1. Daily Technical Outlook
1st February 2012
Indices * Close % Chg. Mirroring the positive Asian market cues, the domestic
BSE SENSEX 17193.55 1.96 markets witnessed a positive opening. Short covering and
S&P CNX NIFTY 5199.25 2.20 steady buying support was witnessed as markets moved
NIFTY FEB. FUT. 5223.35 2.18 higher. Though selling pressure was witnessed at higher
India VIX 22.66 -3.41 levels, the markets managed to hold on to the gains. The
markets ended the day with moderate gains to close near the
S&P CNX NIFTY Technical Levels highs for the day. The top gainers for the day were Sesa Goa,
Level 1 Level 2 Level 3 Rel. Comm., ICICI Bank, Hindalco, DLF, JP Associates,
Support 5161 5037 4987 IDFC, Axis Bank, Kotak Bank and SBI.
Resistance 5225 5361 5400
Technically, the market breadth remained robust amidst
Moving Averages S&P CNX NIFTY lower volumes. The global market set of cues are
50 Day SMA 4842.87 divergent. The domestic markets are likely to witness a
◄Negative
100 Day SMA 4951.01 flat opening. The Nifty has just managed to close above
200 Day SMA 5198.21 ◄Negative
its 200-day SMA. However, it needs to sustain above it
for at least for four trading days for the market trend to
Volume (Lacs Shares) * change. The Nifty remains placed above its 50-day SMA
31/01/12 30/01/12 % Chg. and 100-day SMA. The RSI and KST have moved above
BSE 2628 2626 0.08 their averages. More so the MACD is still placed above
NSE 7569 7580 -0.15
its averages, which would help in triggering buying
support. The KST and MACD are also placed in the
Total 10197 10206 -0.09
positive territory. The ADX line, -DI line are moving
Turnover ( ` Crores) * sideways. However, the +DI line is still placed at 36.58.
31/01/12 30/01/12 % Chg.
The technical negatives continue to prevail and are likely
to weigh on the market sentiment. The Stochastic is
BSE 2806.50 2475.02 13.39
placed below its average. Moreover, the Stochastic and
NSE 13696.26 11783.75 16.23
RSI are still placed near the over bought zone. The 50-
NSE F&O 87078.94 77037.73 13.03 day SMA is also placed below the 100-day SMA. All these
Total 103581.70 91296.50 13.46 conditions would lead to intermediate bouts of profit
taking and selling pressure. The markets sentiment
F&O Contracts Traded (NSE) *
remains cautious as markets are poised crucially. Now, it
31/01/12 30/01/12 % Chg.
is important that the markets witness buying support at
Index Fut. 490804 439110 11.77 regular intervals for the Nifty to sustain above the 200-
Stock Fut. 612928 524540 16.85 day SMA, which is its long term moving average.
Index Opt. 2069128 1883865 9.83 Intermediate bouts of profit taking and selling pressure
Stock Opt. 182978 145331 25.90 are likely to be witnessed. In the meanwhile the markets
Total 3355838 2992846 7.45 would take cues from the earnings season, the global
markets and the crude prices. The support levels for Nifty
Market Breadth (NSE) * are placed at 5161, 5037, 4987, 4747 and 4563. The Nifty
Advances 1047 faces resistance at the 5225, 5361 and 5400 levels.
Declines 438
Same 67
Total 1552
A/D Ratio 2.39 : 1
NOTE - *- Source – BSE & NSE
Sanjay Bhatia (AVP – Technicals), Email Id sanjay@keynotecapitals.net Yahoo Chat Id: keytechnicals@yahoo.in
Keynote Capitals Ltd.
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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
Bajaj Auto 1601.10 Buy Above 1605.00 1580.00 1.56 1660 3.43
Dr. Reddys 1689.75 Buy Above 1695.00 1670.00 1.47 1750 3.24
Sun Pharma 548.65 Buy Above 552.00 529.50 4.08 602 9.06
Crompton Greaves 133.35 Sell Below 131.00 137.50 4.96 117 10.69
* Stop Losses are to be considered strictly on Closing basis.
Intra-day Resistance Intra-day Support
Indices Close Pivot Point R1 R2 R3 S1 S2 S3
BSE SENSEX 17194 17133 17300 17406 17680 17026 16859 16586
S&P CNX NIFTY 5199 5178 5236 5274 5369 5141 5083 4988
NIFTY FEB. FUT. 5223 5196 5262 5300 5404 5158 5092 4988
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