Technical Research | September 21, 2011

Daily Technical Report

Sensex (17099) / Nifty (5140)
Markets opened flat and traded with strong positive bias throughout the session which led indices to close with a handsome intraday gain. On the sector front, IT, Teck and Consumer Durables counters were among the major gainers. The advance decline ratio was in favor of advancing counters (A=1844 D=969). (Source www.bseindia.com)

Exhibit 1: Sensex Daily Chart

Formation
On the Daily chart, there is a Horizontal Trend Line joining two recent highs of 17256 and 17212 / 5198 and 5169.

Trading strategy:
In yesterdays trading session, we witnessed a quite opening in-line with global cues but a strong buying emerged as day progressed which led indices to close at the days high. Markets are now nearing their recent swing high of 17212 / 5169 after a sharp rally in yesterdays session. This level coincides with a Horizontal Trend Line resistance mentioned above. Looking at the global clues it is likely that our benchmark Indices may open lower. If a sustainable move beyond this resistance level (17212 / 5169) takes place, it may lead to a break out from this resistance. In this case, indices may rally towards 17400 17600 / 5240 5300 levels. On the downside, 16880 16700 / 5070 5019 levels may act as support in coming trading sessions.
Source: Falcon

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Technical Research | September 21, 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 16,621 4,994 1,045 144 1,080 1,596 383 1,611 652 280 275 201 1,498 426 384 646 479 2,178 141 333 849 112 2,352 194 535 68 466 1,541 788 1,099 168 254 959 97 475 81 389 803 439 78 105 1,866 217 842 127 471 39 159 968 448 1,006 334 S1 16,860 5,067 1,056 145 1,112 1,612 387 1,626 659 293 279 206 1,518 431 394 661 485 2,192 145 338 866 114 2,394 196 545 70 473 1,552 801 1,127 170 258 981 98 481 83 404 827 448 81 109 1,929 220 859 130 478 40 163 983 455 1,032 342 PIVOT 16,998 5,108 1,063 146 1,131 1,621 390 1,645 664 300 281 210 1,531 434 399 669 489 2,205 148 342 877 115 2,417 198 555 72 477 1,562 810 1,144 171 264 995 99 487 84 412 841 454 83 110 1,964 222 869 132 482 40 165 992 459 1,048 349 R1 17,237 5,182 1,074 148 1,163 1,637 394 1,659 670 313 285 216 1,550 440 409 684 495 2,218 153 347 893 116 2,459 200 566 74 484 1,573 824 1,172 173 268 1,017 100 493 85 427 865 464 85 113 2,026 226 887 136 489 41 168 1,006 465 1,074 357 R2 17,375 5,223 1,081 149 1,182 1,646 397 1,678 675 320 287 219 1,564 443 414 692 499 2,231 155 351 904 117 2,482 202 576 75 488 1,584 833 1,190 175 274 1,031 101 499 86 436 878 470 87 115 2,062 228 897 138 494 41 170 1,015 469 1,090 364

Technical Research Team

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Technical Research | September 21, 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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