
Broadly speaking, indices are now trading range of 17300
to 16640 / 5198 to 5000. Thus, 16744 - 16640 / 5033 -
View
Neutral
5000 levels are likely to act as a strong support in coming
Resistance Levels
5177 - 5198
trading session. On the upside, the buying may emerged
Support Levels
5033 - 5000
only if indices manage to sustain above Wednesday’s high
of 17107 / 5148. In this case, indices would head towards
the strong resistance zone of 17260 - 17300 / 5177 -
5198.
We reiterate that traders should to adopt a stock specific
approach and trade with strict stop losses. Also, traders are
advised not to take heavy positions on the nifty while the
market stays on the above mentioned range of 17300 to
16640 / 5198 to 5000.
For Private Circulation Only |
1
Technical Research | October 21, 2011
Bank Nifty Outlook - (9746)
Exhibit 2: Bank Nifty Daily Chart
Bank nifty opened with a negative bias due to weak global
sentiments and tested our mentioned support level of 9580
during the initial part of the session. However, during the
second part of the session, buying emerged near this support
level which led the index to close near day’s high. Going
forward if bank nifty sustains above yesterday’s high of
9764, then it is likely to test 9970 level. This level coincides
with the multiple resistance zone near to 9970 to 10030.
Therefore, some profit booking or consolidation is likely to
take place if Bank Nifty manages to rally towards these
levels.
On the downside, 9580 level may act as a support for the
day.
Actionable points:
View
Neutral
Resistance Levels
9865 - 9970
Support Level
9580
Source: Falcon
For Private Circulation Only |
2
Technical Research | October 21, 2011
Positive Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
PFC
148.1
147.8
156.4
View will change below 144.5
SunPharma
480
475.1
497
View will change below 475
Vip Inds
941.1
931.2
977
View will change below 922
Negative Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Jp Assoc
71.8
71.5
67
View will change above 73.5
For Private Circulation Only |
3
Technical Research | October 21, 2011
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
16,664
16,801
16,881
17,018
17,098
NIFTY
5,010
5,051
5,075
5,116
5,140
BANKNIFTY
9,564
9,655
9,710
9,801
9,855
ACC
1,097
1,106
1,116
1,125
1,135
AMBUJACEM
151
153
154
156
157
AXISBANK
1,086
1,108
1,122
1,144
1,158
BAJAJ-AUTO
1,508
1,561
1,608
1,661
1,708
BHARTIARTL
375
383
387
395
399
BHEL
312
315
319
322
326
BPCL
623
633
641
651
659
CAIRN
286
290
294
297
301
CIPLA
284
286
288
291
293
DLF
224
227
232
236
241
DRREDDY
1,498
1,510
1,519
1,531
1,539
GAIL
412
417
420
425
428
HCLTECH
395
403
409
417
423
HDFC
619
632
651
664
683
HDFCBANK
476
483
488
494
499
HEROMOTOCO
1,969
1,999
2,028
2,058
2,086
HINDALCO
122
123
125
126
128
HINDUNILVR
325
328
331
334
337
ICICIBANK
862
870
878
887
895
IDFC
118
120
123
125
128
INFY
2,661
2,704
2,731
2,774
2,800
ITC
203
204
205
206
208
JINDALSTEL
507
522
533
548
558
JPASSOCIAT
68
69
71
72
73
KOTAKBANK
458
465
469
476
480
LT
1,364
1,375
1,382
1,392
1,400
M&M
773
787
801
816
830
MARUTI
1,039
1,058
1,069
1,088
1,099
NTPC
167
169
170
173
174
ONGC
261
264
266
269
271
PNB
943
963
979
1,000
1,016
POWERGRID
98
99
99
100
100
RANBAXY
490
496
504
510
518
RCOM
73
74
75
76
77
RELCAPITAL
321
329
334
343
348
RELIANCE
815
827
834
846
853
RELINFRA
396
401
406
410
415
RPOWER
84
84
85
86
87
SAIL
103
105
106
108
110
SBIN
1,867
1,901
1,921
1,954
1,974
SESAGOA
203
206
210
213
217
SIEMENS
792
801
816
825
839
STER
112
114
117
119
121
SUNPHARMA
474
481
486
493
497
SUZLON
35
36
36
37
37
TATAMOTORS
179
181
183
185
187
TATAPOWER
95
96
98
99
101
TATASTEEL
416
429
436
449
457
TCS
1,024
1,034
1,041
1,051
1,057
WIPRO
344
349
352
358
361
Technical Research Team
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4
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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