Technical Research | November 22, 2011

Daily Technical Report

Sensex (15952) / NIFTY (4778)
Yesterday, after a gap down opening, we witnessed yet another session with extreme pessimism. A massive selling pressure led indices to close well below 4800 after nearly seven weeks. On the sectoral front, the Metal, Banking and Realty corrected sharply in yesterdays session. There was no sector in the positive territory. The advance decline ratio was strongly in favor of declining counters (A=781 D=1971). (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
There is no specific formation seen on the chart.

Trading strategy:
As mentioned in our earlier report, we witnessed a sharp correction after violating low of the bullish hammer and indices closed well below 4800 mark. Indices are now nearing crucial support level of 15745 / 4718. We may witness a minor bounce back up to 16297 16397 / 4874 4916, mainly due to oversold condition of daily oscillators. However, a close below 15745 / 4718, may attract massive selling pressure, which may drag indices lower to test 15650 15330 / 4675 4540 levels in coming trading sessions. Therefore, we reiterate our view that traders should stay light on positions and follow strict stop losses . View Resistance levels Support level Neutral 4874 - 4916 4764 4718
Source: Falcon

Actionable points:

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Technical Research | November 22, 2011

Bank Nifty Outlook - (8554)

Bank nifty opened on a flat note and traded with negative bias throughout the day to close near the lowest point of the day. We witnessed strong selling pressure on the violation of the low of the Dragon Fly Doji pattern formed on Friday and close below the low (8706) has negated the bullish probability of this pattern. Therefore, if Bank Nifty sustains below yesterdays low of 8522, then it is likely to test 8430 8300 levels. On the upside, 8650 - 8730 levels may act as resistance levels for the day. Actionable points: View
Resistance Levels Support Levels Neutral 8650 8730 8522 8430

Exhibit 2: Bank Nifty Daily Chart

Source: Falcon

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Technical Research | November 22, 2011

Positive Bias: Stock Name Dabur India 5 Day EMA 97.5 20 Day EMA 98.6 Expected Target 102 Remarks View will change below 95.5

Negative Bias:

Stock Name Cipla Techm

5 Day EMA 308 596.6

20 Day EMA 297.6 598.4

Expected Target 297 570

Remarks View will change above 314 View will change above 605

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Technical Research | November 22, 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 15,651 4,697 8,343 1,116 146 926 1,562 376 249 479 272 301 185 1,472 362 385 603 431 2,133 116 385 701 103 2,569 196 499 58 449 1,193 693 911 151 244 852 97 432 67 277 771 389 87 84 1,614 161 702 99 490 19 155 94 368 1,044 361 S1 15,799 4,738 8,449 1,125 148 936 1,593 382 255 492 281 305 190 1,501 367 390 613 438 2,152 118 388 716 105 2,619 198 508 59 455 1,210 706 927 154 248 860 98 440 69 285 779 395 88 86 1,643 166 712 101 494 20 158 95 374 1,055 366 PIVOT 16,048 4,806 8,628 1,137 150 954 1,646 389 266 510 296 312 199 1,535 376 395 628 447 2,175 120 390 741 108 2,677 200 523 62 464 1,237 725 947 158 255 868 99 449 71 294 789 406 90 90 1,684 175 726 104 498 22 164 97 383 1,072 370 R1 16,195 4,847 8,733 1,147 152 964 1,676 395 273 523 305 316 204 1,564 382 400 639 454 2,194 122 393 756 110 2,728 202 532 63 470 1,254 738 963 161 259 876 101 457 72 301 797 413 92 92 1,713 180 735 106 502 24 167 97 388 1,084 375 R2 16,445 4,915 8,912 1,159 154 982 1,729 402 284 541 319 322 212 1,597 390 405 654 463 2,217 125 396 781 113 2,786 204 546 65 479 1,281 758 983 165 266 884 102 466 75 311 808 424 94 96 1,754 189 749 109 506 26 173 99 397 1,100 379

Technical Research Team

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Technical Research | November 22, 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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