- The domestic Indian markets opened flat but turned positive due to short covering and selective buying, however increased later due to weak European cues. The markets ended the day with marginal losses, closing near the day's lows. - Technically, the market breadth was neutral amidst lower volumes. The Nifty continues to trade below crucial support levels of 4987 and its 200-day simple moving average, indicating further downside risk. - The markets are expected to take cues from global markets and upcoming RBI meeting. Near-term support levels are seen at 4757, 4563 and 4387 while resistance is at 4987, 5161 and 5200.

1. Daily Technical Outlook
14th September 2011
Indices Close % Chg. Mirroring the mix set of global market cues, the domestic
BSE SENSEX 16467.44 -0.21 markets witnessed a flat but positive opening. Short covering
S&P CNX NIFTY 4940.95 -0.12 and selective buying support was witnessed as markets
NIFTY SEP. FUT. 4941.60 -0.02 moved higher to trade above the 4987 level. However, weak
India VIX 32.77 0.06
European cues saw increased selling pressure. The markets
failed to show any resilience against selling pressure as
S&P CNX NIFTY Technical Levels markets came off the highs for the day. The markets ended
Level 1 Level 2 Level 3
the day on a flat note to close with marginal losses to close
near the lows for the day. The top losers for the day were tata
Support 4757 4563 4387
Motors, Tata Power, SAIL, ICICI Bank, SBI, HUL, JP
Resistance 4987 5161 5200
Associates, Cipla, Sun Pharma and ONGC.
Volume (Lacs Shares) Technically, the market breadth remained neutral amidst
13/09/11 12/09/11 % Chg. lower volumes. The global market set of cues are mix.
BSE 2600 2901 -10.38 The domestic markets are likely to witness a positive
NSE 6283 6024 4.28 opening. The Nifty continued to trade below the crucial
Total 8883 8925 -0.48 support level of 4987, leading to selling pressure. The
Source – BSE & NSE prevailing negatives continue to hold good and would
further weigh on the market. The Nifty continues to trade
Turnover ( ` Crores)
below its 200-day SMA. Further the 50-day SMA remains
13/09/11 12/09/11 % Chg.
placed below the 100-day SMA. The Stochastic and RSI
BSE 2275.76 2264.45 0.50 are placed below their respective averages. The KST is
NSE 9832.73 9893.50 -0.61 placed in the negative territory. The –DI line continues to
NSE F&O 130862.98 123256.12 6.17 trade above the 30 level indicating sellers have an upper
Total 142971.47 135414.07 5.58 hand. The positive aspects for the market remains the
Source – BSE & NSE KST and MACD are placed above their respective
Market Breadth (NSE)
averages. Moreso the MACD is placed in the positive
territory. These conditions would lead to short covering
Advances 738
at lower levels along with selective buying support. The
Declines 732
market sentiment remains negative and further selling
Same 56 pressure is likely to be witnessed amidst intermediate
Total 1526 bouts of short covering. Nifty is likely to test the 4757
A/D Ratio 1.01 : 1 support level if it fails to move and sustain above the
Source – NSE 4987 level. In the meanwhile the markets would take cues
Moving Averages S&P CNX NIFTY from the global markets, news flow ahead of the RBI’s
50 Day SMA 5289.73
meeting on September 16th and advance tax numbers.
◄Negative The support levels for Nifty are placed at 4757, 4563 and
100 Day SMA 5407.09
4387. The Nifty faces resistance at the 4987, 5161 and 5200
200 Day SMA 5554.73 ◄Negative
levels.
Intra-day Resistance Intra-day Support
Indices Close Pivot Point R1 R2 R3 S1 S2 S3
BSE SENSEX 16467 16536 16698 16928 17319 16306 16145 15753
S&P CNX NIFTY 4941 4961 5010 5080 5199 4891 4842 4723
NIFTY SEP. FUT. 4942 4962 5020 5098 5234 4884 4826 4690
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 119.35 Sell Below 119.00 121.25 1.89 114.00 4.20
IB Realestate 77.65 Sell Below 77.30 80.25 3.82 71.00 8.15
PTC 71.00 Sell Below 70.40 72.00 2.27 67.00 4.83
Sintex 144.15 Sell Below 142.50 145.50 2.11 136.00 4.56
Cairn 287.00 Buy Above 292.00 286.00 2.05 305.00 4.45
* Stop Losses are to be considered on Closing basis only.
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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