1. Daily Technical Outlook
15th March 2012
Indices * Close % Chg. Mirroring the positive global market cues the domestic
BSE SENSEX 17919.30 0.59 markets witnessed a gap up opening. However, the markets
S&P CNX NIFTY 5463.90 0.63 failed to witness follow up buying support and moved lower.
NIFTY MAR. FUT. 5506.10 0.69 Higher monthly inflation data saw the markets witness
India VIX 24.72 -0.12 increased profit taking and selling pressure. The overall trend
remained range bound as the Railway budget turned out to
S&P CNX NIFTY Technical Levels be a damp squib. The markets ended the day with moderate
Level 1 Level 2 Level 3 gains to close near the highs for the day. The top gainers for
Support 5400 5161 5037 the day were PNB, Axis Bank, ICICI Bank, Tata Motors,
Resistance 5681 5728 5885 NTPC, L&T, M&M, ITC, Hindalco and BHEL.
Moving Averages S&P CNX NIFTY Technically, the market breadth remained negative
50 Day SMA 5207.76 amidst higher volumes. The global market cues are
◄Positive
100 Day SMA 5066.26 divergent. The domestic markets are likely to witness a
200 Day SMA 5164.10 ◄Positive
negative opening. The Nifty has managed to sustain
above the 5400 crucial level. The KST, Stochastic and
Volume (Lacs Shares) * RSI are already placed above their respective averages,
14/03/12 13/03/12 % Chg. which would trigger buying support at regular intervals.
BSE 3195 3224 -0.90 More so the KST is placed in the positive territory, which
NSE 8693 8081 7.58
augurs well for the markets. The Nifty remains placed
above its key average’s the 50-day, 100-day and 200-day
Total 11888 11305 5.16
SMA. Moreover, the Nifty’s 50-day SMA remains placed
Turnover ( ` Crores) * above Nifty’s 100-day SMA and 200-day SMA, which is
14/03/12 13/03/12 % Chg.
also called as “Golden Cross” breakout. However, the
MACD is placed below its average and in the negative
BSE 3177.15 2926.04 8.58
territory. The Stochastic, is also placed in the over
NSE 14604.52 12674.74 15.23
bought territory. Both these conditions would lead to
NSE F&O 104900.82 91588.14 14.54 profit taking and selling pressure at higher levels. Now, it
Total 122682.49 107188.92 14.45 is important that the markets witness follow up buying
support at higher levels for the Nifty to test the 5681
F&O Contracts Traded (NSE) *
resistance level. The market sentiment remains
14/03/12 13/03/12 % Chg.
cautiously positive. The only concern that remains
Index Fut. 448157 385565 16.23 towards sustainability of the current rally is the ADX
Stock Fut. 524076 454840 15.22 indicator and +DI line, which measure the strength of a
Index Opt. 2638146 2347089 12.40 rally and have still not witnessed a breakout, though
Stock Opt. 152520 132588 15.03 Nifty has rallied around 300 points. Intermediate bouts of
Total 3762899 3320082 9.37 volatility are likely to be witnessed ahead of key
economic events lined up during the course of the week.
Market Breadth (NSE) * In the meanwhile the markets would take cues from the
Advances 669 Economic Survey, the RBI’s monetary policy, which
Declines 830 could turn out to be a neutral event as RBI has already
Same 74 announced a 75bps CRR cut, the Union Budget, the
Total 1573
global markets and of course the crude prices. The
support levels for Nifty are placed at 5400, 5161, 5037 and
A/D Ratio 0.81 : 1
4955. The Nifty faces resistance at the 5681, 5728 and 5885
NOTE - *- Source – BSE & NSE levels.
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
ACC 1354.80 Buy Above 1358 1329 2.14 1422 4.71
Axis Bank 1274.04 Buy Above 1277 1257 1.57 1320 3.37
BEL 1630.40 Buy Above 1641 1610 1.89 1710 4.20
* 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 17919 17932 18028 18136 18339 17824 17729 17525
S&P CNX NIFTY 5464 5467 5496 5529 5590 5435 5405 5344
NIFTY MAR. FUT. 5506 5507 5541 5577 5647 5471 5437 5367
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