1. Daily Technical Outlook
22nd March 2012
Indices * Close % Chg. The domestic markets witnessed a flat opening. However,
BSE SENSEX 17601.71 1.65 short covering and selective buying support was witnessed as
S&P CNX NIFTY 5364.95 1.71 Stochastic is placed in the over sold zone. Buying momentum
NIFTY MAR. FUT. 5394.50 1.84 picked up in the afternoon trade as markets critical intra-day
India VIX 21.00 -4.28 resistance levels. The markets showed no signs of weakness
but occasional bouts of profit taking were witnessed. 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 L&T, Rel.
Support 5161 5037 4955 Infra, SAIL, JP Associates, TCS, DLF, Ranbaxy, Tata Steel,
Resistance 5400 5681 5728 IDFC ad BHEL.
Moving Averages S&P CNX NIFTY Technically, the market breadth remained robust amidst
50 Day SMA 5264.80
◄Positive
higher volumes, which is a positive sign for the markets.
100 Day SMA 5075.88 The global market cues are weak. The domestic markets
200 Day SMA 5158.88 ◄Positive are likely to witness a negative opening. The markets
continued to witness relief rally on back of the Stochastic
Volume (Lacs Shares) * being placed in the over sold zone. The markets are likely
21/03/12 20/03/12 % Chg. to move further higher as he Stochastic continues to be
BSE 3124 2562 21.94 around the over sold zone. More so the RSI, Stochastic
NSE 7734 6572 17.68 and MACD have moved above their respective averages,
Total 10858 9134 18.87
which would lead to buying support. The Nifty remains
placed above its key average’s the 50-day, 100-day and
Turnover ( ` Crores) * 200-day SMA. Moreover, the Nifty’s 50-day SMA remains
21/03/12 20/03/12 % Chg. placed above Nifty’s 100-day SMA and 200-day SMA,
BSE 3302.43 2626.84 25.72
which is also called as the “Golden Cross” breakout.
These conditions would help in witnessing buying
NSE 13198.53 11554.97 14.22
support at lower levels. However, there are still a few
NSE F&O 150461.26 135791.50 10.80
prevailing technical negatives, which are likely to weigh
Total 166962.22 149973.31 11.33 on market sentiment. The Nifty continues to be placed
F&O Contracts Traded (NSE) * below the crucial 5400 resistance level. The KST is
placed below its average and in the negative territory,
21/03/12 20/03/12 % Chg.
which warns of impending selling pressure. All these
Index Fut. 571001 541530 5.44
negative conditions would lead to selling pressure,
Stock Fut. 612621 536345 14.22 especially at higher levels. The market sentiment is
Index Opt. 4168932 3801186 9.67 tentatively cautious. Now, it is important that the markets
Stock Opt. 190941 157818 20.99 witness buying support at regular intervals for it to move
Total 5543495 5036879 7.96 and test the crucial 5400 resistance level. In the
meanwhile the markets would take cues from the global
Market Breadth (NSE) * markets and the crude prices in absence of domestic
Advances 1043 cues. The support levels for Nifty are placed at 5161, 5037
Declines 419 and 4955. The Nifty faces resistance at the 5400, 5681, 5728
Same 86 and 5885 levels.
Total 1548
A/D Ratio 2.49 : 1
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
AB Nuvo 941.20 Buy Above 945 923 2.33 994 5.19
ACC 1390.75 Buy Above 1393 1367 1.87 1450 4.09
TGT of 765
Achieved
given Buy @
728 on
Bata 773.05 Buy Above 775 759 2.06 810 4.52 21/03/12
* 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 17602 17500 17724 17847 18194 17377 17153 16806
S&P CNX NIFTY 5365 5331 5406 5447 5564 5290 5215 5098
NIFTY MAR. FUT. 5395 5358 5441 5488 5617 5312 5229 5100
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