Technical Research | October 12, 2011

Daily Technical Report

Sensex (16536) / NIFTY (4974)
Yesterday markets opened on an optimistic note to move towards the expected resistance level of 16800 / 5050 and profit booking near this resistance level dragged the indices below 5000 mark. On the sector front, IT, and Teck counters ended on a losing side whereas Consumer Durables and Metal sectors were among the major gainers. The advance decline ratio was strongly in favor of advancing counters (A=1558 D=1236).
(Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
On the Daily chart, we are observing a Downward Sloping trend line joining two highs of 18945 and 17191 / 5702 and 5168. We are observing a Gap area formed on 22nd

September in the range of 17000/5110 and16834 / 5060 The ADX (9) indicator has given a positive crossover on
Source: Falcon

daily chart.

Trading strategy:
Indices opened higher and moved towards the resistance level of 16800 / 5050 but failed to sustain at higher levels. The gap area in the range of 17000/5110 and16834 / 5060 remains to be a significant resistance level for the markets. Also we are now observing a Downward Sloping trend line joining two highs of 18945 and 17191 / 5702 and 5168. Thus, yesterdays price action cannot be construed as a break out of from this trend line. However, we are also witnessing a positive crossover in ADX (9) indicator which indicates does not rule out the possibility of an upside momentum if indices manage to sustain above yesterdays high of 16774 / 5045. In this case, indices may rally towards 17000 / 5110 level. On the downside, 16510 - 16348 / 4964 4923 level may act support in coming trading session.

Actionable points:
View Resistance Levels Support Levels Neutral 5045 - 5110 4964 - 4923

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Technical Research | October 12, 2011

Bank Nifty Outlook - (9179)

Bank nifty also opened with an upside gap in-line with our benchmark indices and moved towards the 20 Day EMA placed around 9355 level. As mentioned in our previous report, Bank Nifty faces strong resistance near mentioned level of 9332. Going forward, violation of yesterdays low of 9148 would attract further selling pressure and the Bank nifty is then likely to drift towards 8975 8870 levels.

Exhibit 2: Bank Nifty Daily Chart

On the up side, 9363 level may act as strong resistance in coming trading session. Actionable points:

View Negative Below Expected Target Resistance levels

Bearish 9148 8975 - 8870 9363

Source: Falcon

Stock Recommendations:
Stock DLF (Oct.Fut.) Action Sell Last close - ` 228.55 Range - ` 229.50 231

Exhibit 3: DLF (Oct.Fut.) Daily chart

Stop Loss - ` 233.80 Target - ` 219

Justification We are witnessing that after a sharp rise from Rs.195 to Rs.235 the Stock is finally facing resistance at an upward sloping trend line on the Daily Chart. This level coincides with 127% Fibonacci retracement level of the fall from Rs.226 to Rs.195. In addition; the momentum oscillators on the hourly chart are negatively poised. Hence, we advise selling the stock in a range of Rs.229.50 to Rs.231.00 for a target of Rs.219.00 in coming 3 4 days.
Source: Falcon

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Technical Research | October 12, 2011

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS SENSEX NIFTY BANKNIFTY 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 16,344 4,913 9,015 1,113 142 1,024 1,557 361 317 662 273 275 221 1,476 409 387 656 449 1,954 127 319 809 117 2,425 197 466 73 444 1,388 782 1,050 169 263 931 97 509 72 327 811 391 81 103 1,722 210 816 112 455 36 169 100 423 1,008 329 S1 16,440 4,944 9,097 1,124 143 1,038 1,568 368 322 669 275 278 225 1,492 413 395 662 453 1,965 129 322 821 119 2,465 198 477 73 449 1,399 790 1,062 173 266 943 98 513 73 334 819 397 82 105 1,743 217 823 114 466 37 173 101 428 1,024 336 PIVOT 16,607 4,994 9,230 1,135 145 1,060 1,579 374 330 674 279 282 230 1,509 419 409 670 459 1,980 131 328 841 122 2,530 200 490 74 456 1,412 803 1,075 175 270 951 98 518 75 339 830 405 83 107 1,775 222 837 117 475 37 175 104 436 1,051 345 R1 16,703 5,025 9,312 1,146 146 1,074 1,590 381 335 680 282 285 234 1,524 423 417 676 463 1,991 132 332 853 125 2,570 202 500 75 460 1,423 811 1,086 179 272 963 99 522 76 347 838 410 83 109 1,796 228 844 119 486 38 179 105 441 1,068 351 R2 16,871 5,076 9,445 1,157 148 1,095 1,600 388 343 686 286 290 239 1,541 430 431 684 469 2,006 134 338 873 127 2,635 204 513 76 467 1,436 824 1,099 181 276 971 100 527 78 352 849 418 84 111 1,827 233 858 123 495 39 182 108 448 1,095 360

Technical Research Team

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Technical ResearchTechnical12, 2011 | October 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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