1. Daily Technical Outlook
30th January 2012
Indices * Close % Chg. The domestic markets witnessed a firm opening. Steady
BSE SENSEX 17233.98 0.92 buying support was witnessed as markets moved higher. The
S&P CNX NIFTY 5204.70 0.90 markets remained range bound as Nifty struggled to sustain
NIFTY FEB. FUT. 5212.80 0.60 above the 5200 level. However, the markets showed no signs
India VIX 21.70 3.23 of weakness though occasional bouts of profit taking and
selling pressure were witnessed. The markets ended the day
S&P CNX NIFTY Technical Levels with moderate gains to close near the highs for the day. The
Level 1 Level 2 Level 3 top gainers for the day were SAIL, Sesa Goa, Sterlite,
Support 5161 5037 4987 Reliance, Tata Motors, Rel. Infra, Tata Steel, Bharti AIrtel,
Resistance 5225 5361 5400 L&T and Grasim.
Moving Averages S&P CNX NIFTY Technically, the market breadth remained positive amidst
50 Day SMA 4830.82 lower volumes. The global market set of cues are
◄Negative
100 Day SMA 4948.96 negative. The domestic markets are likely to witness a
200 Day SMA 5204.92 ◄Negative
subdue opening. The Nifty faltered in its first attempt to
test the 200-day SMA. However, the Nifty remains placed
Volume (Lacs Shares) * above its 50-day SMA and 100-day SMA, which are short
27/01/12 25/01/12 % Chg. term positives. Moreover, the Stochastic, MACD, RSI, and
BSE 3206 3021 6.12 KST are placed above their respective averages, which
NSE 8376 9452 -11.38
would help triggering buying support. The KST and
MACD are also placed in the positive territory. The Nifty
Total 11582 12473 -7.14
remains placed above its November 2010 descending
Turnover ( ` Crores) * trend line, which is a positive sign for the markets.
27/01/12 25/01/12 % Chg.
However, a few technical negatives continue to prevail
and are likely to cap the upside gains. The Stochastic is
BSE 2756.86 2794.96 -1.36
still placed in the over bought zone. Moreover, the RSI is
NSE 13777.08 15294.61 -9.92
placed in the over bought zone. Both these conditions
NSE F&O 69958.68 191776.53 -63.52 would lead to intermediate bouts of profit taking and
Total 86492.62 209866.10 -58.79 selling pressure. The Nifty continues to trade below its
200-day SMA. The 50-day SMA is also placed below the
F&O Contracts Traded (NSE) *
100-day SMA. All these conditions would lead to selling
27/01/12 25/01/12 % Chg.
pressure especially at higher levels. The ADX line, -DI
Index Fut. 368269 720412 -48.88 line are moving sideways. However, the +DI line is placed
Stock Fut. 512110 1226773 -58.26 at 41.26 level indicating buyers are gaining strength. The
Index Opt. 1674790 5257220 -68.14 markets remain poised decisively. The Nifty is on the
Stock Opt. 140814 241010 -41.57 threshold of testing its 200-day SMA. Now, it is important
Total 2695983 7445415 -49.46 that the markets witness follow up buying support for the
Nifty to move further and successfully test this
Market Breadth (NSE) * resistance level. Intermediate bouts of profit taking and
Advances 981 selling pressure are likely to be witnessed. In the
Declines 508 meanwhile the markets would take cues from the
Same 70 earnings season, the global markets and the crude
Total 1559
prices. The support levels for Nifty are placed at 5161, 5037,
4987, 4747 and 4563. The Nifty faces resistance at the 5225,
A/D Ratio 1.93 : 1
5361 and 5400 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
TGT of 155
Achieved
given Buy @
147.30 on
Allahabad Bank 156.85 Buy Above 159.00 154.00 3.14 170 6.92 23/01/12
Balrampur Chini 47.60 Buy Above 48.00 45.30 5.63 54 12.50
Reliance 820.40 Buy Above 822.00 809.40 1.53 850 3.41
Adani Power 83.95 Sell Below 83.50 85.10 1.92 80 4.19
* 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 17234 17200 17293 17352 17505 17141 17047 16895
S&P CNX NIFTY 5205 5195 5227 5249 5304 5172 5140 5086
NIFTY FEB. FUT. 5213 5203 5235 5257 5310 5181 5150 5096
Keynote Capitals Ltd.
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