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Technical Research | October 11, 2011

Daily Technical Report


Sensex (16557) / NIFTY (4980)
We witnessed a quite opening and then indices moved in a range during the first half of the session. However, during the second half, we witnessed a strong upside momentum which lasted till the end of the day. On the sector front, gains were seen in all the sectors. Realty, Consumer Goods and IT were the major gainers which contributed substantially in the rally. The advance decline ratio was strongly in favor of advancing counters (A=1686 D=1084).
(Source www.bseindia.com)

Exhibit 1: Sensex Daily Chart

Formation
The Daily RSI - Smoothened momentum oscillator has given a positive crossover. On the Daily chart, we are now observing a breakout
Source: Falcon

from Downward sloping trend line around 16430 / 4940 level.

Trading strategy:
After a quite opening, markets crossed 16430 / 4940 level during the second half and strong positive momentum was seen throughout the rest of the session. This upside serves as a confirmation of Dragonfly Doji pattern in weekly chart. Considering positive sentiment across the globe and a positive crossover in RSI Smoothened oscillator on the daily charts of our benchmark Indices, we expect the markets to test gap area of 16800 17000 / 5050 5110 created on 22nd September 2011. On the downside, 16348 - 16148 / 4923 - 4860 levels are likely to act as support in coming trading session.

Actionable points:
View Positive Above Expected Target Support Levels Bullish 16596 / 4991 16800-17000/ 5050 - 5110 16348 -16148 / 4923 - 4860

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Technical Research | October 11, 2011

Bank Nifty Outlook - (9169)


Bank nifty opened on a quite note, tested the initial support level of 8975 and bounced back sharply to close near the days high. In our previous report we had mentioned about positive divergence in RSI momentum oscillator. The effect of this positive divergence was witnessed in yesterdays trading session. We are now observing a horizontal trend line resistance at 9285 level. This level nearly coincides with 61.8% Fibonacci retracement of the previous fall from 9676 to 8626. Going forward , if the bank nifty manages to sustain above yesterdays high of 9191 level then it is likely to face resistance near 9285-9332 levels.

Exhibit 2: Bank Nifty Daily Chart

On the down side, 8975 -8870 levels may act as support levels for the day.

Source: Falcon

Stock Recommendations:
Stock BANK OF INDIA (Oct.Fut.) Action - Buy Last close : ` 316.40 Range : ` 316 314.50

Exhibit 3: Bank of India (Oct.Fut.) Daily chart

Stop Loss : ` 308.30 Target : ` 336

Justification The Daily chart depicts a bullish Inverse Head and Shoulder pattern in the making. The momentum oscillators are positively poised which suggest possibility of a breakout from the said pattern. In addition, we are witnessing a positive crossover in 3 & 8 EMA on the Daily chart. Therefore, we advise buying the stock in a range of Rs.316 to Rs.314.50 for a target of Rs.336 in coming 3 4 days.

Source: Falcon

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Technical Research | October 11, 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 16,096 4,842 1,075 142 1,002 1,460 334 322 648 267 276 209 1,478 406 400 634 446 1,896 123 321 804 114 2,501 196 455 71 438 1,352 784 1,049 163 259 899 96 505 70 317 795 378 79 100 1,705 187 810 112 455 35 154 93 410 1,036 329 S1 16,327 4,911 1,103 143 1,025 1,507 349 327 660 271 279 219 1,494 414 407 648 451 1,929 125 326 823 118 2,545 198 465 72 446 1,369 796 1,060 167 267 915 97 510 72 327 812 389 81 102 1,731 202 819 115 459 36 162 98 422 1,050 339 PIVOT 16,461 4,951 1,121 144 1,040 1,540 358 330 669 275 284 224 1,505 418 411 657 454 1,951 127 330 836 120 2,573 200 479 73 451 1,385 803 1,076 169 271 926 98 515 73 332 821 395 82 104 1,748 209 834 116 466 37 167 102 429 1,062 344 R1 16,692 5,020 1,149 146 1,064 1,587 373 336 681 279 287 234 1,522 426 418 672 458 1,983 130 335 855 125 2,618 202 489 74 460 1,401 815 1,087 173 278 943 99 520 75 342 839 405 83 106 1,773 224 844 119 470 38 176 108 442 1,076 355 R2 16,826 5,060 1,166 146 1,078 1,620 383 339 689 283 292 239 1,533 431 422 681 462 2,005 132 339 867 127 2,646 204 503 75 465 1,417 822 1,103 175 282 954 99 526 76 347 848 412 84 107 1,790 232 859 121 476 39 181 111 449 1,088 360

Technical Research Team


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Technical ResearchTechnical11, 2011 | October Report

RESEARCH TEAM
Shardul Kulkarni Mileen Vasudeo Sameet Chavan Sacchitanand Uttekar Mehul Kothari Head - Technicals Technical Analyst Technical Analyst Technical Analyst Technical Analyst

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