Technical Research | November 30, 2011
Daily Technical Report
Sensex (16008) / NIFTY (4805)
Exhibit 1: Nifty Daily Chart
Yesterday, our indices opened marginally above Monday’s
high of 16187 / 4859, but failed to sustain at higher levels
and selling pressure lead indices to close just above 4800
mark. On the sectoral front, Realty, Oil & Gas and Banking
counters were among the major losers whereas FMCG
ended with marginal gains. The advance decline ratio was
in favour of declining counters (A=1226 D=1515). (Source
-www.bseindia.com)
Formation
• The Daily chart depicts a Japanese Candle Stick pattern
known as “Dark Cloud Cover”.
• The “20 Days EMA” is placed at 16463 / 4943.
Source: Falcon
Actionable points:
Trading strategy:
Indices opened marginally above the previous resistance
View
Neutral
level of 16187 / 4859 and selling pressure dragged the
Resistance levels
4844 - 4866
indices to test 38.2% Fibonacci retracement level of the
Support level
4787 - 4693
current rally from 15479 - 16210 / 4639 - 4866. On the
Daily chart, we are witnessing a Japanese Candle Stick
pattern which resembles “Dark Cloud Cover”. This pattern
needs conformation in the form of a close below 15953 /
4787. Going forward, if indices trades convincingly below
yesterday’s low of 15953 / 4787, then markets may test
15888 - 15645 / 4766 - 4693 levels. On the upside
16135 - 16210 / 4844 - 4866 levels may act as resistance
for the day. The said reversal pattern will be negated only if
indices close above yesterday’s high of 16210 / 4866.
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1
Technical Research | November 30, 2011
Bank Nifty Outlook - (8624)
Exhibit 2: Bank Nifty Daily Chart
Bank nifty opened on a flat note and traded in a narrow
range during first half of the session. However, during the
second half, selling pressure dominated near the
mentioned resistance level of 8880 which led the index to
close in the negative territory. We are now observing a
negative cross over in momentum oscillator “RSI-
Smoothened” on the hourly chart, which indicates
bearishness. Therefore, if Bank Nifty sustains below
yesterday’s low of 8587, then it is likely to test 8470 -
8369 levels. On the Upside, 8685 - 8745 levels may act
as resistance levels for the day.
Actionable points:
View
Bearish
Negative below
8587
Expected target
8470 - 8369
Resistance levels
8685 - 8745
Source: Falcon
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2
Technical Research | November 30, 2011
Positive Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
M & M
718.5
756.7
745
View will change below 708
PTC
47.8
55.7
54
View will change below 46.5
Negative Bias:
Stock Name
5 Day EMA
20 Day EMA
Expected Target
Remarks
Educomp
200.85
214.3
189
View will change above 219
Ambuja Cement
149.2
152.7
140
View will change above 153
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3
Technical Research | November 30, 2011
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
15,799
15,904
16,057
16,162
16,315
NIFTY
4,740
4,773
4,819
4,852
4,898
BANKNIFTY
8,429
8,526
8,685
8,783
8,942
ACC
1,123
1,142
1,167
1,186
1,211
AMBUJACEM
141
144
148
151
155
AXISBANK
944
960
981
997
1,017
BAJAJ-AUTO
1,585
1,617
1,637
1,669
1,688
BHARTIARTL
354
364
378
388
402
BHEL
274
278
283
288
293
BPCL
516
522
531
537
546
CAIRN
293
298
303
308
312
CIPLA
323
325
327
329
332
DLF
195
199
205
209
215
DRREDDY
1,532
1,563
1,584
1,615
1,635
GAIL
381
385
389
394
398
HCLTECH
380
386
390
395
400
HDFC
622
629
639
645
655
HDFCBANK
424
430
438
443
451
HEROMOTOCO
1,955
2,008
2,044
2,096
2,132
HINDALCO
119
121
123
124
126
HINDUNILVR
379
384
387
391
395
ICICIBANK
704
719
738
752
771
IDFC
106
108
112
114
118
INFY
2,556
2,577
2,602
2,624
2,649
ITC
194
196
197
199
200
JINDALSTEL
466
479
497
509
527
JPASSOCIAT
61
62
64
65
67
KOTAKBANK
439
447
460
468
481
LT
1,244
1,260
1,275
1,292
1,306
M&M
700
713
721
734
743
MARUTI
936
947
964
976
992
NTPC
156
157
159
160
162
ONGC
252
255
259
263
267
PNB
855
873
900
918
944
POWERGRID
93
94
96
97
99
RANBAXY
440
446
455
461
470
RCOM
70
71
73
74
75
RELCAPITAL
275
281
288
294
302
RELIANCE
746
755
769
778
792
RELINFRA
400
405
410
415
420
RPOWER
84
85
87
88
90
SAIL
80
82
84
86
88
SBIN
1,719
1,740
1,768
1,790
1,818
SESAGOA
174
177
180
184
187
SIEMENS
679
688
700
709
721
STER
99
101
103
105
107
SUNPHARMA
500
505
511
516
522
SUZLON
22
23
24
24
25
TATAMOTORS
172
175
178
181
184
TATAPOWER
90
91
93
94
96
TATASTEEL
376
382
390
395
404
TCS
1,075
1,084
1,095
1,104
1,115
WIPRO
368
371
373
376
379
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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