1. Daily Technical Outlook
4th April 2012
Indices * Close % Chg. Mirroring the positive global market cues the domestic
BSE SENSEX 17597.42 0.68 markets witnessed a firm opening. The markets witnessed
S&P CNX NIFTY 5358.50 0.76 steady buying support and short covering, which helped the
NIFTY APRIL FUT. 5436.20 1.60 markets move higher. However, the markets struggled
India VIX 20.01 -4.16 around the 5400 resistance level. Selling pressure and profit
taking was witnessed. Incidentally, this level happens to be a
S&P CNX NIFTY Technical Levels stiff resistance level for the Nifty. However, the markets
Level 1 Level 2 Level 3 managed to bounce back again in the last hour of trade. The
Support 5161 5037 4955 markets ended the day with moderate gains to close near the
Resistance 5400 5681 5728 highs for the day. The top gainers for the day were JP
Associates, Cairn India, Hindalco, SAIL, Sterlite, Sesa Goa,
Moving Averages S&P CNX NIFTY BPCL and IDFC.
50 Day SMA 5324.96 ◄ Positive
100 Day SMA 5074.35 Technically, the market breadth remained robust amidst
200 Day SMA 5147.37 ◄ Crucial
higher volumes, which is a positive sign for the markets.
The global market cues are divergent. The domestic
Volume (Lacs Shares) * markets are likely to witness a flat opening. As we had
03/04/12 02/04/12 % Chg. indicated the markets continued to witness a pull back
BSE 2973 2160 37.64 rally on back. The Stochastic, RSI and KST are placed
NSE 7080 5859 20.85
above their respective averages. The KST has moved in
the positive territory, which augurs well for the markets.
Total 10053 8019 25.37
All these conditions would lead to further buying
Turnover ( ` Crores) * support. More so the Nifty has moved above its 50-day
03/04/12 02/04/12 % Chg.
SMA, which is a short term positive for the markets. The
Nifty continues to sustain above its long-term moving
BSE 2238.97 2049.98 9.22
average the 200-day SMA. Moreover, the Nifty’s 50-day
NSE 10573.57 9253.96 14.26
SMA remains placed above Nifty’s 100-day SMA and 200-
NSE F&O 72685.66 78984.25 -7.97 day SMA, the later being called the “Golden Cross”
Total 85498.20 90288.19 -5.31 breakout. These conditions would help in witnessing
short covering and buying support at lower levels.
F&O Contracts Traded (NSE) *
However, a few prevailing technical negatives continue
03/04/12 02/04/12 % Chg.
to hold good and are likely to cap upside gains. The
Index Fut. 357593 415070 -13.85 Stochastic has moved in the over bought zone and would
Stock Fut. 388776 358009 8.59 lead to intermediate bouts of profit taking. The MACD is
Index Opt. 1834567 2058765 -10.89 placed below its average but is on verge of a breakout.
Stock Opt. 110073 98629 11.60 The ADX line, +DI line and –DI line continue to move
Total 2691009 2930473 -7.26 sideways indicating a range bound trend. The market
sentiment remains cautious. Now, it is important that the
Market Breadth (NSE) * markets witness follow up buying support at higher
Advances 1028 levels for the Nifty to move and sustain above the crucial
Declines 477 5400 resistance level. In the meanwhile the markets
Same 67 would take cues from the global markets and the crude
Total 1572
prices in absence of domestic cues. The support levels for
Nifty are placed at 5161, 5037 and 4955. The Nifty faces
A/D Ratio 2.16 : 1
resistance at the 5400, 5681, 5728 and 5885 levels.
NOTE - *- Source – BSE & NSE
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
Aban 453.35 Buy Above 456.00 443 2.85 485.00 6.36
L&T 1362.10 Buy Above 1367.00 1338 2.12 1430.00 4.61
REC 224.60 Buy Above 226.50 216 4.64 250.00 10.38
* Stop Losses are to be considered strictly on closing basis.
Stocks to watch out for today –
ABG Shipyard, AB Nuvo, Allahabad Bank, Ashok Leyland, BHEL, BPCL, Cairn, Cipla, Essar Oil, Federal bank,
FT, GMDC, HCC, HDFC, Hexaware, HOECL, IRB, Jet Airways, JP Associates, McDowell, NALCO, Pantaloon
Retail, Sterlite
Intra-day Resistance Intra-day Support
Indices Close Pivot Point R1 R2 R3 S1 S2 S3
BSE SENSEX 17597 17611 17651 17705 17799 17557 17516 17422
S&P CNX NIFTY 5359 5361 5377 5395 5429 5342 5326 5292
NIFTY APRIL FUT. 5383 5384 5401 5419 5453 5367 5350 5316
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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