- The domestic markets witnessed a negative opening and drifted lower due to lack of buying support and sustained selling pressure. However, markets bounced back from lows due to lower inflation data and short covering. - Technically, market breadth remained positive with higher volumes, though global cues remain negative. The markets are likely to witness volatility and will take cues from global markets and crude prices. - Key support and resistance levels for the Nifty are provided. Short term trading ideas based on technical analysis are also mentioned.

1. Daily Technical Outlook
25th November 2011
Indices Close % Chg. Mirroring the negative set of global market cues, the domestic
BSE SENSEX 15858.49 1.01 markets witnessed a negative opening. The markets drifted
S&P CNX NIFTY 4756.45 1.06 lower due to absence of buying support and sustained selling
NIFTY DEC. FUT. 4781.60 1.29 pressure. However, the markets managed to bounce back
India VIX 27.95 -8.89
from the lows on back of lower inflation data and short
covering. The markets ended the day with moderate gains to
S&P CNX NIFTY Technical Levels close near the highs for the day. The top gainers for the day
Level 1 Level 2 Level 3
were GAIL, ONGC, Sesa Goa, IDFC, Ambuja Cements,
BHEL, Grasim, Maruti, L&T and Axis Bank.
Support 4747 4563 4481
Resistance 4987 5037 5161 Technically, the market breadth remained positive amidst
higher volumes, which is a positive sign for the markets.
Volume (Lacs Shares) The global market set of cues are negative. The domestic
24/11/11 23/11/11 % Chg. markets are likely to witness a negative opening. The
BSE 2169 2236 -3.00 markets remained volatile on the last day of derivative
NSE 8391 6782 23.73 segment expiry, also prompting short covering helping
Total 10560 9018 17.10 the markets move above the crucial 4747 resistance
Source – BSE & NSE level. However, prevailing technical negatives continue
to hold good and could cap upside gains. The Nifty
Turnover ( ` Crores)
continues to trade below its 50-day SMA, which is a short
24/11/11 23/11/11 % Chg.
term negative. The RSI, KST and MACD are placed below
BSE 2012.91 2011.32 0.08 their respective averages. Moreso, the KST and MACD
NSE 12222.05 10300.84 18.65 are placed in the negative and warn of impending selling
NSE F&O 259284.55 240442.89 7.84 pressure. The Nifty continues to trade below its 200-day
Total 273519.51 252755.05 8.22 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 823
and selective buying support as the Stochastic and RSI
Declines 658
are placed near the over sold zone. Moreso, the
Same 55 Stochastic is placed above its average. The ADX and +DI
Total 1536 line are moving sideways, but –DI line is placed at 38.44
A/D Ratio 1.25 : 1 level. The markets are poised. In the meanwhile the
Source – NSE markets would take cues from the global markets and
Moving Averages S&P CNX NIFTY crude prices as Rupee trades above the 52 level against
50 Day SMA 5037.91
the dollar. The support levels for Nifty are placed at 4747,
◄Negative 4563, 4481 and 4387. The Nifty faces resistance at the 4987,
100 Day SMA 5177.42
5037 and 5161.
200 Day SMA 5359.19 ◄Negative
Intra-day Resistance Intra-day Support
Indices Close Pivot Point R1 R2 R3 S1 S2 S3
BSE SENSEX 15858 15747 16013 16168 16589 15592 15325 14904
S&P CNX NIFTY 4756 4722 4805 4854 4986 4673 4590 4458
NIFTY DEC. FUT. 4782 4746 4834 4887 5028 4693 4605 4465
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
Colgate 967.00 Sell Below 962.00 979.00 1.77 925.00 3.85
JP Power 34.00 Sell Below 33.50 35.00 4.48 30.00 10.45
Apollo Tyre 65.10 Buy Above 66.00 63.50 3.79 71.50 8.33
Bata 633.05 Buy Above 637.00 619.75 2.71 675.00 5.97
Lupin 467.20 Buy Above 475.00 458.00 3.58 512.00 7.79
* 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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