Technical Research | October 03, 2011

Daily Technical Report

Sensex (16454) / Nifty (4943)
Markets opened with a downside gap on Fridays session and traded with high volatility during the first half. However, during the second half selling pressure intensified which dragged indices near intraday support levels of 16400 / 4920. On the sector front, Metal, Realty and Banking counters were among the major losers whereas Consumer Durables ended on a gaining side. The advance decline ratio was strongly in favor of declining counters (A=1019 D=1716). (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.
Source: Falcon

Trading strategy:
Broadly speaking, indices are stuck in a trading range of 15756 to 17250 / 4720 to 5200. On the Daily chart, we are now observing that 20 EMA and 61.8% Fibonacci retracement level of the fall from 17191 to 15801 / 5169 to 4758 indicate a similar resistance level. This level is at 16670 / 5010. Going forward, selling pressure is likely to intensify on the violation of Thursdays low of 16316 / 4906. Subsequently, indices are likely to drift towards 16000 15765 / 4800 4720 levels. A breach of the crucial support level at 15765 /4720 would lead to a further fall towards 15650 15330 / 4675 4540 levels. On the upside, 16756 17000 / 5034 5110 levels are likely to act as a resistance in coming week.

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Technical Research | October 03, 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 16,194 4,863 1,078 144 978 1,487 363 1,603 629 264 271 213 1,460 397 400 626 459 1,877 127 333 854 107 2,479 194 485 70 440 1,321 791 1,057 163 259 932 96 494 68 289 778 350 74 100 1,885 185 807 109 452 35 150 98 402 1,014 325 S1 16,324 4,903 1,088 146 999 1,511 370 1,621 638 268 276 216 1,472 404 405 633 463 1,910 129 337 865 109 2,506 196 496 71 450 1,339 798 1,070 165 262 943 97 504 70 302 793 362 75 103 1,898 193 823 111 457 36 153 99 409 1,026 333 PIVOT 16,535 4,964 1,097 149 1,031 1,538 379 1,648 650 274 282 220 1,484 416 410 644 469 1,952 132 340 877 112 2,535 199 510 74 463 1,369 809 1,089 167 265 951 98 512 73 325 808 378 77 106 1,918 198 839 115 462 37 158 100 421 1,045 343 R1 16,664 5,004 1,107 151 1,051 1,563 387 1,666 659 278 288 223 1,496 423 415 652 474 1,984 134 344 888 113 2,562 201 521 75 473 1,387 816 1,102 170 269 962 99 522 75 338 823 390 78 109 1,931 206 854 117 467 38 161 101 427 1,057 351 R2 16,875 5,066 1,116 154 1,083 1,590 396 1,693 671 284 294 228 1,509 435 420 662 479 2,027 137 348 900 116 2,591 204 535 78 485 1,417 827 1,121 171 272 970 100 530 77 360 838 406 80 112 1,952 211 871 121 472 39 166 103 439 1,076 361

Technical Research Team

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Technical Research Technical Report | October 03, 2011

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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