1. Daily Technical Outlook
9th March 2012
Indices * Close % Chg. Mirroring the weak global market cues the domestic markets
BSE SENSEX 17145.52 -0.16 witnessed a negative opening. Though, selling pressure was
S&P CNX NIFTY 5220.45 -0.04 witnessed in the early morning trades, the markets managed
NIFTY MAR. FUT. 5258.70 0.16 to move higher on back of short covering and selective
India VIX 26.33 -3.69 buying support. The markets remained range bound
struggling to find a clear direction. The markets ended the
S&P CNX NIFTY Technical Levels day flat to close near the highs for the day. The top losers for
Level 1 Level 2 Level 3 the day were Sterlite, Sesa Goa, NTPC, Powergrid, Jindal
Support 5161 5037 4955 Steel, BHEL, SAIL, Bharti Airtel, Maruti and Reliance.
Resistance 5400 5681 5728
Technically, the market breadth remained negative
Moving Averages S&P CNX NIFTY amidst lower volumes. The global market cues are
50 Day SMA 5149.48 largely positive. The domestic markets are likely to
◄Positive
100 Day SMA 5054.67 witness a flat opening. The prevailing technical negatives
200 Day SMA 5163.88 ◄Positive
continued to hold good and are weighing on the market
sentiment. The Stochastic, MACD, RSI and KST all are
Volume (Lacs Shares) * placed below their respective averages, which would
07/03/12 06/03/12 % Chg. lead to regular bouts of selling pressure. Moreover, KST
BSE 2447 2806 -12.79 and MACD are placed in the negative territory and warn
NSE 7704 8830 -12.75
of impending selling pressure. Moreover, the –DI line is
on verge of a breakout and is likely to move above the 30
Total 10151 11636 -12.76
level, which will if happens would mean that the sellers
Turnover ( ` Crores) * are gaining further strength. However, a few positive
07/03/12 06/03/12 % Chg.
conditions continue to hold good, which would help in
witnessing short covering and buying support at lower
BSE 2664.20 3037.53 -12.29
levels. The Nifty remains placed above its key average’s
NSE 12328.96 15012.49 -17.88
the 50-day, 100-day and 200-day SMA. Moreover, the
NSE F&O 115054.20 165770.89 -30.59 Nifty’s 50-day SMA remains placed above Nifty’s 100-day
Total 130047.36 183820.91 -29.25 SMA. The market sentiment however remains negative
due to over hang of the Congress party’s debacle in
F&O Contracts Traded (NSE) *
recent state elections. Now, it is important that the
07/03/12 06/03/12 % Chg.
markets witness buying support at regular intervals for
Index Fut. 615430 984994 -37.52 the markets to move higher and sustain above the 5400
Stock Fut. 529678 695588 -23.85 resistance level. Intermediate bouts of volatility and
Index Opt. 3022513 4283011 -29.43 choppiness are likely to be witnessed. Other forthcoming
Stock Opt. 144042 177543 -18.87 events, which are lined up during the next week would
Total 4311663 6141136 -21.07 influence the market trend. In the meanwhile the markets
would take cues from the Railway Budget, the Economic
Market Breadth (NSE) * Survey, the RBI’s monetary policy, Union Budget, the
Advances 501 global markets and of course the crude prices. The
Declines 994 support levels for Nifty are placed at, 5161, 5037 and 4955.
Same 55 The Nifty faces resistance at the 5400, 5681 and 5728 levels.
Total 1550
A/D Ratio 0.50 : 1
NOTE - *- Source – BSE & NSE
Sanjay Bhatia (AVP – Technicals), Email Id sanjay@keynotecapitals.net Yahoo Chat Id: keytechnicals@yahoo.in
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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
Adani Enterprises 319.00 Sell Below 315 336 6.67 268 14.92
APIL 347.80 Sell Below 345 365 5.80 300 13.04
Reliance 761.80 Sell Below 758 784 3.43 700 7.65
* 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 17146 17131 17254 17362 17592 17023 16901 16670
S&P CNX NIFTY 5220 5212 5252 5284 5357 5180 5140 5067
NIFTY MAR. FUT. 5259 5246 5292 5324 5403 5213 5168 5090
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