Technical Research | November 24, 2011
Daily Technical Report
Sensex (15700) / NIFTY (4706)
Exhibit 1: Nifty Daily Chart
We witnessed a gap down opening and continued to slide
further to test mentioned support level of 15745 / 4718.
Further selling pressure in the second half of the session led
to a breach of this support and indices tested the 15479 /
4641 mark before closing marginally above 15700 / 4700
mark. On the sectoral front, the Capital goods, Teck and
Oil & Gas counters were among the major losers, whereas
Consumer Durables ended marginally on gaining side. The
advance decline ratio was strongly in favor of declining
Formation
• There is no specific formation is seen on the chart.
Trading strategy:
Source: Falcon
After a pessimistic opening, indices gradually drifted
Actionable points:
towards
15745
/
4718 and breached this important
support level after multiple attempts. Going forward, selling
View
Neutral
pressure is likely to intensify further if indices break hourly
Resistance levels
4780
Support level
4681 - 4640
swing low of 15616 / 4681. As a result, indices may drift
towards 15478 - 15330 / 4640 - 4540 in coming trading
sessions. On the upside, indices may face resistance near
yesterday’s high of 15970 / 4780.
Due to Derivatives expiry, the coming trading session is
likely to trade with extreme volatility.
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Technical Research | November 24, 2011
Bank Nifty Outlook - (8399)
Exhibit 2: Bank Nifty Daily Chart
Bank nifty opened with a negative bias and witnessed
immense selling pressure throughout the day. As the
index has closed below 8544 level, the “Bullish Harami
Cross” pattern mentioned in our earlier report has been
negated. Bank Nifty has taken support on the trend line
joining the lows of 8918 and 8626 levels. Going forward,
if Bank Nifty sustains below yesterday’s low of 8240 then
it is likely to test 8150 - 7960 levels. On the Upside,
8522 - 8700 levels may act as resistance for the day.
Actionable points:
View
Neutral
Resistance levels
8522 - 8700
Support Levels
8150 - 7960
Source: Falcon
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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
Research Team: 022-3952 6600
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