Technical Research | November 18, 2011

Daily Technical Report

Sensex (16462) / NIFTY (4935)
Yesterday, markets opened on a flat note and then for the third consecutive session, witnessed immense selling pressure which led indices to close marginally above 4900 mark. On the sectoral front, the Oil & Gas, Power 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=897 D=1927). (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
Oscillators in Hourly and Daily charts are placed in
Source: Iris

extreme oversold territory.

Trading strategy:
After a flat opening, markets tumbled for yet another session due to selling pressure during the second half of the session. We observed immense negative momentum post violation of Wednesdays low of 16641 / 4989, which also negated "Bullish Hammer" pattern mentioned in our earlier report. Going forward, indices are likely to drift towards the next support levels 16300 16150 / 4890 4860, which coincides with the 78.4% Fibonacci retracement level of the rise 15745 17900 / 4728 - 5400. However, looking at the oversold condition of momentum oscillators in Hourly and Daily chart, the possibility of a minor bounce cannot be ruled out. On the upside, yesterday's high of 16807 / 5037 may act as strong resistance. Any move above this would push indices higher to test 16950 / 5085.

Actionable points:
View Resistance levels Support levels Neutral 5037 - 5085 4890 - 4860

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Technical Research | November 18, 2011

Bank Nifty Outlook - (8931)

Bank nifty opened on a flat note and traded in a narrow range during the first half of the session. However, during the second half, extreme selling pressure was witnessed and the index to closed below the Bullish doji star and hence, negated the said pattern. Going forward, if Bank Nifty sustains below yesterdays low of 8900, then it is likely to test the October lows of 8626 8560 levels. On the upside, 9146 level may act as resistance level for the day. Actionable points: View Resistance Level Support Levels
Neutral

Exhibit 2: Bank Nifty Daily Chart

9146 8626 - 8560

Source: Iris

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Technical Research | November 18, 2011

Positive Bias: Stock Name IVRCL Infra VIP 5 Day EMA 36.30 129.90 20 Day EMA 37.50 154.50 Expected Target 39.50 134 Remarks View will change below 32.50 View will change below 113.15

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Technical Research | November 18, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS SENSEX NIFTY BANKNIFTY ACC AMBUJACEM AXISBANK BAJAJ-AUTO BHARTIARTL BHEL BPCL CAIRN CIPLA DLF DRREDDY GAIL HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK IDFC INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RCOM RELCAPITAL RELIANCE RELINFRA RPOWER SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA SUZLON TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 16,160 4,846 8,760 1,126 150 964 1,697 383 268 493 298 302 194 1,493 376 398 619 449 2,038 117 386 759 105 2,702 203 528 58 459 1,202 740 904 160 250 831 101 433 72 306 779 400 85 87 1,715 183 695 103 478 23 168 92 387 1,100 355 S1 16,311 4,891 8,845 1,142 152 975 1,708 389 276 501 303 307 199 1,523 381 403 627 454 2,078 120 388 769 107 2,728 205 534 61 468 1,217 749 926 163 253 852 102 443 73 311 795 408 88 88 1,736 188 708 106 485 24 172 94 394 1,107 361 PIVOT 16,559 4,964 8,985 1,168 155 992 1,723 399 290 509 309 314 207 1,570 389 408 639 462 2,116 124 392 784 110 2,758 209 545 64 481 1,236 764 962 167 259 873 104 459 76 319 822 418 92 91 1,768 195 728 110 493 27 177 96 405 1,115 370 R1 16,710 5,008 9,071 1,184 157 1,003 1,733 405 298 517 314 318 212 1,599 394 414 647 467 2,156 127 394 793 112 2,784 211 552 66 490 1,252 773 984 169 263 894 105 470 78 324 837 426 94 93 1,789 199 741 113 500 28 181 97 411 1,123 376 R2 16,958 5,081 9,210 1,209 160 1,020 1,748 415 312 526 320 325 221 1,647 402 419 660 475 2,194 130 397 808 115 2,815 215 562 70 503 1,270 788 1,020 173 269 915 106 486 81 331 864 435 98 96 1,820 206 761 117 508 31 187 100 422 1,131 385

Technical Research Team

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Technical Research | November 18, 2011 Technical Report

RESEARCH TEAM
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Mehul Kothari Ankur Lakhotia Head - Technicals Technical Analyst Technical Analyst Technical Analyst Technical Analyst

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