1. Daily Technical Outlook
29th November 2011
Indices Close % Chg. Mirroring the positive set of Asian market cues; the domestic
BSE SENSEX 16167.13 3.01 markets witnessed a gap up opening. Short covering and
S&P CNX NIFTY 4851.30 3.00 selective buying support was witnessed as markets traded
NIFTY DEC. FUT. 4870.30 3.38 with moderate gains. The markets showed no sign of
India VIX 26.64 -8.51
weakness as follow up buying support was witnessed in index
heavyweight stocks. However, the volumes recorded
S&P CNX NIFTY Technical Levels remained listless. The markets ended the day with handsome
Level 1 Level 2 Level 3
gains to close near the highs for the day. The top gainers for
the day were Hindalco, IDFC, ACC, JP Associates, Sesa
Support 4747 4563 4481
Goa, SBI, HDFC, Kotak Bank, Tata Motors and ICICI Bank.
Resistance 4987 5037 5161
Technically, the market breadth remained robust amidst
Volume (Lacs Shares) lower volumes. The global market set of cues are mix.
28/11/11 25/11/11 % Chg. The domestic markets are likely to witness a flat opening.
BSE 1670 2067 -19.21 The Nifty has managed to close above the 4747 level. The
NSE 5397 6292 -14.22 Stochastic and RSI being placed in the over sold zone
Total 7067 8359 -15.45 has prompted yesterday’s rally. The Nifty has formed a
Source – BSE & NSE positive divergence pattern, which would give further
impetus to current rally and Nifty would possible test the
Turnover ( ` Crores)
4987 level in next few trading sessions. However, the
28/11/11 25/11/11 % Chg.
prevailing technical negatives continue to hold good. The
BSE 1909.26 2161.33 -11.66 Nifty continues to trade below its 50-day SMA, which is a
NSE 8642.63 9939.56 -13.05 short term negative. The KST and MACD are placed in
NSE F&O 80615.34 85523.22 -5.74 the negative and also below their respective averages.
Total 91167.23 97624.11 -6.61 The Nifty continues to trade below its 200-day SMA.
Source – BSE & NSE Further the 50-day SMA remains placed below the 100-
Market Breadth (NSE)
day SMA. All these conditions would lead to selling
pressure at higher levels. However, the markets will
Advances 1138
witness occasional bouts of short covering and selective
Declines 356
buying support as the Stochastic and RSI are placed
Same 42 above their respective averages but have come off the
Total 1536 over sold zone. The ADX and +DI line are moving
A/D Ratio 3.20 : 1 sideways, but –DI line has started coming down and is
Source – NSE placed at 32.79 level, indicating sellers are losing grip
Moving Averages S&P CNX NIFTY over the markets. The Nifty is likely to test the 4987 level
50 Day SMA 5031.38
successfully if it continues to sustain above the 4747
◄Negative level. In the meanwhile the markets would take cues from
100 Day SMA 5160.56
the global markets, Rupee and crude prices. The support
200 Day SMA 5352.38 ◄Negative
levels for Nifty are placed at 4747, 4563, 4481 and 4387. The
Nifty faces resistance at the 4987, 5037 and 5161.
Intra-day Resistance Intra-day Support
Indices Close Pivot Point R1 R2 R3 S1 S2 S3
BSE SENSEX 16167 16081 16273 16379 16677 15975 15782 15484
S&P CNX NIFTY 4851 4826 4885 4918 5011 4792 4733 4640
NIFTY DEC. FUT. 4870 4832 4913 4957 5081 4789 4707 4582
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
Andhra Bank 101.80 Buy Above 102.50 99.75 2.68 108.00 5.37
BGR Energy 267.90 Buy Above 270.00 260.50 3.52 291.00 7.78
BPCL 535.50 Buy Above 542.00 530.75 2.08 567.00 4.61
Crompton Greaves 129.35 Buy Above 130.50 122.50 6.13 148.00 13.41
* 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
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