1. Daily Technical Outlook
9th August 2011
Indices Close % Chg. Mirroring the weak set of global market cues, the domestic
BSE SENSEX 16990.18 -1.82 markets witnessed a gap down opening. Sustained selling
S&P CNX NIFTY 5118.50 -1.78 pressure was witnessed as markets traded with large losses.
NIFTY AUG. FUT. 5126.20 -1.66 However, short covering and selective buying support helped
India VIX 28.78 15.58
the markets come off the lows of the day. To move above the
important 5200 level. However, lack of follow up buying
S&P CNX NIFTY Technical Levels support and weak European market cues saw the markets
Level 1 Level 2 Level 3
slip again. The markets ended the day with large losses to
close near the lows for the day. The top losers for the day
Support 4987 4806 4757
were Tata Motors, Reliance Capital, Hindalco, DLF, HCL
Resistance 5195 5262 5364
Tech., Rel. Power, Infosys Tech., TCS, Rel. Infra and SAIL
Volume (Lacs Shares) Technically, the market breadth remained subdue amidst
08/08/11 05/08/11 % Chg. lower volumes. The global market set of cues are largely
BSE 3212 2969 8.18 negative. The domestic markets are likely to witness a
NSE 7428 8057 -7.80 gap down opening. The Nifty continues to trade below its
Total 10640 11026 -3.50 200-day SMA. Further the 50-day SMA remains placed
Source – BSE & NSE below the 100-day SMA. The Nifty is trading below the
February’11 ascending trendline. The MACD, RSI and
Turnover ( ` Crores)
KST are placed below their respective averages. Moreso,
08/08/11 05/08/11 % Chg.
the KST and MACD are placed in the negative territory.
BSE 2990.96 3364.70 -11.11 These conditions would result in selling pressure at
NSE 13420.86 14273.88 -5.98 regular intervals. The -DI line remains placed above the
NSE F&O 168902.00 203811.54 -17.13 42 level, indicating sellers have an upper hand. The ADX
Total 185313.82 221450.12 -16.32 line is moving higher, while the +DI line is moving down.
Source – BSE & NSE The only silver lining for the markets remains the
Market Breadth (NSE)
Stochastic, RSI and KST are placed in the over sold
territory on the daily charts. This would result in regular
Advances 261
bouts of short covering leading to relief rally. The market
Declines 1235
sentiment remains negative. The Nifty has closed below
Same 20 5195 level which is a negative sign. Further selling
Total 1516 pressure is likely to be witnessed amidst occasional
A/D Ratio 0.21 : 1 bouts of relief rally. In the meanwhile the markets would
Source – NSE take cues from the news flow on the progress of
Moving Averages S&P CNX NIFTY monsoon, crude prices and the global markets. The
50 Day SMA 5510.52
support levels for Nifty are placed at 4987, 4806 and 4757.
◄Negative The Nifty faces resistance at the 5195, 5262, 5364 and 5500
100 Day SMA 5571.99
levels.
200 Day SMA 5681.09 ◄Negative
Intra-day Resistance Intra-day Support
Indices Close Pivot Point R1 R2 R3 S1 S2 S3
BSE SENSEX 16990 16999 17239 17488 17976 16750 16511 16022
S&P CNX NIFTY 5119 5126 5197 5276 5426 5047 4975 4825
NIFTY AUG. FUT. 5126 5131 5204 5281 5432 5053 4980 4829
Sanjay Bhatia (AVP – Technicals), Email Id sanjay@keynotecapitals.net Yahoo Chat Id: keytechnicals@yahoo.in
Keynote Capitals Ltd.
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4 Floor, Balmer Lawrie Bldg., 5, J. N. Heredia Marg, Ballard Estate, Fort, Mumbai, India – 400001. Tel: 3026 6000 / 2269 4322
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2. Short Term Trading Ideas Based On Technical Analysis (5 - 7 Days)
Stop
Initiation Stop Loss Target
Stock Close Action Price Loss * (%) Target (%) Remarks
Apollo Tyre 66.60 Sell Below 66 67.50 2.27 61 7.58
Bank of Baroda 843.85 Sell Below 838 854.00 1.91 802 4.30
TGT of 360
Achieved
given SELL
@ 395 on
Bhushan Steel 342.30 Sell Below 339 356.55 5.18 300 11.50 29/07/11
Rel. Capital 454.00 Sell Below 450 472.50 5.00 400 11.11
* Stop Losses are to be considered on Closing basis only.
Keynote Capitals Ltd.
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4 Floor, Balmer Lawrie Bldg., 5, J. N. Heredia Marg, Ballard Estate, Fort, Mumbai, India – 400001. Tel: 3026 6000 / 2269 4322
www.keynotecapitals.com

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