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Technical Report 19th October 2011

The daily technical report provides an analysis of the Sensex, Nifty, and Bank Nifty stock indices. It notes that the markets opened on a negative note and traded with losses in the first half, but recovered slightly. The momentum oscillators on the daily chart for the indices are negatively poised, indicating further declines may occur. Key support levels are identified at 16510-16374 for Sensex and 4964-4900 for Nifty. Resistance levels are seen at 16928-17110 for Sensex and 5084-5140 for Nifty. Divis Labs stock is recommended as a sell between Rs. 728-731.50 with a target of Rs. 700.

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164 views

Technical Report 19th October 2011

The daily technical report provides an analysis of the Sensex, Nifty, and Bank Nifty stock indices. It notes that the markets opened on a negative note and traded with losses in the first half, but recovered slightly. The momentum oscillators on the daily chart for the indices are negatively poised, indicating further declines may occur. Key support levels are identified at 16510-16374 for Sensex and 4964-4900 for Nifty. Resistance levels are seen at 16928-17110 for Sensex and 5084-5140 for Nifty. Divis Labs stock is recommended as a sell between Rs. 728-731.50 with a target of Rs. 700.

Uploaded by

Angel Broking
Copyright
© Attribution Non-Commercial (BY-NC)
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Download as PDF, TXT or read online on Scribd
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Technical Research | October 19, 2011

Daily Technical Report


Sensex (16748) / NIFTY (5038)
Yesterday markets opened on a pessimistic note and traded with negative bias till the first half of the session, but we witnessed a minor bounce after making a low of 16669 / 5011. On the sector front, IT, Teck and Realty were among the major losers. The advance decline ratio was strongly in favor of declining counters (A=951 D=1814).
www.bseindia.com) (Source

Exhibit 1: Nifty Daily Chart

Formation
We are witnessing a downside gap area of 16928 and 16824 / 5084 and 5057 created in yesterdays session. The 20 EMA on the Daily chart is placed at 16640 /

5000 level. On the Daily chart, the momentum oscillators viz., the
Source: Falcon

RSI and the Stochastic are negatively poised.

Trading strategy:
Markets opened with a downside gap mainly due to negativity across global indices. Subsequently, markets corrected gradually towards the daily 20 EMA which is placed around 16640 / 5000 and managed to hold this support for the day. However, the momentum oscillators on the daily chart are negatively poised which indicates that negative momentum is likely to gain strength if indices sustain below 16640 / 5000 level. In this case, indices may drift lower to test 16510 16374 / 4964 4900 levels. On the upside, 16928 17110 / 5084 5140 levels may act as a resistance in coming trading session.

Actionable points:
View Resistance Levels Support Levels Neutral 5084 5140 5000 4964

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Technical Research | October 19, 2011

Bank Nifty Outlook - (9584)


Bank nifty opened with a downside gap and traded in a narrow range throughout the day. Further, Bank nifty has managed to take support and bounce from the daily 20 EMA which is placed at 9457 level. We are now witnessing a Hammer Japanese candlestick formation on the daily chart near this support level. This is a bullish price reversal pattern and requires confirmation. If Bank Nifty sustain above yesterdays high of 9635, then it is likely to rally towards 9788 9970 levels. On the downside, 9490 9400 levels may act as a support for the day.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:

View Positive Above Expected Target Support Level

Bullish

9635 9788 9970 9490 9400

Source: Falcon

Stock Recommendations:
Stock Divis Labs (Oct Fut) Action Sell Last close ` 727.25

Exhibit 3: Divis Lab (Oct Fut) Daily chart

Selling Range ` 728-731.50 Stop Loss Target ` 738.80 ` 700

Justification On the daily chart, the current price action is near upward sloping trend line. The momentum oscillators viz. RSI and Stochastic are negatively poised which indicates possibility of a breakdown at ` 726.Thus, we advise selling this stock in a range of ` 728-731.50 for a target of ` 700 in coming 2 3 trading sessions.
Source: Falcon

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Technical Research | October 19, 2011

Positive Bias: Stock Name Coal India KFA Sintex 5 Day EMA 329 22.1 117.9 20 Day EMA 343.1 22.6 125.3 Expected Target 342 26 127 Remarks View will change below 318 View will change below 21.50 View will change below 115

Negative Bias:

Stock Name Hdil OBC

5 Day EMA 96.8 299.1

20 Day EMA 98.8 295.8

Expected Target 89 285

Remarks View will change above 98 View will change above 305

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Technical Research | October 19, 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 16,592 4,989 9,429 1,089 148 1,065 1,567 367 316 624 290 283 223 1,478 402 387 659 468 1,936 122 323 855 119 2,667 202 490 69 456 1,325 792 1,027 165 258 951 96 476 72 314 804 395 84 102 1,816 211 796 113 458 36 174 98 417 996 338 S1 16,670 5,013 9,506 1,097 150 1,082 1,587 370 319 633 293 284 227 1,488 408 394 666 473 1,961 124 326 866 121 2,685 203 503 70 460 1,337 800 1,039 167 261 958 97 489 73 318 812 401 85 103 1,841 215 806 115 462 36 178 99 423 1,015 342 PIVOT 16,747 5,035 9,570 1,106 152 1,093 1,619 375 322 640 296 287 229 1,502 412 407 672 477 1,988 126 331 877 122 2,705 204 511 71 467 1,351 805 1,052 169 266 964 98 498 74 325 819 408 86 104 1,863 218 814 117 469 37 181 100 429 1,039 347 R1 16,826 5,060 9,648 1,115 154 1,109 1,639 379 325 649 299 288 232 1,512 418 414 679 482 2,013 128 334 888 124 2,722 206 524 72 471 1,363 812 1,065 170 269 971 99 512 75 329 827 414 87 104 1,889 222 823 119 473 37 185 101 435 1,058 351 R2 16,903 5,082 9,712 1,124 157 1,121 1,670 383 329 655 303 291 235 1,526 421 426 685 487 2,040 130 339 899 125 2,742 207 532 72 477 1,378 817 1,078 172 275 977 100 521 76 336 834 420 87 105 1,911 225 831 121 480 38 188 102 441 1,083 356

Technical Research Team


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Technical ResearchTechnical19, 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

For any Queries, Suggestions and Feedback kindly mail to [email protected] Research Team: 022-3952 6600 Website: www.angelbroking.com

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be reproduced or redistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions. Opinion expressed is our current opinion as of the date appearing on this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true and are for general guidance only. While every effort is made to ensure the accuracy and completeness of information contained, the company takes no guarantee and assumes no liability for any errors or omissions of the information. No one can use the information as the basis for any claim, demand or cause of action. Recipients of this material should rely on their own investigations and take their own professional advice. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Price and value of the investments referred to in this material may go up or down. Past performance is not a guide for future performance. Certain transactions - futures, options and other derivatives as well as non-investment grade securities - involve substantial risks and are not suitable for all investors. Reports based on technical analysis centers on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals and as such, may not match with a report on a company's fundamentals. We do not undertake to advise you as to any change of our views expressed in this document. While we would endeavor to update the information herein on a reasonable basis, Angel Broking, its subsidiaries and associated companies, their directors and employees are under no obligation to update or keep the information current. Also there may be regulatory, compliance, or other reasons that may prevent Angel Broking and affiliates from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Angel Broking Limited and affiliates, including the analyst who has issued this report, may, on the date of this report, and from time to time, have long or short positions in, and buy or sell the securities of the companies mentioned herein or engage in any other transaction involving such securities and earn brokerage or compensation or act as advisor or have other potential conflict of interest with respect to company/ies mentioned herein or inconsistent with any recommendation and related information and opinions. Angel Broking Limited and affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past.

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