Technical Research | November 23, 2011

Daily Technical Report

Sensex (16065) / NIFTY (4812)
Markets opened marginally higher and traded with positive bias almost throughout the trading session. However, indices could not sustain at higher level and lost some of their gains during the last hour of trade. On the sectoral front, the Consumer Durables and FMCG were among the major losers, whereas IT, Metal and Auto sectors gained in yesterdays bounce. The advance decline ratio was marginally in favor of declining counters (A=1355 D=1404). (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
We are observing a Japanese candlestick formation
Source: Falcon

known as Bullish Harami body formation.

Actionable points: Trading strategy:

Despite weak US and European cues, we witnessed an optimistic opening and indices gained further ground to test 16200 / 4850 level. However, a minor correction towards the end of the session led indices to close marginally above 16000 / 4800 mark. We are now observing a Bullish Harami body formation on Daily chart. This pattern needs confirmation in the form of a close above 16213/4854. Going forward, if indices manage to cross and sustain above yesterdays high of 16213 / 4854, then they are likely to bounce further to test 16297 16397 / 4874 4916 levels. On the downside, 15900 - 15745 / 4764 4718 levels remain to be a crucial and important support. . View Resistance levels Support level Neutral 4874 - 4916 4764 4718

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Technical Research | November 23, 2011

Bank Nifty Outlook - (8612)

Bank nifty opened on an optimistic note and faced resistance near our mentioned level of 8730. Subsequently, index traded with extreme choppiness throughout the session to close near the initial opening level. We are now witnessing a Bullish Harami Cross candlestick pattern, which is a reversal pattern. The said pattern requires a confirmation in the form of closing above the high of 8698.The said pattern will be negated only if the index closes below 8544 level. Therefore, if Bank Nifty sustains above yesterdays high of 8698 then it is likely to test 8798 8873 level. On the downside, 8544 - 8430 levels may act as support levels for the day. Actionable points: View
Resistance levels Support Levels Neutral 8798 8873 8544 8430
Source: Falcon

Exhibit 2: Bank Nifty Daily Chart

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Technical Research | November 23, 2011

Positive Bias: Stock Name Auro Pharma EKC 5 Day EMA 89.30 44.35 20 Day EMA 106.90 53.60 Expected Target 100 48 Remarks View will change below 80 View will change below 40

Negative Bias:

Stock Name Arvind Jindal Steel

5 Day EMA 89.10 528.30

20 Day EMA 96.60 540

Expected Target 80 501

Remarks View will change above 89.70 View will change above 522

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Technical Research | November 23, 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 15,840 4,745 8,464 1,109 143 917 1,551 364 259 480 278 307 192 1,482 361 378 616 435 2,103 118 379 726 105 2,531 191 487 59 436 1,208 687 935 152 246 858 96 436 67 282 778 396 88 87 1,644 168 667 100 488 20 158 90 372 1,040 364 S1 15,953 4,779 8,538 1,126 146 932 1,576 371 262 501 289 312 197 1,511 368 385 627 440 2,135 120 382 736 107 2,628 193 501 61 444 1,218 698 947 154 249 871 97 441 69 289 786 402 90 89 1,667 171 684 102 495 21 165 92 382 1,061 371 PIVOT 16,083 4,816 8,618 1,138 148 945 1,604 380 266 514 296 315 200 1,538 373 394 636 445 2,166 122 387 744 108 2,696 198 525 63 458 1,231 715 956 156 253 881 98 449 70 296 795 409 91 90 1,688 175 709 105 501 22 170 95 391 1,078 375 R1 16,196 4,850 8,692 1,155 151 961 1,629 387 269 535 307 320 205 1,566 380 401 647 449 2,198 124 390 754 109 2,793 201 539 65 466 1,240 726 968 158 256 894 99 454 71 303 804 416 93 91 1,711 179 725 107 508 23 177 97 401 1,099 382 R2 16,326 4,888 8,772 1,167 153 974 1,657 396 273 548 314 323 208 1,593 385 410 657 454 2,228 125 395 762 111 2,861 205 564 66 480 1,253 743 977 160 260 903 101 461 73 310 813 423 95 93 1,732 182 751 110 514 24 182 99 409 1,116 387

Technical Research Team

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Technical Research | November 23, 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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