Technical Report 25th November 2011
Technical Report 25th November 2011
Technical Report 25th November 2011
Formation
There is no specific formation is seen on the chart.
Source: Falcon
Trading strategy:
We witnessed a very volatile session after a flat opening mainly due to November series Derivatives expiry. After testing yesterdays low of 15479 / 4641, indices rallied sharply due to huge short covering towards the end of the session. Going forward, yesterdays low of 15479 / 4639 may act as key support for the markets. A sustainable move below this level would attract strong selling pressure, which may drag indices lower to test 15330 / 4540. On the upside, indices are likely to face resistance near 15970 / 4780 level. If indices cross and sustain above 15970 / 4780, then they are likely to rally towards the next resistance level of 16213 / 4854.
Actionable points:
View Resistance levels Support level Neutral 4780 4854 4640
Source: Falcon
Positive Bias: Stock Name Coal India Suzlon 5 Day EMA 303.4 23.5 20 Day EMA 315.7 29.7 Expected Target 315 29 Remarks View will change below 297 View will change below 21
Negative Bias:
Remarks View will change above 296 View will change above 2154
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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