Technical Research | September 22, 2011

Daily Technical Report

Sensex (17065) / Nifty (5133)
Markets opened on a subdued note and traded in an extreme narrow range to close marginally below previous days close. On the sector front, Consumer Durables and Banking counters were among the major gainers whereas Oil & Gas and Auto sector ended on a losing side. The advance decline ratio was in favor of advancing counters (A=1610 D=1228). (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. Also, Upward Sloping Trend Line joining two lows of 15765 and 16374 / 4720 and 4911.

Trading strategy:
Yesterday, markets opened marginally higher and moved towards the important swing high of 17212 / 5169 but ultimately fail to cross this level. Subsequently, indices moved in a very narrow range and hence, closed marginally below Tuesdays closing. On the higher side, we continue to mention the resistance level of 17212 / 5169.Only a sustainable move beyond this level may push indices towards 17400 17600 / 5240 5300 levels. Looking at the global cues indices are expected to open with a negative bias. On the downside, 16880 16700 / 5070 5019 levels may act as support in coming trading sessions. A violation of 16700 / 5019 level would lead to the breakdown of upward sloping trend line and indices may see further downside.

Source: Falcon

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Technical Research | September 22, 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 16,895 5,079 1,054 145 1,119 1,572 389 1,602 654 291 279 208 1,504 423 396 659 484 2,061 141 329 867 113 2,402 195 539 70 472 1,531 800 1,097 171 257 982 97 481 82 406 822 445 81 109 1,975 214 861 130 476 39 162 981 451 1,018 347 S1 16,980 5,106 1,063 147 1,138 1,588 391 1,618 659 294 281 210 1,517 427 401 667 489 2,098 143 334 884 114 2,419 196 548 72 476 1,545 807 1,110 172 259 991 98 486 84 414 830 452 82 111 1,992 217 879 132 480 40 163 990 455 1,031 352 PIVOT 17,086 5,137 1,071 149 1,149 1,611 393 1,643 663 300 283 213 1,532 433 406 673 494 2,156 147 340 894 115 2,437 198 559 73 481 1,567 812 1,129 173 262 1,002 99 490 85 421 840 457 83 113 2,008 222 890 135 485 41 165 995 459 1,049 356 R1 17,171 5,164 1,080 151 1,168 1,626 395 1,659 668 304 286 216 1,545 437 410 681 499 2,192 150 344 912 116 2,454 199 568 75 485 1,581 819 1,142 174 264 1,011 100 495 86 429 848 464 84 115 2,026 225 908 136 489 42 167 1,004 462 1,062 361 R2 17,276 5,196 1,088 152 1,180 1,649 397 1,684 673 310 288 218 1,559 443 416 688 503 2,250 154 350 922 117 2,472 201 579 76 489 1,603 824 1,161 176 268 1,022 101 499 88 436 859 469 86 117 2,041 229 918 139 494 43 168 1,009 466 1,081 365

Technical Research Team

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Technical Research | September 22, 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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