1. Daily Technical Outlook
7th March 2012
Indices * Close % Chg. Mirroring the negative global market cues the domestic
BSE SENSEX 17173.29 -1.09 markets witnessed a subdue opening. However, the markets
S&P CNX NIFTY 5222.40 -1.10 managed a bounce back on back of buying support and short
NIFTY MAR. FUT. 5250.40 -1.28 covering helping the Nifty to trade above the 5400 mark.
India VIX 27.34 -5.46 However, lack of follow up buying support and sustained
selling pressure at higher levels saw the markets erase the
S&P CNX NIFTY Technical Levels gains to trade with losses. The overall trend remained volatile
Level 1 Level 2 Level 3 and choppy. The markets ended the day with moderate
Support 5161 5037 4955 losses to close near the lows for the day. The top losers for
Resistance 5400 5681 5728 the day were Rel. Power, Rel. Infra, Hindalco, Sterlite, Tata
Steel, Rel. Comm., Tata Power, Sesa Goa, Jindal Steel and
Moving Averages S&P CNX NIFTY Bharti Airtel.
50 Day SMA 5139.19
◄Positive
100 Day SMA 5053.24 Technically, the market breadth remained negative
200 Day SMA 5165.21 ◄Positive
amidst higher volumes, which is a negative sign for the
markets. The global market cues are weak. The domestic
Volume (Lacs Shares) * markets are likely to witness a flat to negative opening.
06/03/12 05/03/12 % Chg. The Nifty once again faltered around the 5400 resistance
BSE 2806 2374 18.20 level. The prevailing technical negatives continued to
NSE 8830 6659 32.60
weigh on the market sentiment and have triggered selling
pressure on the bourses. The Stochastic, MACD, RSI and
Total 11636 9033 28.82
KST all are placed below their respective averages,
Turnover ( ` Crores) * which would lead to regular bouts of selling pressure.
06/03/12 05/03/12 % Chg.
Moreover, KST and MACD are placed in the negative
territory and warn of impending selling pressure.
BSE 3037.53 2456.13 23.67
However, a few positive conditions continue to still hold
NSE 15012.49 10760.29 39.52
good, which would help in witnessing short covering and
NSE F&O 165770.89 86124.09 92.48 buying support at lower levels. The Nifty remains placed
Total 183820.91 99340.51 85.04 above its key average’s the 50-day, 100-day and 200-day
SMA. Moreover, the Nifty’s 50-day SMA remains placed
F&O Contracts Traded (NSE) *
above Nifty’s 100-day SMA. The market sentiment
06/03/12 05/03/12 % Chg.
however has turned negative after the election results
Index Fut. 984994 454130 116.90 with Congress witnessing a huge defeat in UP. Now, it is
Stock Fut. 695588 450269 54.48 important that the markets witness buying support at
Index Opt. 4283011 2106071 103.36 lower levels for the markets to move higher and sustain
Stock Opt. 177543 123179 44.13 above the 5400 resistance level. Intermediate bouts of
Total 6141136 3133649 71.20 volatility and choppiness are likely to be witnessed.
Other forthcoming events, which are lined up during this
Market Breadth (NSE) * fortnight would also influence the market trend. In the
Advances 420 meanwhile the markets would take cues from the Railway
Declines 1061 Budget, the Economic Survey, the RBI’s monetary policy,
Same 59 Union Budget, the global markets and of course the
Total 1540
crude prices. The support levels for Nifty are placed at,
5161, 5037 and 4955. The Nifty faces resistance at the 5400,
A/D Ratio 0.40 : 1
5681 and 5728 levels.
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
Balrampur Chini 51.55 Sell Below 51 52.35 2.65 48 6.86
Bharti Airtel 335.55 Sell Below 334 340.25 1.87 320 4.19
BHEL 275.60 Sell Below 274 280.25 2.28 260 5.11
Century Textiles 294.20 Sell Below 289 302.00 4.50 260 10.03
Hindalco 131.75 Sell Below 131 137.50 5.36 115 11.88
JSW Steel 706.85 Sell Below 703 735.50 4.62 631 10.24
Tata Steel 424.95 Sell Below 422 436.50 3.44 390 7.58
* 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 17173 17331 17534 17895 18459 16970 16767 16204
S&P CNX NIFTY 5222 5270 5334 5446 5622 5159 5095 4919
NIFTY MAR. FUT. 5250 5303 5375 5499 5695 5179 5107 4911
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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