Technical Research | October 13, 2011

Daily Technical Report

Sensex (16959) / NIFTY (5099)
Yesterday markets opened flat in-line with global cues and traded with choppiness during the first half. However, buying emerged during the latter part of the session which led indices to close in positive territory. On the sector front, IT, Teck and Banking counters were among the major contributors in yesterdays gain. The advance decline ratio was strongly in favor of advancing counters (A=1846 D=974). (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 also observing a positive crossover in 5 & 20
Source: Falcon

Day EMA on the Daily chart.

Trading strategy:
After a quite opening, indices moved in a narrow range and strong positive momentum was observed after crossing Tuesdays high of 16774 / 5045. Thus indices headed higher to fill the downside gap near to 17000 / 5110 created on 22nd September 2011. Also, yesterdays price action resulted in a closing well above Downward Sloping trend line joining two highs of 18945 and 17191 / 5702 and 5168. Going forward, considering the positive crossover in 5 & 20 Day EMA, upside momentum is likely to continue if indices manage to sustain above yesterdays high of 16987 / 5110. In this case, indices are likely to rally towards next resistance levels of 17210 17358 / 5169 5230. On the downside, 16774 16510 / 5045 4964 levels may act as support levels for the day.

Actionable points:
View Positive Above Expected Target Support Levels Mildly Bullish 5110 5169 5230 5045 4964

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Technical Research | October 13, 2011

Bank Nifty Outlook - (9482)

Yesterday, In line with the broader markets positive momentum was witnessed in the bank nifty and the Index crossed the mentioned resistance level of 9363 to close near days high. We are now observing that bank nifty has managed to give a close above 20 EMA, coupled with positive crossover in RSI smoothened momentum oscillator on daily chart. In view of the, above mentioned indicators, if bank nifty sustain above yesterdays high of 9514 level then is likely to test 9700-9970 levels. On the downside, 9363 9148 levels may act as support for the day.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:

View Positive Above Expected Target Support Levels

Bullish 9514 9700 9970 9363 9148

Source: Falcon

Stock Recommendations:
Stock IRB Infra Action BUY Last close - ` 169.20 Range - ` 170 168

Exhibit 3: IRB Infra Daily chart

Stop Loss - ` 164.50 Target - ` 182

Justification On the Daily chart we are observing a triangular pattern breakout along with positive crossovers in RSI smoothened momentum ossiclator.Also a positive crossover in 5 & 20 day EMA indicates possibility of further upside.We advise buying the counter in the range of ` 170 ` 168 with stoploss of 164.50 for a target of `182.Timeframe 3-5 days.

Source: Falcon

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Technical Research | October 13, 2011

Positive Bias: Stock Name Escorts Exide Industries Venkys India 5 Day EMA 72.87 132.68 399.43 20 Day EMA 72.84 133.91 402.48 Expected Target 77.50 141.50 427 Remarks View will be negated below 72.15 View will be negated below 131.50 View will be negated below 400.50

Negative Bias:

Stock Name Coal India Ruchi Soya

5 Day EMA 339.45 111.58

20 Day EMA 351.35 111.75

Expected Target 328 106.50

Remarks View will be negated above 350 View will be negated above 114.70

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Technical Research | October 13, 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 16,473 4,957 9,076 1,127 141 1,015 1,527 366 321 660 276 279 221 1,500 412 404 652 447 1,930 125 324 823 120 2,561 198 471 72 446 1,388 773 1,056 173 265 931 97 505 72 331 817 398 81 103 1,714 222 801 114 476 37 161 96 430 1,049 340 S1 16,716 5,028 9,279 1,134 145 1,054 1,557 370 330 666 280 283 229 1,515 416 412 661 457 1,965 129 327 841 121 2,620 201 494 74 459 1,416 790 1,071 175 268 959 98 511 75 342 833 407 83 107 1,793 225 824 117 480 38 171 99 437 1,064 346 PIVOT 16,851 5,069 9,397 1,139 148 1,077 1,587 374 335 673 282 285 233 1,525 419 418 667 464 2,000 132 329 852 123 2,654 203 512 75 467 1,431 801 1,081 177 270 978 99 516 76 348 843 413 84 109 1,836 228 862 119 483 38 180 101 441 1,077 352 R1 17,094 5,140 9,600 1,146 152 1,116 1,616 377 344 679 286 288 241 1,540 423 425 676 474 2,036 135 332 871 125 2,713 206 534 76 479 1,459 818 1,095 179 273 1,005 100 521 78 358 859 422 85 112 1,916 231 885 122 487 38 190 104 448 1,092 357 R2 17,230 5,181 9,717 1,151 154 1,139 1,647 382 349 685 288 290 246 1,550 426 431 681 480 2,071 138 334 882 126 2,747 208 552 77 487 1,475 829 1,105 181 275 1,024 101 526 79 365 868 427 86 114 1,959 234 923 124 490 39 200 106 452 1,104 364

Technical Research Team

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Technical ResearchTechnical13, 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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