Technical Report 22nd November 2011

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Technical Research | November 22, 2011

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 yesterday’s 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)

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

Daily Technical Report

Sensex 15952 / NIFTY 4778

Exhibit 1: Ni fty Daily Chart

Source: Falcon

Actionable points:

View NeutralResistance levels 4874 - 4916Support level 4764 – 4718

.





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 yesterday’s 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 poin ts:

View Neutral Resistance Levels 8650 – 8730Support Levels 8522 – 8430

Bank N ifty Outlook - (8554)

Exhibit 2: Bank Ni fty Daily Chart

Source: Falcon





Positive Bia :

Stock Name 5 Day EMA 20 Day EMA Expected Target Remark

Dabur India 97.5 98.6 102 View will change below 95.5

Negative Bias:

Stock Name 5 Day EMA 20 Day EMA Expected Target Remark

Cipla 308 297.6 297 View will change above 314

Techm 596.6 598.4 570 View will change above 605





SCRIPS S2 S1 PIVOT R1 R2

SENSEX 15,651 15,799 16,048 16,195 16,445

NIFTY 4,697 4,738 4,806 4,847 4,915

BANKNIFTY 8,343 8,449 8,628 8,733 8,912

ACC 1,116 1,125 1,137 1,147 1,159

AMBUJACEM 146 148 150 152 154

AXISBANK 926 936 954 964 982

BAJAJ-AUTO 1,562 1,593 1,646 1,676 1,729

BHARTIARTL 376 382 389 395 402

BHEL 249 255 266 273 284

BPCL 479 492 510 523 541

CAIRN 272 281 296 305 319

CIPLA 301 305 312 316 322

DLF 185 190 199 204 212

DRREDDY 1,472 1,501 1,535 1,564 1,597

GAIL 362 367 376 382 390

HCLTECH 385 390 395 400 405

HDFC 603 613 628 639 654

HDFCBANK 431 438 447 454 463

HEROMOTOCO 2,133 2,152 2,175 2,194 2,217

HINDALCO 116 118 120 122 125

HINDUNILVR 385 388 390 393 396

ICICIBANK 701 716 741 756 781

IDFC 103 105 108 110 113

INFY 2,569 2,619 2,677 2,728 2,786

ITC 196 198 200 202 204

JINDALSTEL 499 508 523 532 546

JPASSOCIAT 58 59 62 63 65

KOTAKBANK 449 455 464 470 479

LT 1,193 1,210 1,237 1,254 1,281

M&M 693 706 725 738 758

MARUTI 911 927 947 963 983

NTPC 151 154 158 161 165

ONGC 244 248 255 259 266

PNB 852 860 868 876 884

POWERGRID 97 98 99 101 102

RANBAXY 432 440 449 457 466

RCOM 67 69 71 72 75

RELCAPITAL 277 285 294 301 311RELIANCE 771 779 789 797 808

RELINFRA 389 395 406 413 424

RPOWER 87 88 90 92 94

SAIL 84 86 90 92 96

SBIN 1,614 1,643 1,684 1,713 1,754

SESAGOA 161 166 175 180 189

SIEMENS 702 712 726 735 749

STER 99 101 104 106 109

SUNPHARMA 490 494 498 502 506

SUZLON 19 20 22 24 26

TATAMOTORS 155 158 164 167 173

TATAPOWER 94 95 97 97 99TATASTEEL 368 374 383 388 397

TCS 1,044 1,055 1,072 1,084 1,100

WIPRO 361 366 370 375 379

Technical Research Team

Daily Pivot Levels for Nifty 50 Stocks





Technical Report

RESEARCH TEAM

Shardul Kulkarni Head - Technicals

Sameet Chavan Technical Analyst

Sacchitanand Uttekar Technical Analyst

Mehul Kothari Technical Analyst

Ankur Lakhotia Technical Analyst

For any Queries, Suggestions and Feedback kindly mail to [email protected]

Research Team: 022-3952 6600 Website: www.angelbroking.com

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Technical Report 22nd November 2011