1. Daily Technical Outlook
2nd April 2012
Indices * Close % Chg. Mirroring the divergent global market cues the domestic
BSE SENSEX 17404.20 2.03 markets witnessed a flat opening. However, the markets
S&P CNX NIFTY 5295.55 2.25 moved higher on back of steady buying support and short
NIFTY APRIL FUT. 5333.25 1.92 covering. The markets managed to hold on to the gains. The
India VIX 22.38 -8.01 markets showed no sign of weakness. The markets ended
the day with handsome gains to close near the highs for the
S&P CNX NIFTY Technical Levels day. The top gainers for the day were Kotak Bank, IDFC,
Level 1 Level 2 Level 3 SAIL, Ranbaxy, Hindalco, ICICI Bank, Tata Steel, BHEL and
Support 5161 5037 4955 Maruti.
Resistance 5400 5681 5728
Technically, the market breadth remained robust amidst
Moving Averages S&P CNX NIFTY lower volumes. The global market cues are largely
50 Day SMA 5312.77 positive. The domestic markets are likely to witness a flat
100 Day SMA 5071.48 opening. As we had indicated the markets witnessed a
200 Day SMA 5148.72 ◄ Crucial
pull back rally on back of the Stochastic being placed in
the over sold zone. The Nifty has managed to hold on
Volume (Lacs Shares) * above the 200-day SMA, which augurs well for the
30/03/12 29/03/12 % Chg. markets. The Stochastic, RSI and KST are placed above
BSE 3149 2440 29.06 their respective averages, which would lead to further
NSE 7389 8753 -15.59
buying support. More so the Nifty also remains placed
above its 200-day SMA. Moreover, the Nifty’s 50-day SMA
Total 10538 11193 -5.86
remains placed above Nifty’s 100-day SMA and 200-day
Turnover ( ` Crores) * SMA, the later being called the “Golden Cross” breakout.
30/03/12 29/03/12 % Chg.
These conditions would help in witnessing short
covering and buying support at lower levels. However, a
BSE 3682.73 2003.70 83.80
few prevailing technical negatives continue to hold good
NSE 12052.90 14690.35 -17.95
and are likely to cap upside gains. The MACD is placed
NSE F&O 88628.14 250218.19 -64.58 below its averages. The Nifty is placed below its 50-day
Total 104363.77 266912.24 -60.90 SMA, which is a short term negative. These conditions
would lead to intermediate bouts of selling pressure,
F&O Contracts Traded (NSE) *
especially at higher levels. The ADX line, +DI line and –DI
30/03/12 29/03/12 % Chg.
line continue to move sideways indicating a range bound
Index Fut. 555320 941201 -41.00 trend. The KST is placed in the negative territory but is
Stock Fut. 418011 1205629 -65.33 on verge of moving in the positive territory. The market
Index Opt. 2253637 7259521 -68.96 sentiment remains cautious. Now, it is important that the
Stock Opt. 99970 169760 -41.11 markets witness follow up buying support at higher
Total 3326938 9576111 -53.00 levels for the Nifty to move higher and test the crucial
5400 resistance level. In the meanwhile the markets
Market Breadth (NSE) * would take cues from the global markets and the crude
Advances 1163 prices in absence of domestic cues. The support levels for
Declines 343 Nifty are placed at 5161, 5037 and 4955. The Nifty faces
Same 48 resistance at the 5400, 5681, 5728 and 5885 levels.
Total 1554
A/D Ratio 3.39 : 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
Ashok Leyland 30.35 Buy Above 30.55 29.45 3.60 33.00 8.02
Bhushan Steel 419.00 Buy Above 420.00 406.50 3.21 450.00 7.14
Cummins 496.00 Buy Above 500.00 488.75 2.25 525.00 5.00
* 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 17404 17316 17527 17651 17985 17193 16982 16648
S&P CNX NIFTY 5296 5269 5334 5372 5476 5230 5165 5062
NIFTY APRIL FUT. 5333 5306 5374 5414 5522 5266 5198 5091
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