1. Daily Technical Outlook
17th November 2011
Indices Close % Chg. Mirroring the negative set of global market cues, the domestic
BSE SENSEX 16775.87 -0.63 markets witnessed a weak opening. Sustained selling
S&P CNX NIFTY 5030.45 -0.75 pressure was witnessed as markets traded lower. The Nifty
NIFTY NOV. FUT. 5044.90 -0.66 managed to take support just over the psychologically
India VIX 25.04 -3.58
important 5000 level on back of short covering and selective
buying support. However, the Nifty struggled around the 5060
S&P CNX NIFTY Technical Levels level and once again tested the psychologically important
Level 1 Level 2 Level 3
5000 level in the last hour of trade. The markets ended the
day with moderate losses. The top losers for the day were
Support 4987 4747 4563
SAIL, Siemens, BPCL, L&T, JP Associates, GAIL, HCL
Resistance 5037 5161 5230
Tech., Sun Pharma, BHEL and Hero Motocorp.
Volume (Lacs Shares) Technically, the market breadth remained weak amidst
16/11/11 15/11/11 % Chg. higher volumes, which is a negative sign for markets.
BSE 2385 2209 7.97 The global market set of cues are negative. The domestic
NSE 6795 6177 10.01 markets are likely to witness a negative opening. The
Total 9180 8386 9.47 prevailing technical negatives continue to weigh on
Source – BSE & NSE market sentiment and further selling pressure is likely as
the Nifty trades below the 5037 support level and also
Turnover ( ` Crores)
below its 50-day SMA, which is again a short term
16/11/11 15/11/11 % Chg.
negative. The RSI, KST, Stochastic and MACD are placed
BSE 2513.20 2229.15 12.74 below their respective averages. Moreso, the KST has
NSE 10843.88 9499.25 14.16 slipped in the negative. The Nifty continues to trade
NSE F&O 179256.48 133749.49 34.02 below its 200-day SMA. Further the 50-day SMA remains
Total 192613.56 145477.89 32.40 placed below the 100-day SMA. All these conditions
Source – BSE & NSE would lead to selling pressure. The ADX, and +DI line are
Market Breadth (NSE)
moving sideways, but –DI line has witnessed a breakout
and is placed above the 30 level indicating sellers have
Advances 410
an upper hand. The only saving grace for the market
Declines 1072
remains the Stochastic being placed in the over sold
Same 55 zone, which would lead to intermediate bouts of short
Total 1537 covering. The market sentiment remains negative. The
A/D Ratio 0.38 : 1 markets are likely to witness further selling pressure and
Source – NSE Nifty is likely to test the 4747 support level. In the
Moving Averages S&P CNX NIFTY meanwhile the markets would take cues from the global
50 Day SMA 5069.20
markets and crude prices as Rupee trades above the 50
◄Negative level against the dollar. The support levels for Nifty are
100 Day SMA 5212.65
placed at 4987, 4747 and 4563. The Nifty faces resistance at
200 Day SMA 5380.51 ◄Negative
the 5037, 5161, 5230, 5325, 5387 and 5517.
Intra-day Resistance Intra-day Support
Indices Close Pivot Point R1 R2 R3 S1 S2 S3
BSE SENSEX 16776 16765 16889 17002 17239 16652 16529 16292
S&P CNX NIFTY 5030 5028 5067 5104 5180 4992 4953 4877
NIFTY NOV. FUT. 5045 5041 5084 5123 5206 5002 4958 4876
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
Adani Power 76.45 Sell Below 75.00 77.25 3.00 70.00 6.67
TGT of 47
Achieved
given Sell @
50 on
EKC 45.45 Sell Below 45.00 47.70 6.00 39.00 13.33 15/11/11
Petronet 162.95 Sell Below 161.00 166.00 3.11 150.00 6.83
Reliance 848.10 Sell Below 843.00 854.00 1.30 819.00 2.85
* Stop Losses are to be considered strictly on Closing basis.
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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