Technical Research | August 09, 2011

Daily Technical Report

Sensex (16990) / NIFTY (5119)
Yesterday, for a second consecutive session our markets opened on a pessimistic note and traded with extreme volatility throughout the trading session. On the sector front, Realty, IT, Teck and Metal counters were among the major losers. The advance decline ratio was in favor of declining counters (A=661 D=2199). (Source www.bseindia.com)

Exhibit 1: Sensex Daily Chart

Formation
On the Daily chart, we are witnessing a candlesticks

pattern which resembles a Spinning Top. needs a confirmation.

This pattern
Spinning Top

Trading strategy:
Due to negative sentiments across global markets in yesterdays session, our benchmark indices drifted towards the immediate support level of 16750 / 5050 and then bounced sharply towards 17250 / 5200 level. In-spite of strong intraday bounce, indices could not sustain at higher levels and closed marginally above the initial opening level. Looking at the global cues it can be said that Indices would open gap down and the low of the Spinning Top might not hold. On the downside, 16180 / 4850 level may provide support in coming session. Any violation of this level, would lead to further selling pressure and indices may drift towards the next support at 15725 / 4692 level. On the upside, 16750 / 5050 can now be considered as immediate resistance.

Source: Falcon

We advise traders to stay light on their positions and trade with proper stop losses. Investors can use the dip towards 4800 to enter (partial buying advised) in counters with strong fundamentals and good long-term prospects.

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Technical Research | August 09, 2011

Daily Pivot Levels For Nifty 50 Stocks

SCRIPS SENSEX NIFTY 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 16,511 4,975 911 115 1,169 1,323 387 1,631 689 268 293 186 1,468 428 393 626 445 1,669 145 304 912 115 2,398 186 503 56 408 1,541 613 1,143 162 263 1,008 96 493 84 435 752 469 92 103 2,136 227 847 129 475 44 793 1,180 494 975 328 S1 16,750 5,047 948 120 1,202 1,370 397 1,671 696 273 298 191 1,507 439 406 636 453 1,762 148 312 931 119 2,434 191 514 58 423 1,586 641 1,167 166 273 1,055 99 507 86 446 766 480 94 105 2,176 234 860 133 486 44 810 1,193 501 990 343 PIVOT 16,999 5,126 974 125 1,234 1,408 406 1,700 705 279 304 198 1,538 455 418 651 467 1,813 154 317 953 122 2,467 194 526 60 438 1,630 660 1,187 170 279 1,087 102 517 88 465 781 499 97 109 2,221 242 879 137 495 46 841 1,212 511 1,012 352 R1 17,239 5,197 1,011 130 1,267 1,455 417 1,739 712 283 310 203 1,578 465 431 662 475 1,906 157 324 973 125 2,503 199 537 62 453 1,675 688 1,212 174 290 1,134 105 531 90 476 796 510 100 112 2,262 249 892 141 506 47 859 1,226 518 1,027 367 R2 17,488 5,276 1,037 135 1,299 1,493 426 1,768 722 289 315 211 1,609 481 443 677 489 1,957 162 329 995 128 2,536 202 548 64 468 1,719 708 1,232 178 296 1,167 107 542 92 495 811 528 103 116 2,306 257 911 145 515 48 889 1,245 528 1,049 375

Technical Research Team

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Technical Research | August 09, 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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