1. Daily Technical Outlook
26th March 2012
Indices * Close % Chg. Mirroring the weak global market cues the domestic markets
BSE SENSEX 17361.74 0.96 witnessed a negative opening. The markets drifted lower on
S&P CNX NIFTY 5278.20 0.95 lackluster volumes. However, markets managed a bounce
NIFTY MAR. FUT. 5285.35 0.86 back on back of short covering and selective buying support.
India VIX 23.34 -5.77 The markets witnessed increased buying momentum in the
afternoon trade. The markets ended the day with moderate
S&P CNX NIFTY Technical Levels gains to close near the highs for the day. The top losers for
Level 1 Level 2 Level 3 the day Maruti, Jindal Steel, ONGC, Siemens, Coal India,
Support 5161 5037 4955 Hindalco, Sterlite, IDFC, Grasim and Tata Steel.
Resistance 5400 5681 5728
Technically, the market breadth remained positive amidst
Moving Averages S&P CNX NIFTY lower volumes, indicating lack of participation at higher
50 Day SMA 5280.72
◄Positive
levels. The global market cues are divergent. The
100 Day SMA 5074.07 domestic markets are likely to witness a flat to negative
200 Day SMA 5156.10 ◄Positive opening. The Stochastic and MACD are placed above
their respective averages, which would lead to buying
Volume (Lacs Shares) * support at lower levels. Moreover, the Nifty remains
23/03/12 22/03/12 % Chg. placed above its key average’s the 50-day, 100-day and
BSE 2348 3537 -33.62 200-day SMA. Moreover, the Nifty’s 50-day SMA remains
NSE 6688 9207 -27.36 placed above Nifty’s 100-day SMA and 200-day SMA,
Total 9036 12744 -29.10
which is also called as the “Golden Cross” breakout.
These conditions would help in witnessing buying
Turnover ( ` Crores) * support at lower levels. However, the prevailing technical
23/03/12 22/03/12 % Chg. negatives continue to weigh on the market sentiment.
BSE 2371.70 2984.72 -20.54
The Nifty continues to be placed below the crucial 5400
resistance level. The RSI and KST are placed below their
NSE 11444.93 14111.79 -18.90
respective averages. More so the KST is placed in the
NSE F&O 169831.63 198220.31 -14.32
negative territory and warns of an impending selling
Total 183648.26 215316.82 -14.71 pressure. These conditions would lead to intermediate
F&O Contracts Traded (NSE) * bouts of selling pressure. The ADX line, +DI line and –DI
line continue to move sideways indicating a range bound
23/03/12 22/03/12 % Chg.
trend. The market sentiment remains tentatively
Index Fut. 722261 767510 -5.90
cautious. Now, it is important that the markets witness
Stock Fut. 681922 729793 -6.56 buying support at regular intervals for it to move and test
Index Opt. 4791110 5651384 -15.22 the crucial 5400 resistance level. In the meanwhile the
Stock Opt. 175601 212578 -17.39 markets would take cues from the global markets and the
Total 6370894 7361265 -12.19 crude prices in absence of domestic cues. The support
levels for Nifty are placed at 5161, 5037 and 4955. The Nifty
Market Breadth (NSE) * faces resistance at the 5400, 5681, 5728 and 5885 levels.
Advances 783
Declines 684
Same 76
Total 1543
A/D Ratio 1.14 : 1
NOTE - *- Source – BSE & NSE
Sanjay Bhatia (AVP – Technicals), Email Id sanjay@keynotecapitals.net Yahoo Chat Id: keytechnicals@yahoo.in
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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
GE Shipping 251.85 Buy Above 253 248 2.17 265 4.74
Hero Honda 2017.45 Buy Above 2025 1986 1.93 2110 4.20
Adani Ports 123.45 Sell Below 123 127 2.93 115 6.50
Hindalco 131.40 Sell Below 131 134 2.48 124 5.34
* 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 17362 17333 17487 17612 17891 17208 17054 16775
S&P CNX NIFTY 5278 5270 5320 5362 5454 5228 5178 5086
NIFTY MAR. FUT. 5285 5282 5332 5379 5477 5235 5184 5087
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