Technical Research | November 11, 2011

Daily Technical Report

Sensex (17362) / NIFTY (5221)
On Wednesday, markets opened marginally higher and traded in a narrow range in the initial part of the session. Immense selling pressure during the latter part of the day dragged indices sharply lower to close marginally above the support level of 17300 / 5200. On the sector front, the Banking, Metal and Realty counters were among the major losers in Wednesdays fall whereas FMCG sector ended on a positive note. The advance decline ratio was strongly in favor of declining counters (A=991 D=1879). (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The 20 EMA on the Daily and Weekly chart is placed
Source: Falcon

at 17165 / 5165 and 17300 / 5200, respectively. We are observing a negative crossover in RSI

Smoothened oscillator on Daily chart.

Trading strategy:
Markets were struggling since last couple of sessions to cross immediate resistance level of 17702 / 5326. On Wednesday, markets made an attempt but again failed to cross this level and corrected sharply from the days high. Going forward, as mentioned in earlier reports also, 17300 17165 / 5200 5160 may act as support levels. We are now observing a negative crossover in daily RSI Smoothened oscillator which indicates negativity. A breach of 17165 / 5160 would attract further selling pressure which could drag indices to test crucial support levels of 16900 16669 / 5085 5011. On the upside, 17700 / 5326 level remains to be a strong resistance.

Actionable points:
View Resistance Levels Support Levels Neutral 5326 5365 5200 5160

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Technical Research | November 11, 2011

Bank Nifty Outlook - (9593)

In Wednesdays session Bank nifty opened near our mentioned resistance level of 9914 and traded in a narrow range during first half of the session. During the second half we witnessed immense selling pressure which led the index lower and close below both our mentioned support levels. We are witnessing a trend line breakdown at 9785 level coupled with negative positioning of the momentum oscillators 9166 levels. On the upside, 9896 9914 levels may act as resistance levels for the day. on daily chart. If Bank Nifty breaches Wednesdays low of 9565 then it is likely to test 9323

Exhibit 2: Bank Nifty Daily Chart

Actionable points: View Resistance Levels Support Levels

Neutral 9896 9914 9323 9166
Source: Falcon

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Technical Research | November 11, 2011

Positive Bias: Stock Name HINDUNILVR Wipro 5 Day EMA 383.3 372.5 20 Day EMA 360 363.4 Expected Target 410 390 Remarks View will change below 375 View will change below 367

Negative Bias:

Stock Name Arvind DLF SBI

5 Day EMA 105.4 239.5 1922.5

20 Day EMA 104.6 233.9 1908.2

Expected Target 95 220 1830

Remarks View will change above 108.4 View will change above 245 View will change above 1955

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Technical Research | November 11, 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 17,123 5,144 9,354 1,183 158 1,075 1,679 387 321 541 302 284 224 1,581 408 418 675 469 2,103 128 375 838 117 2,800 208 550 77 485 1,349 791 1,035 170 265 943 103 454 80 339 841 449 100 103 1,745 200 809 115 482 34 179 100 424 1,085 364 S1 17,243 5,183 9,473 1,195 160 1,094 1,697 391 325 555 308 286 229 1,593 412 422 679 473 2,121 131 384 850 120 2,818 210 559 78 489 1,362 802 1,056 172 268 955 103 465 82 349 853 459 101 105 1,804 204 820 118 486 35 182 101 436 1,104 370 PIVOT 17,451 5,250 9,685 1,211 161 1,122 1,722 397 332 581 316 289 236 1,613 418 429 683 479 2,144 137 391 870 125 2,843 212 572 79 496 1,381 821 1,092 176 274 970 104 480 85 366 873 475 104 108 1,911 209 837 121 493 36 187 103 456 1,125 375 R1 17,570 5,288 9,804 1,223 163 1,140 1,740 401 336 595 321 292 241 1,625 422 433 687 484 2,163 140 400 882 128 2,860 214 581 79 501 1,394 832 1,113 178 277 981 104 490 87 376 885 485 105 110 1,969 212 848 124 497 37 190 104 467 1,144 382 R2 17,778 5,356 10,016 1,238 164 1,169 1,765 406 343 621 330 295 249 1,645 428 440 691 490 2,186 145 407 902 133 2,885 217 594 80 508 1,413 851 1,150 181 283 996 105 505 90 392 904 501 108 113 2,076 217 865 128 504 38 195 105 487 1,165 387

Technical Research Team

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Technical Research | November 11, 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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