1. Daily Technical Outlook
12th March 2012
Indices * Close % Chg. Mirroring the positive global market cues the domestic
BSE SENSEX 17503.24 2.09 markets witnessed a gap up opening. Steady buying was
S&P CNX NIFTY 5333.55 2.17 witnessed across the board as markets moved higher.
NIFTY MAR. FUT. 5364.15 2.01 However, volumes remained listless ahead of key events
India VIX 25.47 -3.26 lined up for this week. The markets showed no signs of
weakness as follow up buying support materialized. The
S&P CNX NIFTY Technical Levels markets ended the day with handsome gains to close near
Level 1 Level 2 Level 3 the highs for the day. The top gainers for the day were Tata
Support 5161 5037 4955 Steel, Jindal Steel, ICICI Bank, Sesa Goa, Sterlite, IDFC,
Resistance 5400 5681 5728 L&T, JP Associates, Cairn and Tata Motors.
Moving Averages S&P CNX NIFTY Technically, the market breadth remained robust amidst
50 Day SMA 5163.23 lower volumes. The global market cues are largely
◄Positive
100 Day SMA 5056.68 positive. The domestic markets are likely to witness a
200 Day SMA 5163.61 ◄Positive
positive opening. The prevailing technical negatives
continued to hold good and are weighing on the market
Volume (Lacs Shares) * sentiment. The MACD and KST are placed below their
09/03/12 07/03/12 % Chg. respective averages, which would lead to regular bouts
BSE 2875 2447 17.49 of selling pressure. Moreover, KST and MACD are placed
NSE 7158 7704 -7.08
in the negative territory and warn of impending selling
pressure. However, a few positive conditions continue to
Total 10033 10151 -1.16
hold good, which would help in witnessing short
Turnover ( ` Crores) * covering and buying support at lower levels. The
09/03/12 07/03/12 % Chg.
Stochastic and RSI have moved above their respective
averages, which would help in triggering buying support
BSE 3475.67 2664.20 30.46
at regular intervals. The Nifty remains placed above its
NSE 13447.97 12328.96 9.08
key average’s the 50-day, 100-day and 200-day SMA.
NSE F&O 92250.66 115054.20 -19.82 Moreover, the Nifty’s 50-day SMA remains placed above
Total 109174.30 130047.36 -16.05 Nifty’s 100-day SMA. Moreover, the Nifty’s 50-day SMA is
on verge of a breakout above Nifty’s 200-day SMA. The
F&O Contracts Traded (NSE) *
market sentiment remains cautiously positive after RBI’s
09/03/12 07/03/12 % Chg.
75bps CRR cut. Now, it is important that the markets
Index Fut. 466521 615430 -24.20 witness buying support at regular intervals for the
Stock Fut. 474643 529678 -10.39 markets to move higher and test above the 5400
Index Opt. 2359457 3022513 -21.94 resistance level. Closing above the 5400 could trigger
Stock Opt. 120298 144042 -16.48 further buying support and short covering taking
Total 3420919 4311663 -15.93 markets to higher levels. Intermediate bouts of volatility
and choppiness are likely to be witnessed. In the
Market Breadth (NSE) * meanwhile the markets would take cues from the Railway
Advances 1092 Budget, the Economic Survey, the RBI’s monetary policy,
Declines 400 which could turn out to be a neutral event, Union Budget,
Same 62 the global markets and of course the crude prices. The
Total 1554
support levels for Nifty are placed at, 5161, 5037 and 4955.
The Nifty faces resistance at the 5400, 5681 and 5728 levels.
A/D Ratio 2.73 : 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
ABB 846.45 Buy Above 849 830.50 2.18 890 4.83
Axis Bank 1213.40 Buy Above 1220 1184.00 2.95 1300 6.56
GE Shipping 245.15 Buy Above 247 241.00 2.43 260 5.26
Tata Motors 280.65 Buy Above 282 276.00 2.13 295 4.61
* 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 17503 17454 17581 17659 17865 17376 17248 17042
S&P CNX NIFTY 5334 5322 5353 5373 5424 5303 5272 5221
NIFTY MAR. FUT. 5364 5350 5388 5412 5474 5326 5288 5226
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