Technical Research | November 21, 2011

Daily Technical Report

Sensex (16372) / NIFTY (4906)

Exhibit 1: Nifty Daily Chart

On Friday, once again our Benchmark indices opened with

a downside gap and traded with negative bias during the

first half of the session. However, markets found intraday

support near the gap area of 4860 - 4828 and managed

to close marginally above 4900. On the sectoral front,

Realty, FMCG and Metal counters were among the major

losers. There was no sector in the positive territory. The

advance decline ratio was strongly in favor of declining

counters (A=882 D=1989). (Source -www.bseindia.com)

Formation

• Momentum oscillators viz. the RSI and the Stochastic on

the Weekly chart are negatively poised.

• We are witnessing a negative crossover of “3 & 8

Source: Falcon

Weekly EMA”.

Actionable points:

• The stochastic oscillator on the Daily chart has given a

positive crossover.

View

Neutral

• The Daily chart exhibits a “Bullish Hammer” pattern at

Resistance levels

4916 - 5013

Support level

4845 - 4718

78.60% Fibonacci Retracement level. This pattern needs a

confirmation.

Trading strategy:

On the other hand, the Daily chart depicts a “Bullish

Markets registered a Weekly low of 16165 / 4837 and

Hammer” Japanese Candlestick pattern. The said pattern

will be confirmed only if indices manage to break and close

managed to give a minor bounce on Friday’s session, which

above Friday’s high of 16397 / 4916. In this scenario,

pushed indices higher to close marginally above 16300 /

markets may bounce up to 16669 - 16900 / 5013 - 5085

4900 levels. We are now observing that the momentum

levels.

oscillators and “3 & 8 EMA” on the weekly chart are

negatively poised. Thus, if indices sustain below the 16165

Therefore, we reiterate our view that traders should stay

/ 4837 level, further weakness is expected in the coming

light on positions and follow strict stop losses.

weeks. This may result into a sharp decline to test crucial

and important support level of 15745 / 4718. A move

below this level may reinforce strong negative momentum,

which can drag indices lower to test 15650 - 15330 / 4675

– 4540 levels.

For Private Circulation Only |

Technical Research | November 21, 2011

Bank Nifty Outlook - (8850)

Exhibit 2: Bank Nifty Daily Chart

Bank nifty opened with a minor downside gap and

witnessed selling pressure during the first half of the

session. However, index found intraday support near

8700 level and bounced back sharply during the second

half to close almost at the highest point of the day. We

are now observing a “Dragon Fly Doji” candle stick,

which is a reversal pattern and needs confirmation in the

form of a close above 8875 level. We are also witnessing

a positive crossover in momentum oscillator viz., the

Stochastic. Combining above technical evidences, if Bank

Nifty crosses Friday’s high of 8875, then it is likely to rally

towards 9165 - 9265 levels. The said pattern will be

negated only if Bank Nifty closes below 8706 level.

On the downside, 8706 - 8626 levels may act as support

levels for the day.

Actionable points:

View

Bullish

Source: Falcon

Positive Above

8875

Expected Targets

9165 - 9265

Support Levels

8706 - 8626

For Private Circulation Only |

Technical Research | November 21, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,079

16,225

16,311

16,457

16,543

NIFTY

4,809

4,857

4,887

4,935

4,965

BANKNIFTY

8,643

8,747

8,810

8,913

8,976

ACC

1,118

1,134

1,149

1,165

1,180

AMBUJACEM

150

151

152

154

155

AXISBANK

921

943

962

983

1,002

BAJAJ-AUTO

1,659

1,676

1,702

1,719

1,745

BHARTIARTL

387

392

397

402

407

BHEL

257

266

276

285

296

BPCL

497

509

519

531

542

CAIRN

293

300

306

314

320

CIPLA

306

310

314

318

323

DLF

193

199

203

208

212

DRREDDY

1,525

1,541

1,560

1,576

1,595

GAIL

363

372

380

389

397

HCLTECH

397

401

404

408

411

HDFC

623

634

641

652

659

HDFCBANK

445

452

457

463

468

HEROMOTOCO

2,063

2,128

2,165

2,230

2,267

HINDALCO

116

120

122

126

128

HINDUNILVR

380

385

389

394

398

ICICIBANK

739

754

764

780

789

IDFC

105

108

110

113

115

INFY

2,697

2,719

2,742

2,764

2,786

ITC

196

199

203

206

210

JINDALSTEL

516

526

535

545

554

JPASSOCIAT

KOTAKBANK

457

466

472

481

487

1,181

1,213

1,233

1,265

1,285

M&M

704

721

739

756

775

MARUTI

890

915

932

957

974

NTPC

158

160

163

165

167

ONGC

245

252

259

266

273

PNB

828

852

870

894

912

POWERGRID

101

104

106

RANBAXY

424

442

453

471

482

RCOM

RELCAPITAL

290

298

307

315

324

RELIANCE

777

793

802

818

827

RELINFRA

391

401

411

421

431

RPOWER

SAIL

101

107

SBIN

1,669

1,698

1,732

1,761

1,795

SESAGOA

175

179

186

190

197

SIEMENS

687

709

724

747

762

STER

104

106

108

110

112

SUNPHARMA

486

493

498

504

509

SUZLON

TATAMOTORS

165

168

170

173

175

TATAPOWER

100

TATASTEEL

378

385

392

398

405

TCS

1,057

1,072

1,091

1,106

1,124

WIPRO

353

364

370

381

387

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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