Technical Research | October 14, 2011

Daily Technical Report

Sensex (16884) / NIFTY (5088)
We witnessed a gap up opening in yesterday session, but markets failed to sustain at higher levels and pared early gains to close marginally below Wednesdays close. On the sector front, Auto, Capital Goods and Healthcare counters were among the major losers whereas Banking and IT ended on a gaining side. The advance decline ratio was in favor of declining counters (A=1379 D=1403). (Source
www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
On the Daily chart, Horizontal Trend Line resistance is at 17303 / 5177 level. We are witnessing a negative crossover of RSI
Source: Falcon

Smoothened oscillator in hourly chart.

Trading strategy:
Markets are now at the upper end of the broad range of 5200 to 4700. As mentioned in some of our earlier reports, the Indices have a strong Horizontal Trend Line resistance at 17300 / 5177 level. Moreover, negative crossover of RSI Smoothened oscillator in hourly chart indicates that further downside is likely to continue if indices sustain below yesterdays low of 16854 / 5067. Subsequently, indices may witness selling pressure and are likely to test 16774 16510 / 5045 4964 levels. On the upside, yesterdays high of 17084 / 5137 may act as immediate resistance in coming trading session. A move beyond this level can push indices towards the mentioned resistance levels at 17210 17303 / 5169 5177 levels.

Actionable points:
View Negative Below Expected Target Resistance Levels Bearish 5067 5045 4964 5137 5169

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Technical Research | October 14, 2011

Bank Nifty Outlook - (9591)

Bank Nifty opened with an upside gap and tested the initial resistance level of 9700. After moving towards this resistance, Bank Nifty traded in a narrow range throughout the session to close near the initial opening level. Thus we are now witnessing a Bearish Doji Star Japanese candle stick pattern on daily chart. To confirm the bearish implication of the said pattern a breach of the low at 9547 is necessary. If Bank Nifty falls below yesterdays low of 9547 then it is likely to test 9400 9280 levels. The above mentioned pattern will be negated only if bank nifty closes above yesterdays high of 9685. On the Upside, 9700 level may act as a resistance for the day.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
Source: Falcon

View Negative Above Expected Target Resistance Level

Mildly Bearish

9547 9400 9280 9700

Stock Recommendations:
Stock Reliance Capital (Oct.Fut.) Action Sell Last close - ` 346.15 Range - ` 346 - ` 350

Exhibit 3: Reliance Capital (Oct Fut) Daily chart

Stop Loss - ` 357.15 Target - ` 324

Justification The Daily chart depicts a Dark Cloud Cover Japanese candlestick pattern exactly at 38.2% Fibonacci retracement of the fall from ` 428 to ` 311.In addition, this level is near its 20 day EMA coupled with negatively poised hourly chart. Hence, we advise selling the stock in a range of ` 346 to ` 350 for a target of ` 324 in coming 3 4 trading sessions.

Source: Falcon

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Technical Research | October 14, 2011

Positive Bias: Stock Name Cipla Chambal Fertilizer 5 Day EMA 285 95.66 20 Day EMA 284.31 97.50 Expected Target 294 104.50 Remarks Support at 279.50 Support at 94.50

Negative Bias:

Stock Name ACC Hindalco Larsen&Toubro

5 Day EMA 1124.62 129.17 1409.78

20 Day EMA 1094.07 133.42 1444.94

Expected Target 1090 124 1368.50

Remarks Strong resistance at 1146.50 Resistance at 134.50 Resistance at 1450

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Technical Research | October 14, 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 16,711 5,025 9,470 1,107 145 1,064 1,562 360 323 640 273 283 228 1,465 410 414 656 463 1,942 124 319 855 117 2,660 198 442 72 464 1,390 781 1,030 170 257 958 98 489 74 332 833 404 83 104 1,840 220 815 116 467 37 167 96 435 1,068 345 S1 16,797 5,051 9,531 1,115 146 1,075 1,574 365 328 647 276 285 233 1,484 414 420 660 467 1,962 126 323 868 119 2,678 200 470 73 469 1,405 790 1,044 172 261 969 98 496 76 339 840 411 84 106 1,864 225 826 118 472 37 172 97 444 1,080 347 PIVOT 16,941 5,094 9,608 1,128 148 1,092 1,589 371 336 660 280 288 238 1,509 419 427 667 471 1,994 130 328 878 122 2,704 203 494 74 473 1,427 802 1,064 175 268 985 99 507 77 347 849 419 85 109 1,899 229 838 121 479 38 179 100 451 1,093 351 R1 17,027 5,121 9,669 1,136 150 1,103 1,602 376 342 668 284 290 243 1,528 423 434 671 475 2,014 133 331 890 124 2,722 205 523 75 478 1,442 812 1,078 177 272 997 100 514 78 354 856 426 85 111 1,923 233 849 123 484 38 183 102 460 1,105 354 R2 17,171 5,163 9,746 1,148 151 1,120 1,617 382 350 681 288 293 248 1,553 428 440 677 480 2,045 137 336 901 127 2,748 207 546 77 483 1,464 824 1,098 180 279 1,013 101 526 80 362 865 433 86 114 1,958 237 862 126 491 39 190 104 467 1,117 358

Technical Research Team

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Technical ResearchTechnical14, 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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