The daily trading note summarizes the movement in the stock market on May 17th, 2012. The Nifty opened lower and fell over 100 points intraday before closing down 84 points. Key support levels for the Nifty are now seen at 4830 and 4800-4770. Kotak Bank shares have broken out of a consolidation range of 530-550 and are recommended as a buy with a target price of 575 and stop loss of 534.

1. DAILY TRADING NOTE (17th MAY 2012)
S&P CNX NIFTY
OPEN 4875.3
HIGH 4882.25
LOW 4837.05
CLOSE 4858.25
Change(pts) -84.55
Change (%) -1.71
Advance/Decline 0.36
Total Turnover 123772.45
(` in cr.)
MARKET OUTLOOK
The NIFTY opened the session with a negative gap and plunged to an intraday low of 4837 levels. The NIFTY
lost close to 105 points during the early part of the day’s trade. The index witnessed a pullback from the lower
levels and finally closed at 4858 levels with a loss of 84 points.
The index once again registered a breakdown and has closed below the 4900 levels. Going ahead sustenance
below the 4830 will trigger a downside to the 4770-4750 levels however on the upside index has resistance of
4880. A move above the 4880 levels will trigger a upside up to the 4950-5000 levels.
On the downside the NIFTY has immediate support at 4830 followed by 4800-4770 levels.
Key Levels & Averages
Resistance- Resistance-
INDEX Close Support-1 Support-2 8 DMA 34 DMA 200 DMA
1 2
NIFTY 4858.25 4836 4814 4881 4904 4964.24 5133.45 5091.98
BANK
NIFTY 9164.25 9071 8979 9233 9301 9447.47 9926.11 9650.67
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2. KOTAK BANK – ` 550.95
Technical Outlook & Trading Strategy:
The share price of Kotak bank has been consolidating in a range between the levels of ` 530-550 levels from
the last couple of days. The stock has broken out from its upper trading range. The upside projection of same
provides a minimum price target of ` 575 in the near term
We recommend a BUY on KOTAK BANK between from ` 550-552 levels with a stop loss of ` 534.2 levels for a
target of ` 575 levels.
Disclaimer
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