Technical Research | September 23, 2011

Daily Technical Report

Sensex (16361) / Nifty (4924)
Yesterdays session began with a massive gap down opening mainly due to weak global cues. This downside gap remained unfilled throughout the day and indices plunged to test support level of 16300 / 4900. On the sector front, Realty, Metal and Oil & Gas counters were among the major losers. The advance decline ratio was strongly in favor of declining counters (A=606 D=2235). (Source www.bseindia.com)

Exhibit 1: Sensex Daily Chart

Formation
The Daily chart depicts a Symmetrical Triangle pattern breakdown on closing basis with higher volumes. We are observing a negative crossover in momentum oscillator viz., the RSI and the Stochastic.

Trading strategy:
After a strong gap down opening the benchmark indices continued to drift downwards as the day progressed. This mammoth intraday fall of 4% led to a breakdown from Symmetrical Triangle pattern at 16700 / 5019 level. In addition, we are also observing a negative crossover in RSI and Stochastic oscillators which may result in a sharp fall in our benchmark indices. Consequently, Indices are likely to slide further down and may test 16000 15765 / 4800 4720 levels. The said pattern will ONLY be negated if we witness a closing above yesterdays high of 16834 /5060. On the upside, 16700 16834 / 5019 5060 levels may act as resistance in coming trading sessions.

Source: Falcon

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Technical Research | September 23, 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 15,986 4,812 1,031 139 1,090 1,500 356 1,586 645 274 272 189 1,471 411 366 623 452 2,052 136 327 837 105 2,292 186 509 63 442 1,442 760 1,059 161 254 928 94 470 75 381 750 417 76 104 1,903 208 824 120 456 36 149 941 433 957 328 S1 16,174 4,868 1,050 141 1,101 1,521 364 1,595 652 279 275 193 1,487 417 374 633 462 2,070 138 329 850 107 2,322 188 520 65 449 1,467 772 1,073 163 256 944 95 475 77 389 768 425 77 106 1,920 210 839 122 463 37 152 960 438 976 334 PIVOT 16,504 4,964 1,067 144 1,118 1,558 377 1,610 663 289 279 201 1,507 423 387 652 476 2,095 140 334 867 110 2,367 193 537 69 462 1,505 790 1,094 167 259 968 97 482 80 404 798 439 80 108 1,947 214 861 127 471 39 157 985 444 1,005 343 R1 16,691 5,020 1,086 146 1,130 1,579 385 1,618 670 294 283 205 1,524 429 396 662 486 2,112 142 336 879 112 2,397 195 548 71 469 1,529 802 1,108 170 261 984 98 487 82 412 816 447 81 110 1,964 216 876 129 478 40 160 1,004 449 1,024 350 R2 17,021 5,116 1,103 149 1,147 1,616 397 1,633 681 304 287 213 1,543 435 408 680 499 2,137 144 340 896 115 2,442 199 566 75 482 1,567 820 1,129 174 265 1,009 100 494 86 426 846 461 83 113 1,991 220 898 134 486 41 165 1,030 455 1,053 359

Technical Research Team

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Technical Research | September 23, 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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