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Technical Research | November 23, 2011

 

Markets opened marginally higher and traded with positive

bias almost throughout the trading session. However,

indices could not sustain at higher level and lost some of

their gains during the last hour of trade. On the sectoral

front, the Consumer Durables and FMCG were among the

major losers, whereas IT, Metal and Auto sectors gained in

yesterday’s bounce. The advance decline ratio was

marginally in favor of declining counters (A= 1355

D= 1404). (Source –www.bseindia.com)

Formation

• We are observing a Japanese candlestick formation

known as “Bullish Harami” body formation.

Trading strategy:

Despite weak US and European cues, we witnessed an

optimistic opening and indices gained further ground to test

16200 / 4850 level. However, a minor correction towards

the end of the session led indices to close marginally above

16000 / 4800 mark. We are now observing a “Bullish

Harami” body formation on Daily chart. This pattern needs

confirmation in the form of a close above 16213/ 4854.

Going forward, if indices manage to cross and sustain

above yesterday’s high of 16213 / 4854, then they are

likely to bounce further to test 16297 – 16397 / 4874 – 

4916 levels. On the downside, 15900 - 15745 / 4764 -

4718 levels remain to be a crucial and important support.

Daily Technical Report

Sensex 16065 / NIFTY 4812  

Exhibit 1: Ni fty Daily Chart

Source: Falcon 

Actionable points:

View NeutralResistance levels 4874 - 4916Support level 4764 – 4718

.

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Bank nifty opened on an optimistic note and faced

resistance near our mentioned level of 8730.

Subsequently, index traded with extreme choppiness

throughout the session to close near the initial opening

level. We are now witnessing a “Bullish Harami Cross”

candlestick pattern, which is a reversal pattern. The said

pattern requires a confirmation in the form of closing

above the high of 8698.The said pattern will be negated

only if the index closes below 8544 level. Therefore, if

Bank Nifty sustains above yesterday’s high of 8698 then itis likely to test 8798 – 8873 level.

On the downside, 8544 - 8430 levels may act as support

levels for the day.

Actionable poin ts:

View Neutral Resistance levels 8798 – 8873Support Levels 8544 – 8430

Bank N ifty Outlook - (8612) 

Exhibit 2: Bank Ni fty Daily Chart

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Positive Bia :

Stock Name 5 Day EMA 20 Day EMA Expected Target Remark

Auro Pharma 89.30 106.90 100 View will change below 80

EKC 44.35 53.60 48 View will change below 40

Negative Bias:

Stock Name 5 Day EMA 20 Day EMA Expected Target Remark

Arvind 89.10 96.60 80 View will change above 89.70

Jindal Steel 528.30 540 501 View will change above 522

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SCRIPS S2 S1 PIVOT R1 R2

SENSEX 15,840 15,953 16,083 16,196 16,326

NIFTY 4,745 4,779 4,816 4,850 4,888

BANKNIFTY 8,464 8,538 8,618 8,692 8,772

ACC 1,109 1,126 1,138 1,155 1,167

AMBUJACEM 143 146 148 151 153

AXISBANK 917 932 945 961 974

BAJAJ-AUTO 1,551 1,576 1,604 1,629 1,657

BHARTIARTL 364 371 380 387 396

BHEL 259 262 266 269 273

BPCL 480 501 514 535 548

CAIRN 278 289 296 307 314

CIPLA 307 312 315 320 323

DLF 192 197 200 205 208

DRREDDY 1,482 1,511 1,538 1,566 1,593

GAIL 361 368 373 380 385

HCLTECH 378 385 394 401 410

HDFC 616 627 636 647 657

HDFCBANK 435 440 445 449 454

HEROMOTOCO 2,103 2,135 2,166 2,198 2,228

HINDALCO 118 120 122 124 125

HINDUNILVR 379 382 387 390 395

ICICIBANK 726 736 744 754 762

IDFC 105 107 108 109 111

INFY 2,531 2,628 2,696 2,793 2,861

ITC 191 193 198 201 205

JINDALSTEL 487 501 525 539 564

JPASSOCIAT 59 61 63 65 66

KOTAKBANK 436 444 458 466 480

LT 1,208 1,218 1,231 1,240 1,253

M&M 687 698 715 726 743

MARUTI 935 947 956 968 977

NTPC 152 154 156 158 160

ONGC 246 249 253 256 260

PNB 858 871 881 894 903

POWERGRID 96 97 98 99 101

RANBAXY 436 441 449 454 461

RCOM 67 69 70 71 73

RELCAPITAL 282 289 296 303 310RELIANCE 778 786 795 804 813

RELINFRA 396 402 409 416 423

RPOWER 88 90 91 93 95

SAIL 87 89 90 91 93

SBIN 1,644 1,667 1,688 1,711 1,732

SESAGOA 168 171 175 179 182

SIEMENS 667 684 709 725 751

STER 100 102 105 107 110

SUNPHARMA 488 495 501 508 514

SUZLON 20 21 22 23 24

TATAMOTORS 158 165 170 177 182

TATAPOWER 90 92 95 97 99TATASTEEL 372 382 391 401 409

TCS 1,040 1,061 1,078 1,099 1,116

WIPRO 364 371 375 382 387

Technical Research Team 

Daily Pivot Levels for Nifty 50 Stocks 

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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 sameet.chavan@angelbroking.com 

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

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