- The Indian markets witnessed a sharp fall, closing near the day's lows, mirroring negative global cues. The Nifty closed below the crucial support level of 4,747. - Technically, market breadth remained negative amidst higher volumes, indicating further downside. Most technical indicators are below their averages, warning of more selling pressure. - The markets are expected to remain volatile ahead of derivative contract expiry. Support levels are at 4,563, 4,481 and 4,387 while resistance is at 4,747, 4,987 and 5,037.

1. Daily Technical Outlook
24th November 2011
Indices Close % Chg. Mirroring the negative set of global market cues, the domestic
BSE SENSEX 15699.97 -2.27 markets witnessed a gap down opening. Sustained selling
S&P CNX NIFTY 4706.45 -2.20 was witnessed as Nifty successfully tested our technical
NIFTY DEC. FUT. 4720.65 -1.76 target of 4747. Buying support remained absent. Selling
India VIX 30.68 12.17
momentum increased as Nifty slipped below the 4747 level
and a sharp fall was witnessed. The markets failed to show
S&P CNX NIFTY Technical Levels any resilience against selling pressure. The markets ended
Level 1 Level 2 Level 3
the day with large losses to close near the lows for the day.
The top losers for the day were JP Associates, Ranbaxy,
Support 4563 4481 4387
IDFC, HDFC Bank, Bharti Airtel, BHEL, BPCL, Rel. Infra,
Resistance 4747 4987 5037
Jindal Steel and Reliance.
Volume (Lacs Shares) Technically, the market breadth remained negative
23/11/11 22/11/11 % Chg. amidst higher volumes, which is a negative sign for the
BSE 2236 2087 7.14 markets. The global market set of cues are negative. The
NSE 6782 6059 11.92 domestic markets are likely to witness a negative
Total 9018 8146 10.70 opening. The prevailing technical negatives have led to
Source – BSE & NSE the current sharp fall on the bourses as Nifty closed
below the crucial 4747 support level. The Nifty continues
Turnover ( ` Crores)
to trade below its 50-day SMA, which is a short term
23/11/11 22/11/11 % Chg.
negative. The RSI, KST and MACD are placed below their
BSE 2011.32 1973.95 1.89 respective averages. Moreso, the KST and MACD are
NSE 10300.84 10200.41 0.98 placed in the negative and warn of impending selling
NSE F&O 240442.89 186019.48 29.26 pressure. The Nifty continues to trade below its 200-day
Total 252755.05 198193.84 27.53 SMA. Further the 50-day SMA remains placed below the
Source – BSE & NSE 100-day SMA. All these conditions would lead to further
Market Breadth (NSE)
selling pressure especially at higher levels. However, the
markets will witness occasional bouts of short covering
Advances 310
and selective buying support as the Stochastic and RSI
Declines 1190
are placed in the over sold zone. Moreso, the Stochastic
Same 44 is placed above its average. The ADX and +DI line are
Total 1544 moving sideways, but –DI line is placed at 42.11 level.
A/D Ratio 0.26 : 1 The market sentiment remains negative. The markets are
Source – NSE likely to remain volatile due to derivative segment expiry.
Moving Averages S&P CNX NIFTY In the meanwhile the markets would take cues from the
50 Day SMA 5043.97
global markets and crude prices as Rupee trades above
◄Negative the 52 level against the dollar. The support levels for Nifty
100 Day SMA 5185.31
are placed at 4563, 4481 and 4387. The Nifty faces
200 Day SMA 5362.57 ◄Negative
resistance at the 4747, 4987, 5037 and 5161.
Intra-day Resistance Intra-day Support
Indices Close Pivot Point R1 R2 R3 S1 S2 S3
BSE SENSEX 15700 15716 15953 16207 16698 15463 15225 14734
S&P CNX NIFTY 4706 4709 4777 4848 4986 4638 4570 4432
NIFTY NOV. FUT. 4721 4724 4797 4874 5024 4647 4574 4424
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
Alok Textiles 17.20 Sell Below 17.00 17.70 4.12 15.50 8.82
TGT of 338
Achieved
given Sell @
358 on
Bombay Dying 342.80 Sell Below 340.00 351.25 3.31 315.00 7.35 18/11/11
TGT of 759
Achieved
given Sell @
806 on
Reliance 773.40 Sell Below 770.00 796.00 3.38 712.00 7.53 18/11/11
* 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
www.keynotecapitals.com

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