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Technical Report 1st November 2011

Technical Report 1st November 2011

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Published by Angel Broking

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Published by: Angel Broking on Nov 01, 2011
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09/20/2013

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For Private Circulation Only|
 1
Technical Research |
November 1, 2011
 
We witnessed a flat opening in yesterday’s session and thenindices moved in a narrow range to close marginally abovethe support level of 17671 / 5322. On the sector front, Oil& Gas and Metal counters were among the major loserswhereas FMCG and Banking counters ended on a positivenote. The advance decline ratio was marginally in favor ofadvancing counters (A=1485 D=1351).
(Source – www.bseindia.com)
Formation
On the Weekly chart, the Downward Sloping TrendLine” is placed around the 18150 / 5475 level.The Daily 200 SMA” is placed at the 18020 / 5410level.We are witnessing a downside gap area of 17671 to17350 / 5322 to 5219 created on October 28, 2011.
Trading strategy:
In our earlier report, we had stated that the “Narrow range”body formation on the Daily chart indicates possibility of aconsolidation or a minor pull back. As expected, yesterdayindices traded in a narrow range throughout the sessionand closed marginally above the support level of 17671 / 5322. We reiterate our view that indices may face supplypressure near 18020 – 18150 / 5410 – 5475 levels.Considering the Global clues today morning, it is likely thatour indices open in the red. Thus, a sustainable move belowyesterday’s low of 17668 / 5314 level may result in a minorcorrection to fill the gap area of 17671 to 17350 / 5322 to5219 created on October 28, 2011.
 
Daily Technical Report
Sensex 17705 / NIFTY 5327
 
Exhibit 1: Nifty Daily Chart
Source: Falcon 
Actionable points:
View NeutralResistance Levels 5410 5475Support Levels 5314 5219
 
 
Technical Research |
November 1, 2011
 
For Private Circulation Only|
 2
 
Yesterday, Bank nifty managed to cross the mentionedresistance level of 9970 – 10030 during the day trade, butfailed to give a close above the second resistance level. Weare observing a trend line breakout on daily chart, but thecandle formed is a “Spinning Top” which indicatesindecisiveness at current levels. Therefore, only if bank niftysustains above yesterday’s high of 10080 then it is likely totest 10300 – 10350 levels.On the downside, 9826 – 9607 levels may act as supportlevel for the day.
Actionable points:
View
Neutral
 
Resistance Levels
10080 – 10300
Support Level
9826 – 9607
Bank Nifty Outlook -
(9990)
 
Exhibit 2: Bank Nifty Daily Chart
Source: Falcon 
 
 
Technical Research |
November 1, 2011
 
For Private Circulation Only|
 3
Positive Bia:Stock Name 5 Day EMA 20 Day EMA Expected Target Remark
Aptech 119 117.7 129 View will change below 116.50BankBaroda 746.2 749.4 800 View will change below 729
Negative Bias:Stock Name 5 Day EMA 20 Day EMA Expected Target Remark
Jubilant Food 835 844 780 View will change above 834ONGC 277.5 271 270 View will change above 285

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