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Technical Research | October 12, 2011

 

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)

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

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, yesterday’s 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

yesterday’s 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.

Daily Technical Report

Sensex 16536 / NIFTY 4974  

Exhibit 1: Ni fty Daily Chart

Source: Falcon 

Actionable points:

View Neutral

Resistance Levels 5045 - 5110Support Levels 4964 - 4923

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Bank nifty also opened with an upside gap in-line with ourbenchmark 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 yesterday’s low

of 9148 would attract further selling pressure and the Bank

nifty is then likely to dri ft towards 8975 – 8870 levels.

On the up side, 9363 level may act as strong resistancein coming trading session.

Actionable poin ts:

View BearishNegative Below 9148Expected Target 8975 - 8870Resistance levels 9363

Bank N ifty Outlook - (9179) 

Exhibit 2: Bank Ni fty Daily Chart

Source: Falcon 

Stock Recommendations: Stock – DLF (Oct.Fut.) 

Action – Sell

Last close - ` 228.55 

Range - ` 229.50 – 231 

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. 

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

Source: Falcon 

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SCRIPS S2 S1 PIVOT R1 R2

SENSEX 16,344 16,440 16,607 16,703 16,871

NIFTY 4,913 4,944 4,994 5,025 5,076

BANKNIFTY 9,015 9,097 9,230 9,312 9,445

ACC 1,113 1,124 1,135 1,146 1,157

AMBUJACEM 142 143 145 146 148

AXISBANK 1,024 1,038 1,060 1,074 1,095

BAJAJ-AUTO 1,557 1,568 1,579 1,590 1,600

BHARTIARTL 361 368 374 381 388

BHEL 317 322 330 335 343

BPCL 662 669 674 680 686

CAIRN 273 275 279 282 286

CIPLA 275 278 282 285 290

DLF 221 225 230 234 239

DRREDDY 1,476 1,492 1,509 1,524 1,541

GAIL 409 413 419 423 430

HCLTECH 387 395 409 417 431

HDFC 656 662 670 676 684

HDFCBANK 449 453 459 463 469

HEROMOTOCO 1,954 1,965 1,980 1,991 2,006

HINDALCO 127 129 131 132 134

HINDUNILVR 319 322 328 332 338

ICICIBANK 809 821 841 853 873

IDFC 117 119 122 125 127

INFY 2,425 2,465 2,530 2,570 2,635

ITC 197 198 200 202 204

JINDALSTEL 466 477 490 500 513

JPASSOCIAT 73 73 74 75 76

KOTAKBANK 444 449 456 460 467

LT 1,388 1,399 1,412 1,423 1,436

M&M 782 790 803 811 824

MARUTI 1,050 1,062 1,075 1,086 1,099

NTPC 169 173 175 179 181

ONGC 263 266 270 272 276

PNB 931 943 951 963 971

POWERGRID 97 98 98 99 100

RANBAXY 509 513 518 522 527

RCOM 72 73 75 76 78

RELCAPITAL 327 334 339 347 352RELIANCE 811 819 830 838 849

RELINFRA 391 397 405 410 418

RPOWER 81 82 83 83 84

SAIL 103 105 107 109 111

SBIN 1,722 1,743 1,775 1,796 1,827

SESAGOA 210 217 222 228 233

SIEMENS 816 823 837 844 858

STER 112 114 117 119 123

SUNPHARMA 455 466 475 486 495

SUZLON 36 37 37 38 39

TATAMOTORS 169 173 175 179 182

TATAPOWER 100 101 104 105 108TATASTEEL 423 428 436 441 448

TCS 1,008 1,024 1,051 1,068 1,095

WIPRO 329 336 345 351 360

Technical Research Team 

Daily Pivot Levels for Nifty 50 Stocks 

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Technical Report

RESEARCH TEAM

Shardul Kulkarni Head - Technicals

Sameet Chavan Technical Analyst

Sacchitanand Uttekar Technical Analyst

Mehul Kothari Technical Analyst

Ankur Lakhotia Technical Analyst

For any Queries, Suggestions and Feedback kindly mail to vasudeo.kamalakant@angeltrade.com 

Research Team: 022-3952 6600 Website: www.angelbroking.com

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