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Keynote technicals daily report for 211111


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Keynote technicals daily report for 211111

  1. 1. Daily Technical Outlook 21st November 2011 Indices Close % Chg. Mirroring the weak set of global market cues, the domestic BSE SENSEX 16371.51 -0.55 markets witnessed a negative opening. Sustained selling S&P CNX NIFTY 4905.80 -0.59 pressure was witnessed as markets drifted lower. However, NIFTY NOV. FUT. 4914.60 -0.37 short covering and selective buying support in the afternoon India VIX 26.58 -1.26 session on back of positive European market cues helped the markets recover from the lows of the day. The markets ended S&P CNX NIFTY Technical Levels the day with modest losses to close near the lows for the day. Level 1 Level 2 Level 3 The top losers for the day were Sesa Goa, ITC, TCS, BHEL, Tata Motors, M&M, Coal India, Tata Steel, Powergrid andSupport 4747 4563 4387 Axis Bank.Resistance 4987 5037 5161 Technically, the market breadth remained weak amidst Volume (Lacs Shares) higher volumes, which is a negative sign for the markets. 18/11/11 17/11/11 % Chg. The global market set of cues are negative. The domesticBSE 2501 2257 10.81 markets are likely to witness a negative opening. TheNSE 7092 6431 10.28 Nifty continues to trade below the psychologicallyTotal 9593 8688 10.42 important 5000 level and also below its 50-day SMA,Source – BSE & NSE which is a short term negative. The RSI, KST and MACD are placed below their respective averages. Moreso, the Turnover ( ` Crores) KST and MACD are placed in the negative and warns of 18/11/11 17/11/11 % Chg. impending selling pressure. The Nifty continues to tradeBSE 2348.04 2206.98 6.39 below its 200-day SMA. Further the 50-day SMA remainsNSE 10735.37 9688.88 10.80 placed below the 100-day SMA. All these conditionsNSE F&O 195058.74 175339.34 11.25 would lead to selling pressure. The ADX, and +DI line areTotal 208142.15 187235.20 11.17 moving sideways, but –DI line has witnessed a breakoutSource – BSE & NSE and is placed at the 37.29 level indicating sellers have an Market Breadth (NSE) upper hand. The only saving grace for the market remains the Stochastic being placed above its averageAdvances 410 and also in the over sold zone, which would lead toDeclines 1079 intermediate bouts of short covering and buying support.Same 41 The market sentiment remains negative. The markets areTotal 1530 likely to witness further selling pressure and Nifty isA/D Ratio 0.38 : 1 likely to test the 4747 support level, amidst intermediateSource – NSE bouts of volatility. In the meanwhile the markets would Moving Averages S&P CNX NIFTY take cues from the global markets and crude prices as50 Day SMA 5065.04 Rupee trades above the 50 level against the dollar. The ◄Negative support levels for Nifty are placed at 4747, 4563 and 4387.100 Day SMA 5205.60 The Nifty faces resistance at the 4987, 5037, 5161, 5230,200 Day SMA 5373.30 ◄Negative 5325 and 5377. Intra-day Resistance Intra-day Support Indices Close Pivot Point R1 R2 R3 S1 S2 S3BSE SENSEX 16372 16311 16457 16543 16774 16225 16079 15848S&P CNX NIFTY 4906 4887 4935 4965 5042 4857 4809 4731NIFTY NOV. FUT. 4915 4895 4945 4975 5054 4865 4815 4736Sanjay Bhatia (AVP – Technicals), Email Id Yahoo Chat Id: Keynote Capitals Ltd. th 4 Floor, Balmer Lawrie Bldg., 5, J. N. Heredia Marg, Ballard Estate, Fort, Mumbai, India – 400001. Tel: 3026 6000 / 2269 4322
  2. 2. Short Term Trading Ideas Based On Technical Analysis (5 - 7 Days) Stop Initiation Stop Loss Target Stock Close Action Price Loss * (%) Target (%) Remarks TGT of 70.25 Achieved given Sell @ 75 onAdani Power 75.00 Sell Below 74.00 76.20 2.97 70.00 5.41 17/11/11Ashok Leyland 25.10 Sell Below 24.50 25.75 5.10 22.00 10.20IDBI Bank 96.60 Sell Below 95.00 98.60 3.79 87.00 8.42IRB 138.95 Sell Below 138.00 141.25 2.36 131.00 5.07ITC 200.50 Sell Below 200.00 204.50 2.25 190.00 5.00JSW Steel 607.50 Sell Below 605.00 630.00 4.13 549.00 9.26* Stop Losses are to be considered strictly on Closing basis. Keynote Capitals Ltd. th 4 Floor, Balmer Lawrie Bldg., 5, J. N. Heredia Marg, Ballard Estate, Fort, Mumbai, India – 400001. Tel: 3026 6000 / 2269 4322
  3. 3. DisclaimerThis document is not for public distribution and has been furnished to you solely for your information and must not be reproduced orredistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions.This material is for the personal information of the authorized recipient, and we are not soliciting any action based upon it. This reportis not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer orsolicitation would be illegal. It is for the general information of clients of Keynote Capitals Ltd. It does not constitute a personalrecommendation or take into account the particular investment objectives, financial situations, or needs of individual clients.We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though itsaccuracy or completeness cannot be guaranteed. Neither Keynote Capitals Ltd., nor any person connected with it, accepts any liabilityarising from the use of this document. The recipients of this material should rely on their own investigations and take their ownprofessional advice. Price and value of the investments referred to in this material may go up or down. Past performance is not a guidefor future performance. Certain transactions -including those involving futures, options and other derivatives as well as non-investmentgrade securities - involve substantial risk and are not suitable for all investors. Reports based on technical analysis centers on studyingcharts of a stock’s price movement and trading volume, as opposed to focusing on a company’s fundamentals and as such, may notmatch with a report on a company’s fundamentals.Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavor to update on areasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent usfrom doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may besubject to change without notice. Our proprietary trading and investment businesses may make investment decisions that areinconsistent with the recommendations expressed herein.We and our affiliates, officers, directors, and employees world wide may: (a) from time to time, have long or short positions in, and buyor sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securitiesand earn brokerage or other compensation or act as a market maker in the financial instruments of the company (ies) discussed hereinor act as advisor or lender / borrower to such company (ies) or have other potential conflict of interest with respect to anyrecommendation and related information and opinions.The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about thesubject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectlyrelated to specific recommendations or views expressed in this report.No part of this material may be duplicated in any form and/or redistributed without Keynote Capitals Ltd’s., prior written consent. Keynote Capitals Ltd. th 4 Floor, Balmer Lawrie Bldg., 5, J. N. Heredia Marg, Ballard Estate, Fort, Mumbai, India – 400001. Tel: 3026 6000 / 2269 4322