Technical Research | October 20, 2011

Daily Technical Report

Sensex (17085) / NIFTY (5139)
Markets opened with a decent upside gap and traded with strong positive momentum throughout the day to close nearly 2% higher than Tuesdays closing level. On the sector front, Realty, Banking and Oil & Gas counters contributed major part of yesterdays gain. There was no sector in the negative territory. The advance decline ratio was strongly in favor of advancing counters (A=1670 D=1136). (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
On the Daily as well as Weekly chart, there is a Horizontal Trend Line resistance at 17256 / 5198 level. The 20 EMA on the Daily chart is placed at 16640 /
Source: Falcon

5000 level.

Trading strategy:
Markets opened with an upside gap and surged higher as the day progressed. Thus, the gap remained unfilled and strong positive momentum led indices towards the mentioned level of 17110 / 5140. Going forward, yesterdays unfilled gap area of 16874 and 16824 / 5057 and 5075 may act as a support in coming trading session. On the upside, the buying interest may be seen if indices manage to sustain above yesterdays high of 17107 / 5148. Subsequently, they are likely to rally towards the resistance zone of 17260 - 17300 / 5177 5198. A move beyond this level would attract strong buying interest, which may push indices higher to test the gap area of 17358 17665 / 5230 5323 created on August 5, 2011. We would advise traders to adopt a stock specific approach and trade with strict stop losses.

Actionable points:
View Resistance Levels Support Levels Neutral 5177 5198 5075 5057

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Technical Research | October 20, 2011

Bank Nifty Outlook - (9841)

Bank nifty opened with an upward gap and gained strength as the day progressed to close near days high. As mentioned in our previous report, the bullish Hammer pattern got confirmed yesterday as Bank Nifty managed to close above 9635 level. We are also witnessing a trend line breakout on daily chart by joining the high of September 21, 2011 and October 17, 2011. If Bank Nifty sustains above yesterdays high of 9866 then it is likely to test 9970 10030 levels. These levels coincide with multiple resistance of Horizontal Line. Therefore, some profit booking or consolidation is likely to take place if Bank Nifty manages to rally towards these levels. On the downside, 9750 9580 levels may act as support levels for the day.

Exhibit 2: Bank Nifty Daily Chart

Actionable points: View Positive Above Expected Target Support Level

Mildly bullish
Source: Falcon

9866 9970 10030 9750 9580

Stock Recommendations:
Stock Adani Power (Nse Cash) Action Buy Last close ` 85.10

Exhibit 3: Adani Power Daily chart

Buying Range ` 83.50 84.50 Stop Loss Target ` 80.90 ` 91.50

Justification On the daily chart, the stock has managed to break out from the downward sloping trend line at ` 84.70 with significant rise in volumes. Further, the placement of 5 & 20 EMA suggests possibility of a positive movement in coming trading sessions. Therefore, we advise traders to buy this stock in a range of ` 83.50 84.50 for a target of ` 91.50 in coming 3 4 trading sessions.
Source: Falcon

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Technical Research | October 20, 2011

Positive Bias: Stock Name Bharti Airtel NTPC Hind Petro 5 Day EMA 378.7 171 347 20 Day EMA 378 170 359 Expected Target 395 174.5 359 Remarks View will change below 370 View will change below 167 View will change below 336.5

Negative Bias:

Stock Name Tata Steel Hindalco

5 Day EMA 435.1 128

20 Day EMA 437 131.6

Expected Target 423 124

Remarks View will change above 438 View will change above 128.5

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Technical Research | October 20, 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 16,790 5,048 9,601 1,092 151 1,094 1,609 366 320 632 294 283 230 1,487 406 399 664 473 2,016 126 325 880 121 2,687 202 509 70 463 1,339 802 1,042 167 260 963 98 496 74 321 816 404 85 103 1,872 204 805 116 461 35 182 99 426 1,027 342 S1 16,937 5,094 9,721 1,109 153 1,113 1,623 375 322 640 297 286 235 1,503 416 403 669 483 2,041 127 328 892 124 2,708 205 520 72 469 1,370 806 1,054 169 264 971 99 506 75 327 830 409 86 105 1,895 209 819 117 472 36 184 99 430 1,038 350 PIVOT 17,022 5,121 9,793 1,122 155 1,124 1,635 381 324 646 300 289 238 1,512 422 408 675 489 2,067 128 331 900 126 2,721 206 527 73 473 1,387 812 1,064 171 267 978 100 511 76 331 837 413 87 106 1,909 217 827 119 479 37 186 100 434 1,046 354 R1 17,170 5,166 9,914 1,139 157 1,144 1,649 390 327 653 303 292 242 1,528 432 413 679 498 2,093 129 334 912 129 2,741 209 537 74 479 1,418 816 1,076 174 271 986 101 520 77 338 851 418 88 108 1,933 222 841 121 490 37 189 101 438 1,057 362 R2 17,255 5,194 9,986 1,151 158 1,154 1,662 396 329 659 306 294 245 1,537 439 418 685 504 2,118 129 337 920 130 2,755 210 545 75 482 1,435 822 1,086 175 274 993 102 525 78 342 858 422 89 109 1,947 230 849 123 496 38 191 102 442 1,065 367

Technical Research Team

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Technical ResearchTechnical20, 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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