Technical Research | August 24, 2011

Daily Technical Report

Sensex (16498) / Nifty (4949)
Markets opened marginally higher in-line with global cues and traded with immense volatility to finally close in the positive territory. On the sector front, IT, Teck and Capital Goods counters were among the major gainers. The advance decline ratio was in favor of advancing counters (A=1824 D=988). (Source www.bseindia.com).

Exhibit 1: Sensex Daily Chart

Formation
No major formation is seen on the chart.

Trading strategy:
Our benchmark indices opened on an optimistic note but immediately fell down from the intraday highs to test 50% retracement level of Mondays candle. However, due to oversold condition of momentum oscillators Indices bounced back and rallied higher to test resistance level of 16450 / 4950. Going forward, If indices manage to trade above 16550 / 4966 level then they are likely to test 16660 16750 / 5000 5050 levels. On the downside, yesterdays low of 16213 / 4863 may act as support in coming trading session. A move below this level can drag indices lower to test recent lows of 15987 / 4796.
Source: Falcon

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Technical Research | August 24, 2011

Daily Pivot Levels For Nifty 50 Stocks

SCRIPS SENSEX NIFTY 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 16,084 4,824 990 129 1,027 1,428 387 1,698 676 256 273 177 1,410 402 371 623 439 1,958 140 311 817 107 2,149 197 494 61 421 1,548 681 1,140 168 271 959 99 454 77 393 737 440 83 107 2,016 215 851 123 462 37 698 1,062 458 896 313 S1 16,291 4,887 996 131 1,055 1,486 394 1,730 682 261 278 180 1,427 407 384 635 449 1,975 143 315 835 110 2,213 200 499 62 426 1,571 695 1,149 170 275 977 100 460 78 398 751 445 84 109 2,040 219 863 125 467 38 713 1,074 467 939 323 PIVOT 16,420 4,926 1,005 133 1,079 1,528 400 1,748 690 266 285 183 1,443 413 392 643 456 1,995 145 317 849 113 2,258 202 504 63 432 1,585 707 1,162 173 281 989 102 470 80 404 762 452 85 111 2,061 223 875 127 470 39 730 1,087 473 963 331 R1 16,627 4,989 1,011 135 1,107 1,587 407 1,779 696 270 290 186 1,461 419 405 654 466 2,013 148 320 866 116 2,322 205 509 64 437 1,608 721 1,171 175 285 1,006 103 476 81 410 776 457 86 113 2,085 227 888 129 475 40 745 1,099 481 1,006 340 R2 16,756 5,028 1,020 136 1,131 1,629 412 1,798 703 275 297 189 1,477 424 413 662 473 2,033 150 323 881 118 2,367 207 514 65 443 1,622 733 1,184 178 292 1,018 106 485 83 416 786 463 87 115 2,106 230 900 131 479 40 762 1,112 487 1,031 348

Technical Research Team

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Technical Research | August 24, 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

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