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

counters (A=1126 D=1664). (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 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 |

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 |

Technical Research | October 21, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

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

KOTAKBANK

458

465

469

476

480

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

100

RANBAXY

490

496

504

510

518

RCOM

RELCAPITAL

321

329

334

343

348

RELIANCE

815

827

834

846

853

RELINFRA

396

401

406

410

415

RPOWER

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

TATAMOTORS

179

181

183

185

187

TATAPOWER

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

For Private Circulation Only |

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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