Technical Research | October 28, 2011

Daily Technical Report

Sensex (17277) / NIFTY (5202)

On Tuesday’s session, our benchmark indices opened

Exhibit 1: Nifty Daily Chart

marginally higher and traded with extreme volatility mainly

on account of RBI Monetary policy and Derivatives expiry.

However, markets picked up strong positive momentum

during the last one hour of the session which led indices to

cross 17300 / 5200 mark after nearly four months. On the

sector front, IT, Auto, Health Care and Oil & Gas counters

were among the gainers whereas Banking sector ended on

a losing side. The advance decline ratio was marginally in

favor of declining counters (A=1355 D=1460). (Source -

Falcon software)

Formation

• During the week, indices have managed to cross

“Horizontal Line” resistance of 17256 / 5198 level.

Source: Falcon

• On the daily chart, we are witnessing a “Trend Line”

break out at 17200 / 5177 level.

Actionable points:

Trading strategy:

We witnessed a quite opening on Tuesday’s session and

View

Neutral

indices traded with immense volatility before the

Resistance Levels

5230 - 5323

Support Levels

5145 - 5085

announcement of “RBI Monetary Policy”. Subsequently,

indices rallied during the last hour and managed to cross

stiff resistance zone of 17200 - 17256 / 5177 - 5198. In

addition, we are observing a “Trend Line” break out at

17200 / 5177 level. Also, global indices are showing

tremendous strength on the back of the decisions taken

during the European summit on the debt crisis. Thus, going

forward, if indices manage to sustain above 17300 / 5200

level then they are likely to move higher to test the gap area

of 17358 - 17665 / 5230 - 5323 created on August 5,

2011. On the downside, 17100 - 16900 / 5145 - 5085

are likely to act as a support in coming trading sessions.

For Private Circulation Only |

Technical Research | October 28, 2011

Bank Nifty Outlook - (9547)

Exhibit 2: Bank Nifty Daily Chart

Bank nifty opened on a quite note on Tuesday’s trading

session and slipped below both the mentioned support levels

of 9580-9430 during the day trade after the announcement

of RBI monetary policy. However, index managed to give a

close well above the second support level. We are witnessing

that the index has taken support near the 50% Fibonacci

retracement of the rise from 5^th October - 24^th October

2011. We reiterate our view that 9970 - 10030 levels may

act as a stiff resistance for Bank Nifty; only a close beyond

these levels would provide clear direction of the trend.

On the downside, 9323 level may act as a support level for

the day.

Actionable points:

View

Neutral

Resistance Levels

9970 - 10030

Support Level

9323

Source: Falcon

For Private Circulation Only |

Technical Research | October 28, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

17,227

17,258

17,304

17,335

17,381

NIFTY

5,183

5,192

5,206

5,215

5,229

BANKNIFTY

9,476

9,511

9,559

9,595

9,643

ACC

1,166

1,180

1,189

1,203

1,212

AMBUJACEM

153

154

155

156

AXISBANK

1,110

1,116

1,126

1,132

1,142

BAJAJ-AUTO

1,745

1,751

1,759

1,765

1,772

BHARTIARTL

389

391

393

395

397

BHEL

314

316

317

319

320

BPCL

646

652

657

663

668

CAIRN

294

296

298

299

301

CIPLA

290

291

293

295

296

DLF

226

228

230

232

234

DRREDDY

1,559

1,576

1,587

1,604

1,615

GAIL

423

425

429

431

435

HCLTECH

424

427

431

434

439

HDFC

656

662

668

673

679

HDFCBANK

467

470

472

475

477

HEROMOTOCO

2,085

2,096

2,108

2,119

2,131

HINDALCO

125

127

128

129

131

HINDUNILVR

340

342

343

345

346

ICICIBANK

854

863

874

883

894

IDFC

126

127

128

130

131

INFY

2,808

2,823

2,847

2,862

2,885

ITC

210

211

212

213

214

JINDALSTEL

530

534

539

544

549

JPASSOCIAT

KOTAKBANK

487

491

495

499

503

1,334

1,342

1,349

1,357

1,364

M&M

839

844

850

855

861

MARUTI

1,130

1,140

1,154

1,164

1,178

NTPC

173

174

175

176

ONGC

272

275

276

279

280

PNB

926

933

938

945

950

POWERGRID

103

104

105

106

RANBAXY

508

512

515

519

522

RCOM

RELCAPITAL

343

345

347

348

350

RELIANCE

865

869

875

880

886

RELINFRA

421

422

425

426

429

RPOWER

SAIL

108

110

112

SBIN

1,845

1,856

1,863

1,874

1,881

SESAGOA

197

201

204

208

210

SIEMENS

829

834

841

846

853

STER

121

122

123

124

SUNPHARMA

493

498

502

508

511

SUZLON

TATAMOTORS

188

190

192

194

197

TATAPOWER

100

101

102

TATASTEEL

446

449

452

455

458

TCS

1,083

1,090

1,100

1,106

1,116

WIPRO

363

366

370

373

377

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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