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Technical Report 2nd November 2011

Technical Report 2nd November 2011

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Published by Angel Broking

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Categories:Business/Law, Finance
Published by: Angel Broking on Nov 02, 2011
Copyright:Attribution Non-commercial

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11/02/2011

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For Private Circulation Only|
 1
Technical Research |
November 2, 2011
 
Yesterday, indices opened lower in-line with weak globalcues and continued to remain under pressure as the dayprogressed. Due to continuous selling pressure indices thendrifted towards the support level of 17350 / 5219. On thesector front, Realty, Auto and Banking counters were amongthe major loosers. There was no sector in the positiveterritory. The advance decline ratio was strongly in favor ofdeclining counters (A=1177 D=1609).
(Source – www.bseindia.com)
Formation
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:
We witnessed a pessimistic opening in yesterday’s sessionmainly due to negativity across global indices. As expected,we witnessed a corrective movement after the violation ofMonday’s low of 17668 / 5314 level. Subsequently,markets drifted lower to fill the gap area of 17671 to17350 / 5322 to 5219 created on October 28, 2011.Going forward, 17350 / 5219 remains to be a decentsupport for the market. A move below this support levelmay intensify further selling pressure which may dragindices lower to test 17273 – 17188 / 5196 – 5160 levels.On the upside, 17540 – 17671 / 5275 – 5322 levels mayact as resistance in coming trading session.
 
Daily Technical Report
Sensex 17481 / NIFTY 5258
 
Exhibit 1: Nifty Daily Chart
Source: Falcon 
Actionable points:
View NeutralResistance Levels 5275 - 5322Support Levels 5219 - 5160
 
 
Technical Research |
November 2, 2011
 
For Private Circulation Only|
 2
 
Bank nifty opened lower in-line with our benchmark indicesand traded in a narrow range during the initial hours of thetrade. However, during the latter part of the session, theindex slipped marginally below mentioned support level of9826. Going forward, if Bank Nifty sustains belowyesterday’s low of 9783 then it is likely to test 9607 – 9500levels which is a multiple support zone.On the upside, 10080 level may act as a resistance for theday.
Actionable points:
View
Neutral
 
Resistance Level
10080
Support Level
9607 – 9500
Bank Nifty Outlook -
(9822)
 
Exhibit 2: Bank Nifty Daily Chart
Source: Falcon 
 
 
Technical Research |
November 2, 2011
 
For Private Circulation Only|
 3
Positive Bia:Stock Name 5 Day EMA 20 Day EMA Expected Target Remark
Auro Pharma 127.5 127 137.4 View will change below 125.5Techm 582.4 583 610 View will change below 571
Negative Bias:Stock Name 5 Day EMA 20 Day EMA Expected Target Remark
Mcdowells 855 851.5 820 View will change above 865Bombay Dyeing 424.4 399.5 400 View will change above 437

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