Technical Research | September 26, 2011

Daily Technical Report

Sensex (16162) / Nifty (4868)
Markets opened with a downside gap and a selling pressue was continued to intensify near every intraday resistance level. Hence, indices closed well below 4900 mark. On the sector front, Metal, Capital Goods and Auto counters were among the major losers. The advance decline ratio was strongly in favor of declining counters (A=986 D=1805). (Source www.bseindia.com)

Exhibit 1: Sensex Daily Chart

Formation
The Spinning Top formation mentioned in our earlier reports is still intact as the high of 17212 / 5169 has not been violated. The Daily chart depicts a Symmetrical Triangle pattern breakdown on closing basis with higher volumes.
Source: Falcon

Trading strategy:
Looking at the Weekly chart, it can be concluded that indices have failed to cross the major resistance zone due to a combination of the Horizontal Line resistance and the Spinning Top formation. Consequently, indices drifted lower due to immense selling pressure near their resistance zone which ultimately resulted in the breakdown of a Symmetrical Triangle pattern. This pattern indicates that indices are likely to head towards the recent bottom of 15765 / 4720 level. Selling pressure is likely to intensify on violation of this important point; and if indices manage to sustain below 15765 / 4720, then they are likely to drift towards the next support levels of 15650 15330 / 4675 4540. While the view is clearly negative considering the Weekly charts, the Daily candle suggests the probability of a temporary pullback rally towards 16490 16620 / 4960 5000 only if indices manage to cross and sustain above Fridays high of 16368 / 4930 level. Traders are suggested to trade with strict stop losses as volatility is expected to increase in the coming week due to expiry of derivative contracts.

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Technical Research | September 26, 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 15,878 4,775 1,045 139 1,039 1,500 351 1,552 646 256 273 187 1,454 407 372 612 442 1,983 129 324 822 104 2,281 186 504 62 436 1,417 761 1,024 162 252 928 93 459 74 380 747 411 75 100 1,849 202 833 115 449 36 142 953 419 963 326 S1 16,020 4,821 1,057 142 1,063 1,524 363 1,576 651 266 278 192 1,470 414 380 619 449 2,010 131 328 833 107 2,310 189 514 65 445 1,434 768 1,058 164 255 949 95 466 77 391 759 420 78 102 1,900 205 844 119 459 37 145 972 426 977 333 PIVOT 16,194 4,876 1,068 145 1,089 1,545 373 1,596 660 275 282 196 1,497 421 387 629 460 2,048 135 332 849 109 2,350 192 524 67 456 1,457 778 1,082 167 258 963 96 474 79 400 776 428 81 105 1,941 208 853 121 467 38 148 985 432 996 341 R1 16,336 4,922 1,080 148 1,113 1,569 385 1,620 666 285 288 202 1,513 428 395 635 467 2,076 137 335 860 111 2,379 194 534 69 465 1,474 785 1,115 169 261 985 97 481 81 411 787 437 84 107 1,991 211 864 125 477 39 150 1,004 439 1,009 348 R2 16,510 4,977 1,090 151 1,140 1,590 394 1,640 675 294 292 206 1,539 435 402 645 477 2,114 140 339 877 114 2,419 197 545 72 475 1,497 795 1,139 172 264 999 98 490 83 420 804 445 86 110 2,033 214 874 128 484 40 154 1,018 445 1,029 356

Technical Research Team

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Technical Research | September 26, 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 mehul.kothari@angelbroking.com Research Team: 022-3935 7600 Website: www.angelbroking.com

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