Technical Report 31st October 2011
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Transcript of Technical Report 31st October 2011
8/3/2019 Technical Report 31st October 2011
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Technical Research | October 31, 2011
On Friday’s session, indices opened nearly 3% higher
mainly due to strong positive sentiments across global
indices. Subsequently, indices moved in a narrow range
and closed almost near 5400 mark. On the sector front,
Metal, Realty, and Banking counters contributed major part
of Friday’s gain. There was no sector in the negative
territory. The advance decline ratio was strongly in favor of
advancing counters (A= 1728 D= 1139). (Source – www.bseindia.com)
Formation
• On the Weekly chart, the “Downward Sloping Trend
Line” is placed around the 18150 / 5475 level.
• We are observing a positive crossover in the Weekly
ADX (9) indicator.
• The Daily “200 SMA” is placed at the 18020 / 5410
level.
• The “Higher – Top Higher – Bottom” formation is
confirmed on the Daily chart after nearly six months.
• We are witnessing a downside gap area of 17671 to
17350 / 5322 to 5219 created on October 28, 2011.
Trading strategy:
Finally, after several attempts, the bulls have managed to
cross a firm resistance level of 17260 / 5198 and closed
convincingly above it. As a result, a “Higher – Top Higher –
Bottom” formation on the Daily chart was confirmed afternearly six months. Going forward, it is likely that indices are
now heading initially towards the Daily “200 SMA” placed
at the 18020 / 5410 level and then towards the
“Downward Sloping Trend Line” placed around 18150 /
5475. Thus, indices may face supply pressure near 18020 –
18150 / 5410 – 5475 levels. However, we are also
observing a positive crossover in the “ADX (9)” indicator,
which suggests possibility of a strong momentum if indices
manage to cross and sustain above the 18175 / 5475
level.
Daily Technical Report
Sensex 17805 / NIFTY 5361
Exhibit 1: Ni fty Daily Chart
Source: Falcon
Actionable points:
View NeutralResistance Levels 5410 – 5475Support Levels 5322 – 5219
The effect of positive crossover may push indices higher to
test 18300 – 18440 / 5500 – 5550 levels. At this juncture,
the “Narrow range” body formation on the Daily chart
indicates possibility of a consolidation or a minor pull backif indices trade below the 17671 / 5322 level. In this case,
indices may fill the gap of 17671 to 17350 / 5322 to 5219
created on O ctober 28, 2011.
We advise traders to adopt stock specific approach and
avoid taking undue risks.
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Bank nifty opened with an upward gap, tested the mentioned
resistance level of 9970 and registered highest close nearly
after two months. We are observing a trend line breakout in
“RSI” momentum oscillator on daily chart, which suggest a
possibility of a breakout from the mentioned resistance level
of 9970-10030. If Bank Nifty manages to give a close above
this resistance level, then it is likely to rally towards 10300-
10350 levels.
On the downside, the gap area formed on 28th October i.e.
9837 – 9607 levels may act as support levels for the day.
Actionable poin ts:
View Bullish Positive Above 9970Expected Target 10300 – 10350Support Level 9837 – 9607
Bank N ifty Outlook - (9841)
Exhibit 2: Bank Ni fty Daily Chart
Source: Falcon
Stock Recommendations: Stock – Bharat Forge (Bse Cash)
Action – Buy
Last close ` 301.70
Buying Range ` 301 - ̀ 290
Stop Loss ` 285
Target ` 322
Justification – On the Daily chart, we are witnessing a
bullish “Inverse Head & Shoulder” breakout with significant
rise in volumes. Further, on Weekly chart the momentum
oscillator “RSI Smoothened” is positively poised. We advise
buying the stock in a range of ` 301 - ` 290 for a target
of ` 322 in coming 2 – 3 weeks.
Exhib it 3 : Bharat Forge (Bse Cash) Daily chart
Source: Falcon
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Positive Bia :
Stock Name 5 Day EMA 20 Day EMA Expected Target Remark
Adani Power 85.3 84.1 95 View will change below 85.5
BF Utilities 467.4 467.3 535 View will change below 445Renuka 55.9 56 62 View will change below 54
Negative Bias:
Stock Name 5 Day EMA 20 Day EMA Expected Target Remark
Gitanjali Gems 369.7 363.3 335 View will change above 374
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SCRIPS S2 S1 PIVOT R1 R2
SENSEX 17,558 17,681 17,795 17,918 18,031
NIFTY 5,284 5,322 5,361 5,399 5,438
BANKNIFTY 9,801 9,859 9,896 9,954 9,991
ACC 1,192 1,208 1,223 1,239 1,253
AMBUJACEM 153 157 159 163 165
AXISBANK 1,122 1,136 1,160 1,174 1,197
BAJAJ-AUTO 1,705 1,731 1,777 1,803 1,850
BHARTIARTL 377 384 397 404 417
BHEL 316 322 325 331 335
BPCL 613 625 647 659 681
CAIRN 296 300 306 311 317
CIPLA 291 294 297 300 303
DLF 230 239 245 255 261
DRREDDY 1,584 1,627 1,656 1,700 1,729
GAIL 408 418 434 444 460
HCLTECH 431 441 448 459 466
HDFC 671 680 690 698 708
HDFCBANK 471 477 486 492 500
HEROMOTOCO 2,085 2,121 2,176 2,213 2,268
HINDALCO 131 137 140 146 150
HINDUNILVR 339 345 352 359 366
ICICIBANK 903 918 927 942 950
IDFC 129 130 132 134 136
INFY 2,765 2,812 2,892 2,938 3,018
ITC 212 214 215 217 218
JINDALSTEL 526 552 577 604 629
JPASSOCIAT 74 76 78 80 82
KOTAKBANK 489 500 510 521 531
LT 1,366 1,391 1,407 1,432 1,448
M&M 850 860 869 879 888
MARUTI 1,067 1,096 1,141 1,170 1,215
NTPC 172 175 179 183 186
ONGC 272 278 287 293 301
PNB 927 945 973 991 1,019
POWERGRID 101 103 105 108 110
RANBAXY 505 510 518 523 531
RCOM 75 78 79 82 84
RELCAPITAL 347 359 368 380 389RELIANCE 876 888 896 908 916
RELINFRA 410 437 460 487 509
RPOWER 91 93 94 96 97
SAIL 109 112 115 118 121
SBIN 1,871 1,890 1,910 1,929 1,949
SESAGOA 198 202 207 211 217
SIEMENS 830 841 859 870 889
STER 120 127 132 138 143
SUNPHARMA 439 474 539 574 638
SUZLON 37 38 38 39 39
TATAMOTORS 193 200 204 211 215
TATAPOWER 97 100 103 105 108TATASTEEL 456 470 481 495 505
TCS 1,096 1,109 1,124 1,137 1,152
WIPRO 363 366 370 373 377
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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