Technical Research | September 28, 2011

Daily Technical Report

Sensex (16524) / Nifty (4971)
We witnessed a massive gap up opening in yesterdays session mainly due to overnight positive sentiments in U.S. and European markets. Our indices traded with positive bias throughout the session to close marginally below 5000 mark. On the sector front, Realty, IT and Oil & Gas counters were among the major gainers. The advance decline ratio was strongly in favor of advancing counters (A=1873 D=952). (Source www.bseindia.com)

Exhibit 1: Sensex Daily Chart

Formation
The 20 Day EMA is placed at 16670 / 5010 level. The 61.8% Fibonacci retracement level of 17191 to 15801 / 5169 to 4758 is at 16660 / 5011 level.

Trading strategy:
As expected and mentioned in our previous report, indices gradually moved towards 16368 16490 / 4930 4960 levels after sustaining above the high of 16210 / 4880 level. We are now observing that the 20 Day EMA is placed at 16670 / 5010 level which almost coincides with 61.8% Fibonacci retracement level of the fall from 17191 to 15801 / 5169 to 4758. Consequently, in the coming trading session, there is a high probability that indices may face some selling pressure while approaching this above mentioned resistance level. Thus, we advise our short term traders to book profits on their longs and adopt a stock specific approach in coming trading session as indices are heading towards this strong resistance zone. On the downside, 16368 15996 / 4930 4868 levels may act as support in coming trading session.
Source: Falcon

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Technical Research | September 28, 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 16,184 4,875 1,063 145 1,053 1,494 378 1,584 650 268 281 201 1,464 405 386 618 450 1,965 129 325 862 110 2,339 188 494 69 456 1,430 770 1,072 163 254 975 95 476 79 378 761 422 80 104 1,965 194 841 119 459 38 148 97 430 992 338 S1 16,354 4,923 1,077 147 1,070 1,520 383 1,618 654 274 284 209 1,482 409 390 629 454 1,979 131 332 874 111 2,391 191 510 71 462 1,438 784 1,089 164 256 983 96 480 80 387 779 426 81 106 1,981 197 848 120 463 38 152 99 435 1,016 343 PIVOT 16,453 4,953 1,087 148 1,083 1,535 386 1,645 658 278 287 214 1,496 413 393 638 458 1,999 134 336 886 112 2,430 192 526 73 466 1,450 793 1,100 165 258 993 97 486 81 399 790 432 82 108 1,994 201 854 122 469 38 154 100 440 1,031 348 R1 16,623 5,001 1,101 149 1,100 1,560 391 1,680 662 284 289 223 1,514 417 397 650 462 2,013 137 343 898 113 2,483 195 542 75 472 1,458 807 1,117 167 261 1,001 97 490 82 407 808 436 83 110 2,010 204 861 123 473 39 158 103 444 1,055 354 R2 16,722 5,031 1,110 151 1,113 1,576 394 1,706 666 288 292 227 1,529 421 400 659 466 2,033 139 347 909 114 2,521 197 557 76 476 1,470 816 1,128 168 263 1,011 98 495 83 420 819 442 84 112 2,023 208 867 124 479 39 161 104 450 1,070 359

Technical Research Team

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Technical Research | September 28, 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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