1. Daily Technical Outlook
14th March 2012
Indices * Close % Chg. Mirroring the positive global market cues the domestic
BSE SENSEX 17813.62 1.28 markets witnessed a firm opening. Steady buying support
S&P CNX NIFTY 5429.50 1.31 was witnessed as markets moved higher. However, overall
NIFTY MAR. FUT. 5468.40 1.48 trend remained listless for the day. The markets showed no
India VIX 24.75 -5.78 sign of weakness ahead of key economic events lined up for
the week. The markets ended the day with moderate gains to
S&P CNX NIFTY Technical Levels close near the highs for the day. The top gainers for the day
Level 1 Level 2 Level 3 were Sterlite, JP Associates, Jindal Steel, SAIL, Sesa Goa,
Support 5400 5161 5037 Gail, Ambuja Cements, ONGC, Hindalco and Tata Steel.
Resistance 5681 5728 5885
Technically, the market breadth remained robust amidst
Moving Averages S&P CNX NIFTY higher volumes, which is a positive sign for the markets.
50 Day SMA 5193.79 The global market cues are largely positive. The
◄Positive
100 Day SMA 5063.02 domestic markets are likely to witness a firm opening.
200 Day SMA 5163.84 ◄Positive
The Nifty has managed to close above the 5400 crucial
resistance level. The KST has moved above its average
Volume (Lacs Shares) * and in the positive territory, which augurs well for the
13/03/12 12/03/12 % Chg. markets. The Stochastic and RSI are already placed
BSE 3224 2354 36.96 above their respective averages, which would help in
NSE 8081 7673 5.31
triggering buying support at regular intervals. The Nifty
remains placed above its key average’s the 50-day, 100-
Total 11305 10027 12.74
day and 200-day SMA. Moreover, the Nifty’s 50-day SMA
Turnover ( ` Crores) * remains placed above Nifty’s 100-day SMA and 200-day
13/03/12 12/03/12 % Chg.
SMA, which is a short term positive. However, the MACD
is placed below its average and in the negative territory
BSE 2926.04 2353.78 24.31
and would lead to profit taking and selling pressure at
NSE 12674.74 14569.12 -13.00
higher levels. Now, it is important that the markets
NSE F&O 91588.14 92647.46 -1.14 witness follow up buying support at higher levels for the
Total 107188.92 109570.36 -2.17 Nifty to test the 5681 resistance level. The market
sentiment remains cautiously positive. The only concern
F&O Contracts Traded (NSE) *
that remains towards sustainability of the current rally is
13/03/12 12/03/12 % Chg.
the ADX indicator and +DI line, which measure the
Index Fut. 385565 479248 -19.55 strength of a rally have still not witnessed a breakout,
Stock Fut. 454840 476744 -4.59 though Nifty has rallied 300 points. Intermediate bouts of
Index Opt. 2347089 2300103 2.04 volatility are likely to be witnessed ahead of key
Stock Opt. 132588 133557 -0.73 economic events lined up during the course of the week,
Total 3320082 3389652 1.36 which kick starts today with Railway Budget. In the
meanwhile the markets would take cues from the Railway
Market Breadth (NSE) * Budget, the Economic Survey, the monthly inflation data,
Advances 974 the RBI’s monetary policy, which could turn out to be a
Declines 509 neutral event as RBI has already announced a 75bps
Same 71 CRR cut, the Union Budget, the global markets and of
Total 1554
course the crude prices. The support levels for Nifty are
placed at 5400, 5161, 5037 and 4955. The Nifty faces
A/D Ratio 1.91 : 1
resistance at the 5681, 5728 and 5885 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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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
ACC 1339.00 Buy Above 1345 1310.00 2.60 1422 5.72
BEL 1602.10 Buy Above 1606 1559.00 2.93 1710 6.48
Colgate 1107.40 Buy Above 1111 1071.00 3.60 1200 8.01
* 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 17814 17779 17878 17942 18104 17715 17616 17454
S&P CNX NIFTY 5430 5420 5449 5468 5515 5401 5372 5324
NIFTY MAR. FUT. 5468 5438 5506 5544 5650 5400 5332 5226
Keynote Capitals Ltd.
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