Technical Research | August 1, 2011

Daily Technical Report

Sensex (18197) / NIFTY (5482)
Markets opened on a flat note in-line with the global cues and traded with extreme choppiness through out the day to close flat. On the sector front, Realty, Metal and Oil & Gas were among the major losers whereas FMCG ended with a marginal gain. The advance decline ratio was in favor of declining counters (A=1121 D=1748). (Source - www.bseindia.com)
A Doji

Exhibit 1: Sensex Daily Chart

Formation
The Daily chart of the Indices depicts a "Doji" candlestick formation which indicates indecisiveness prevailing at the current level. (Refer exhibit 2) We are observing that prices have closed near 50% Fibonacci retracement level of an upside rally from 17314 to 19132 / 5195 to 5740 levels. (Refer exhibit 2) Also, on the Weekly chart, the RSI momentum oscillator has convincingly slipped below the 50 mark after nearly 3-4 weeks. RSI sustaining below the 50 level is a sign of weakness.
Source: Falcon

Policy" and breached 18415 - 18326 / 5532 - 5496 level which was acting as a strong support zone since the previous few trading sessions. Going forward, if indices break Friday's high of 18335 / 5521, then they may bounce back to the levels of 18538 -18771 / 5577 - 5648. On the downside, 18131 / 5453 level (Friday's low) may provide a support. The violation of this low may reinforce the negative momentum and, in such a case, indices may test 18000 - 17800 / 5400 - 5345 levels. We advise traders to stay light on their positions and trade with proper stop losses.

Trading strategy:
Markets fell from their high of 18945 / 5702 registered in the initial part of the week after the announcement of "RBI Monetary

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Technical Research | August 1, 2011

Daily Pivot Levels For Nifty 50 Stocks

SCRIPS
SENSEX NIFTY ACC AMBUJACEM AXISBANK BAJAJ-AUTO BHARTIARTL BHEL BPCL CAIRN CIPLA DLF DRREDDY GAIL HCLTECH HDFC HDFCBANK HEROHONDA 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 18,019 5,419 984 127 1,274 1,410 421 1,805 646 304 302 223 1,563 452 473 668 477 1,748 164 316 983 119 2,704 202 569 64 431 1,699 702 1,174 174 264 1,079 100 528 99 552 809 527 108 125 2,311 259 888 155 507 51 932 1,256 557 1,113 380 S1 18,108 5,451 998 128 1,306 1,440 429 1,822 652 306 304 227 1,575 457 480 679 482 1,767 166 320 1,010 123 2,740 205 578 65 438 1,712 711 1,191 175 266 1,102 102 534 100 564 818 534 110 126 2,328 267 906 158 513 52 940 1,269 560 1,125 385 PIVO PIVOT 18,221 5,485 1,010 130 1,324 1,461 434 1,838 657 310 307 231 1,587 463 486 686 486 1,791 168 323 1,030 126 2,761 208 592 68 448 1,732 718 1,205 177 271 1,117 105 544 102 576 833 542 112 127 2,352 280 925 162 519 53 948 1,285 566 1,134 392 R1 18,310 5,517 1,024 131 1,356 1,491 442 1,855 663 312 310 236 1,598 467 493 696 491 1,810 170 328 1,057 129 2,797 211 601 69 455 1,745 727 1,221 178 274 1,140 108 550 103 587 842 549 114 127 2,369 288 943 164 524 53 956 1,298 570 1,145 397 R2 18,424 5,552 1,035 132 1,374 1,512 447 1,871 667 315 313 240 1,610 473 499 703 495 1,835 172 331 1,078 132 2,818 214 615 71 465 1,764 734 1,236 179 279 1,155 110 560 105 599 857 557 116 128 2,393 301 962 168 530 54 964 1,314 576 1,154 404

Technical Research Team

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Technical Researchechnical 1, 2011 T | August Report

RESEARCH TEAM
Shardul Kulkarni Mileen Vasudeo Sameet Chavan Sacchitanand Uttekar Mehul Kothari Head - Technicals Technical Analyst Technical Analyst Technical Analyst Technical Analyst

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