Technical Research | September 16, 2011

Daily Technical Report

Sensex (16877) / Nifty (5076)
Market opened marginally higher and traded with extreme choppiness throught out the trading session to close marginally above the initial opening level. On the sector front, Realty, IT, Teck and Banking counters were among the major gainers whereas Capital Goods were among the losers. The advance decline ratio was in favor of advancing counters (A=1545 D=1235). (Source www.bseindia.com)

Exhibit 1: Sensex Daily Chart

Formation
We are observing a Downward Sloping Trend Line on Daily chart.

Trading strategy:
Indices opened on an optimistic note but failed to sustain during the initial part and corrected to test support level of 16550 / 4960 level. However, we witnessed a strong surge in the prices during the later part of the session which led indices higher to register a high of 16922 / 5091. We are now observing a Downward Sloping Trend Line joining two highs of 18945 and 17212 / 5702 and 5169. The trend line resistance level would come around 16930 / 5090 which also coincides with yesterdays high. Therefore, if indices manage to break and sustain above yesterdays high then there is likelihood that we may witness a break out from this mentioned trend line. In this case, indices may rally towards 17212 / 5169 level. On the other hand, yesterdays high also coincides with 61.8% Fibonacci retracement level of the fall from 17212 to 16374 / 5169 to 4911 levels which may act as strong resistance. In such scenario, indices may test support levels of 16766 16545 / 5030 4967.
Source: Falcon

Note: As RBI monetary policy is going to be announced today, we advise traders to stay light on their positions and trade with strict stoploss.

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Technical Research | September 16, 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 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 16,405 4,921 1,038 145 1,045 1,589 366 1,671 661 286 280 197 1,445 412 385 624 465 2,170 140 341 838 108 2,291 193 535 67 460 1,550 785 1,044 160 255 940 93 469 81 401 804 438 78 106 1,803 215 838 124 475 39 138 940 451 997 335 S1 16,641 4,998 1,052 147 1,081 1,609 377 1,692 667 290 282 202 1,462 423 394 639 475 2,186 142 345 857 110 2,350 196 543 68 470 1,570 795 1,063 163 258 956 94 475 83 408 820 447 79 109 1,850 220 846 127 481 40 144 949 458 1,019 341 PIVOT 16,781 5,045 1,062 150 1,102 1,626 383 1,728 671 292 283 206 1,473 430 399 652 481 2,200 145 350 870 111 2,389 199 551 69 476 1,596 803 1,079 164 260 965 95 484 84 415 829 454 80 111 1,878 223 853 129 488 40 148 959 468 1,033 346 R1 17,017 5,122 1,076 152 1,137 1,645 394 1,749 678 296 286 212 1,490 441 408 667 491 2,216 147 354 889 114 2,449 202 559 71 486 1,616 813 1,099 166 263 981 97 490 86 422 845 463 81 114 1,925 227 861 132 494 41 155 968 475 1,055 352 R2 17,158 5,169 1,086 155 1,158 1,662 400 1,785 682 299 287 215 1,501 448 413 679 498 2,230 149 359 901 115 2,488 205 568 72 492 1,641 821 1,115 168 265 990 98 499 87 428 855 469 81 116 1,952 230 868 135 501 41 159 977 484 1,068 357

Technical Research Team

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Technical Research | September 16, 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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