Technical Research | October 19, 2011

Daily Technical Report

Sensex (16748) / NIFTY (5038)
Yesterday markets opened on a pessimistic note and traded with negative bias till the first half of the session, but we witnessed a minor bounce after making a low of 16669 / 5011. On the sector front, IT, Teck and Realty were among the major losers. The advance decline ratio was strongly in favor of declining counters (A=951 D=1814).
www.bseindia.com) (Source

Exhibit 1: Nifty Daily Chart

Formation
We are witnessing a downside gap area of 16928 and 16824 / 5084 and 5057 created in yesterdays session. The 20 EMA on the Daily chart is placed at 16640 /

5000 level. On the Daily chart, the momentum oscillators viz., the
Source: Falcon

RSI and the Stochastic are negatively poised.

Trading strategy:
Markets opened with a downside gap mainly due to negativity across global indices. Subsequently, markets corrected gradually towards the daily 20 EMA which is placed around 16640 / 5000 and managed to hold this support for the day. However, the momentum oscillators on the daily chart are negatively poised which indicates that negative momentum is likely to gain strength if indices sustain below 16640 / 5000 level. In this case, indices may drift lower to test 16510 16374 / 4964 4900 levels. On the upside, 16928 17110 / 5084 5140 levels may act as a resistance in coming trading session.

Actionable points:
View Resistance Levels Support Levels Neutral 5084 5140 5000 4964

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Technical Research | October 19, 2011

Bank Nifty Outlook - (9584)

Bank nifty opened with a downside gap and traded in a narrow range throughout the day. Further, Bank nifty has managed to take support and bounce from the daily 20 EMA which is placed at 9457 level. We are now witnessing a Hammer Japanese candlestick formation on the daily chart near this support level. This is a bullish price reversal pattern and requires confirmation. If Bank Nifty sustain above yesterdays high of 9635, then it is likely to rally towards 9788 9970 levels. On the downside, 9490 9400 levels may act as a support for the day.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:

View Positive Above Expected Target Support Level

Bullish

9635 9788 9970 9490 9400

Source: Falcon

Stock Recommendations:
Stock Divis Labs (Oct Fut) Action Sell Last close ` 727.25

Exhibit 3: Divis Lab (Oct Fut) Daily chart

Selling Range ` 728-731.50 Stop Loss Target ` 738.80 ` 700

Justification On the daily chart, the current price action is near upward sloping trend line. The momentum oscillators viz. RSI and Stochastic are negatively poised which indicates possibility of a breakdown at ` 726.Thus, we advise selling this stock in a range of ` 728-731.50 for a target of ` 700 in coming 2 3 trading sessions.
Source: Falcon

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Technical Research | October 19, 2011

Positive Bias: Stock Name Coal India KFA Sintex 5 Day EMA 329 22.1 117.9 20 Day EMA 343.1 22.6 125.3 Expected Target 342 26 127 Remarks View will change below 318 View will change below 21.50 View will change below 115

Negative Bias:

Stock Name Hdil OBC

5 Day EMA 96.8 299.1

20 Day EMA 98.8 295.8

Expected Target 89 285

Remarks View will change above 98 View will change above 305

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Technical Research | October 19, 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 16,592 4,989 9,429 1,089 148 1,065 1,567 367 316 624 290 283 223 1,478 402 387 659 468 1,936 122 323 855 119 2,667 202 490 69 456 1,325 792 1,027 165 258 951 96 476 72 314 804 395 84 102 1,816 211 796 113 458 36 174 98 417 996 338 S1 16,670 5,013 9,506 1,097 150 1,082 1,587 370 319 633 293 284 227 1,488 408 394 666 473 1,961 124 326 866 121 2,685 203 503 70 460 1,337 800 1,039 167 261 958 97 489 73 318 812 401 85 103 1,841 215 806 115 462 36 178 99 423 1,015 342 PIVOT 16,747 5,035 9,570 1,106 152 1,093 1,619 375 322 640 296 287 229 1,502 412 407 672 477 1,988 126 331 877 122 2,705 204 511 71 467 1,351 805 1,052 169 266 964 98 498 74 325 819 408 86 104 1,863 218 814 117 469 37 181 100 429 1,039 347 R1 16,826 5,060 9,648 1,115 154 1,109 1,639 379 325 649 299 288 232 1,512 418 414 679 482 2,013 128 334 888 124 2,722 206 524 72 471 1,363 812 1,065 170 269 971 99 512 75 329 827 414 87 104 1,889 222 823 119 473 37 185 101 435 1,058 351 R2 16,903 5,082 9,712 1,124 157 1,121 1,670 383 329 655 303 291 235 1,526 421 426 685 487 2,040 130 339 899 125 2,742 207 532 72 477 1,378 817 1,078 172 275 977 100 521 76 336 834 420 87 105 1,911 225 831 121 480 38 188 102 441 1,083 356

Technical Research Team

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Technical ResearchTechnical19, 2011 | October 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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