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Technical Report 3rd November 2011

The daily technical report provides analysis of Indian stock market indices and recommends trading strategies. It summarizes that indices opened lower but bounced back from lows, though selling pressure increased later in the day. Key support and resistance levels are identified. Bank Nifty is seen as facing negative momentum. A sell recommendation is given for Bharti Airtel stock. Positive and negative stock biases are also highlighted based on technical indicators. Daily pivot levels are provided for Nifty 50 stocks.

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Angel Broking
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118 views

Technical Report 3rd November 2011

The daily technical report provides analysis of Indian stock market indices and recommends trading strategies. It summarizes that indices opened lower but bounced back from lows, though selling pressure increased later in the day. Key support and resistance levels are identified. Bank Nifty is seen as facing negative momentum. A sell recommendation is given for Bharti Airtel stock. Positive and negative stock biases are also highlighted based on technical indicators. Daily pivot levels are provided for Nifty 50 stocks.

Uploaded by

Angel Broking
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as PDF, TXT or read online on Scribd
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Technical Research | November 03, 2011

Daily Technical Report


Sensex (17465) / NIFTY (5258)
Indices opened lower for the second consecutive session and bounced sharply from the days low. However, selling pressure intensified during the last hour of trade which dragged indices lower to close on a flat note. On the sector front, Oil & Gas and Health Care counters ended marginally in the positive territory whereas Auto and Banking sectors ended with a nominal loss. The advance decline ratio was in favor of declining counters (A=1359 D=1449). (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation
The Daily 200 SMA is placed at the 18020 / 5410 level.
Source: Falcon

Trading strategy:
Yesterdays session also opened on a pessimistic note due to increasing financial uncertainty across global markets. However, indices managed to hold the key support level of 17273 / 5196 and bounced sharply from days low. Going forward, yesterdays high of 17616 / 5300 may act as strong resistance level. If indices manage to sustain above this level then they are likely to rally towards 17671 17821 / 5322 5366 levels. On the downside, 17273 17188 / 5196 5160 levels remain to act as a strong support zone in coming trading session.

Actionable points:
View Resistance Levels Support Levels Neutral 5300 - 5366 5196 - 5160

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Technical Research | November 03, 2011

Bank Nifty Outlook - (9781)


Bank nifty opened with a negative bias and traded with extreme volatility throughout the session. We are witnessing a negative crossover in momentum oscillators. As a result if Bank Nifty sustains below yesterdays low of 9727, it is likely to drift towards the multiple support zone of 9607- 9500 levels. On the upside, 9890 - 10080 levels may act as resistance level for the day.

Exhibit 2: Bank Nifty Daily Chart

Actionable points: View Resistance Levels Support Levels


Neutral 9890 - 10080 9607 9500
Source: Falcon

Stock Recommendations:
Stock Bharti Airtel (Nov.Fut.) Action Sell Last close - ` 386.40 Selling Range - ` 388 - ` 391 Stop Loss - ` 394.05 Target - ` 376

Exhibit 3:Bharti Airtel(Nov Fut) Daily chart

Justification We are observing a trend line break down in hourly chart at ` 390 coupled with negative crossover of RSI momentum oscillator on Daily chart. Above technical evidences indicate possibility of a negative momentum in coming trading sessions. Consequently, we advise selling this stock in a range of ` 388 to ` 391 for a target of ` 376 in coming 3 4 trading sessions.
Source: Falcon

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Technical Research | November 03, 2011

Positive Bias: Positive Bias: Stock Name Dena Bank Recltd 5 Day EMA 79.4 181.7 20 Day EMA 77.1 176.7 Expected Target 86 195 Remarks View will change below 79.3 View will change below 178.7

Negative Bias:

Stock Name Vip Inds Bata India

5 Day EMA 171.5 717

20 Day EMA 178.7 693

Expected Target 155 695

Remarks View will change above 179 View will change above 730

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Technical Research | November 03, 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 17,195 5,159 9,637 1,162 149 1,105 1,674 375 311 619 293 285 228 1,576 410 415 674 472 2,029 131 380 838 126 2,799 206 530 74 492 1,353 820 1,105 173 273 956 102 497 76 347 843 428 90 107 1,867 203 832 119 500 36 184 99 453 1,088 359 S1 17,330 5,209 9,709 1,174 153 1,115 1,696 380 313 624 297 287 232 1,607 414 426 678 478 2,059 134 385 861 129 2,817 208 545 75 497 1,371 830 1,115 174 276 967 102 505 79 357 858 442 94 110 1,888 205 842 121 505 36 188 100 460 1,097 367 PIVOT 17,473 5,255 9,799 1,185 155 1,128 1,722 388 317 631 300 289 236 1,630 422 434 684 483 2,100 136 388 883 133 2,835 209 555 76 502 1,385 840 1,125 177 279 978 103 510 81 365 869 454 97 112 1,906 208 850 123 509 37 192 102 466 1,110 372 R1 17,608 5,304 9,871 1,197 159 1,138 1,744 392 320 636 304 291 239 1,661 427 445 688 488 2,130 138 394 906 136 2,853 211 570 78 507 1,404 850 1,135 179 282 990 104 518 84 374 884 468 102 115 1,928 210 860 125 513 37 197 103 474 1,119 379 R2 17,751 5,350 9,961 1,208 162 1,150 1,770 400 323 643 307 292 243 1,683 435 453 693 493 2,170 141 397 927 139 2,872 213 580 79 513 1,418 860 1,145 181 286 1,001 105 523 86 383 895 480 105 117 1,946 212 868 127 517 38 201 105 480 1,131 384

Technical Research Team


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Technical Research | November 03, 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

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

DISCLAIMER: This document is not for public distribution and has been furnished to you solely for your information and must not
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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