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8/3/2019 Technical Report 12th October 2011
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Technical Research | October 12, 2011
Yesterday markets opened on an optimistic note to move
towards the expected resistance level of 16800 / 5050 and
profit booking near this resistance level dragged the indices
below 5000 mark. On the sector front, IT, and Teck
counters ended on a losing side whereas Consumer
Durables and Metal sectors were among the major gainers.
The advance decline ratio was strongly in favor of
advancing counters (A= 1558 D= 1236). (Source – www.bseindia.com)
Formation
• On the Daily chart, we are observing a “Downward
Sloping trend line” joining two highs of 18945 and 17191 /
5702 and 5168.
• We are observing a Gap area formed on 22nd
September in the range of 17000/5110 and16834 / 5060
• The ADX (9) indicator has given a positive crossover on
daily chart.
Trading strategy:
Indices opened higher and moved towards the resistance
level of 16800 / 5050 but failed to sustain at higher levels.
The gap area in the range of 17000/5110 and16834 /
5060 remains to be a significant resistance level for the
markets. Also we are now observing a “Downward Sloping
trend line” joining two highs of 18945 and 17191 / 5702
and 5168. Thus, yesterday’s price action cannot be
construed as a break out of from this trend line. However,
we are also witnessing a positive crossover in ADX (9)
indicator which indicates does not rule out the possibility of
an upside momentum if indices manage to sustain above
yesterday’s high of 16774 / 5045. In this case, indices may
rally towards 17000 / 5110 level. On the downside, 16510
- 16348 / 4964 – 4923 level may act support in coming
trading session.
Daily Technical Report
Sensex 16536 / NIFTY 4974
Exhibit 1: Ni fty Daily Chart
Source: Falcon
Actionable points:
View Neutral
Resistance Levels 5045 - 5110Support Levels 4964 - 4923
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Bank nifty also opened with an upside gap in-line with ourbenchmark indices and moved towards the “20 Day EMA”
placed around 9355 level. As mentioned in our previous
report, Bank Nifty faces strong resistance near mentioned
level of 9332. Going forward, violation of yesterday’s low
of 9148 would attract further selling pressure and the Bank
nifty is then likely to dri ft towards 8975 – 8870 levels.
On the up side, 9363 level may act as strong resistancein coming trading session.
Actionable poin ts:
View BearishNegative Below 9148Expected Target 8975 - 8870Resistance levels 9363
Bank N ifty Outlook - (9179)
Exhibit 2: Bank Ni fty Daily Chart
Source: Falcon
Stock Recommendations: Stock – DLF (Oct.Fut.)
Action – Sell
Last close - ` 228.55
Range - ` 229.50 – 231
Stop Loss - ` 233.80
Target - ` 219
Justification – We are witnessing that after a sharp rise from
Rs.195 to Rs.235 the Stock is finally facing resistance at an
upward sloping trend line on the Daily Chart. This level
coincides with 127% Fibonacci retracement level of the fall
from Rs.226 to Rs.195. In addition; the momentum
oscillators on the hourly chart are negatively poised. Hence,
we advise selling the stock in a range of Rs.229.50 to
Rs.231.00 for a target of Rs.219.00 in coming 3 – 4 days.
Exhibit 3: DLF (Oct.Fut.) Daily chart
Source: Falcon
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SCRIPS S2 S1 PIVOT R1 R2
SENSEX 16,344 16,440 16,607 16,703 16,871
NIFTY 4,913 4,944 4,994 5,025 5,076
BANKNIFTY 9,015 9,097 9,230 9,312 9,445
ACC 1,113 1,124 1,135 1,146 1,157
AMBUJACEM 142 143 145 146 148
AXISBANK 1,024 1,038 1,060 1,074 1,095
BAJAJ-AUTO 1,557 1,568 1,579 1,590 1,600
BHARTIARTL 361 368 374 381 388
BHEL 317 322 330 335 343
BPCL 662 669 674 680 686
CAIRN 273 275 279 282 286
CIPLA 275 278 282 285 290
DLF 221 225 230 234 239
DRREDDY 1,476 1,492 1,509 1,524 1,541
GAIL 409 413 419 423 430
HCLTECH 387 395 409 417 431
HDFC 656 662 670 676 684
HDFCBANK 449 453 459 463 469
HEROMOTOCO 1,954 1,965 1,980 1,991 2,006
HINDALCO 127 129 131 132 134
HINDUNILVR 319 322 328 332 338
ICICIBANK 809 821 841 853 873
IDFC 117 119 122 125 127
INFY 2,425 2,465 2,530 2,570 2,635
ITC 197 198 200 202 204
JINDALSTEL 466 477 490 500 513
JPASSOCIAT 73 73 74 75 76
KOTAKBANK 444 449 456 460 467
LT 1,388 1,399 1,412 1,423 1,436
M&M 782 790 803 811 824
MARUTI 1,050 1,062 1,075 1,086 1,099
NTPC 169 173 175 179 181
ONGC 263 266 270 272 276
PNB 931 943 951 963 971
POWERGRID 97 98 98 99 100
RANBAXY 509 513 518 522 527
RCOM 72 73 75 76 78
RELCAPITAL 327 334 339 347 352RELIANCE 811 819 830 838 849
RELINFRA 391 397 405 410 418
RPOWER 81 82 83 83 84
SAIL 103 105 107 109 111
SBIN 1,722 1,743 1,775 1,796 1,827
SESAGOA 210 217 222 228 233
SIEMENS 816 823 837 844 858
STER 112 114 117 119 123
SUNPHARMA 455 466 475 486 495
SUZLON 36 37 37 38 39
TATAMOTORS 169 173 175 179 182
TATAPOWER 100 101 104 105 108TATASTEEL 423 428 436 441 448
TCS 1,008 1,024 1,051 1,068 1,095
WIPRO 329 336 345 351 360
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 [email protected]
Research Team: 022-3952 6600 Website: www.angelbroking.com
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