1. Daily Technical Outlook
27th February 2012
Indices * Close % Chg. Mirroring the divergent global market cues the domestic
BSE SENSEX 17923.57 -0.86 markets witnessed a flat opening. However, selling pressure
S&P CNX NIFTY 5429.30 -0.98 continued on the bourses as markets slipped in the red.
NIFTY MAR. FUT. 5487.45 -0.93 Markets failed to witness buying support leading to further
India VIX 24.82 2.01 selling pressure on the bourses. Though, occasional bouts of
short covering and selective buying support were witnessed
S&P CNX NIFTY Technical Levels at lower levels, the markets failed to extend gains. The
Level 1 Level 2 Level 3 markets ended the day with moderate losses to close near
Support 5400 5327 5161 the lows for the day. The top losers for the day were HDFC,
Resistance 5681 5728 5885 DLF, L&T, PNB, IDFC, R.Comm., Rel. Infra, and Axis Bank.
Moving Averages S&P CNX NIFTY Technically, the market breadth remained negative
50 Day SMA 5036.71 amidst lower volumes. The global market set of cues are
◄Positive
100 Day SMA 5019.71 divergent. The domestic markets are likely to witness a
200 Day SMA 5171.81 ◄Positive
flat to negative opening. The correction continued on
bourses on back of markets being placed in over bought
Volume (Lacs Shares) * zone. The few prevailing technical negatives also
24/02/12 23/02/12 % Chg. weighed on the market sentiment. The MACD RSI and
BSE 2949 3234 -8.81 KST all are placed below their respective averages and
NSE 10350 12307 -15.90
are also placed around the over bought zone. The
Stochastic is also placed below its average. All these
Total 13299 15541 -14.42
conditions would lead to regular bouts of profit taking
Turnover ( ` Crores) * and selling pressure. However, buying support is
24/02/12 23/02/12 % Chg.
expected to be witnessed at lower levels as Nifty remains
placed above its key averages, viz; 50-day, 100-day and
BSE 2900.11 3223.17 -10.02
200-day SMA. Moreover the KST and MACD are placed in
NSE 23569.91 18316.45 28.68
the positive territory, which augurs well for the markets.
NSE F&O 86945.06 258770.85 -66.40 The Nifty remains placed above its April’2011 descending
Total 113415.08 280310.47 -59.54 trend line. Moreover, Nifty’s 50-day SMA has moved
above Nifty’s 100-day SMA, The sharp fall witnessed for
F&O Contracts Traded (NSE) *
the last couple of days has led the Stochastic to move in
24/02/12 23/02/12 % Chg.
the oversold zone on the daily charts, which would result
Index Fut. 527792 974529 -45.84 in short covering at regular intervals. All these positive
Stock Fut. 565866 1340534 -57.79 conditions would help in fueling buying support at
Index Opt. 1906502 6760165 -71.80 regular intervals. The market sentiment remains
Stock Opt. 122649 246672 -50.28 cautious. Rise in crude prices remains a cause of
Total 3122809 9321900 -53.40 concern. Now, it is important that the markets witness
buying support at lower levels for the Nifty to move
Market Breadth (NSE) * higher and test the 5681 resistance level. Intermediate
Advances 482 bouts of volatility and choppiness are likely to be
Declines 1019 witnessed. In the meanwhile the markets would take cues
Same 52 from the news flow on state elections, Union Budget, the
Total 1553
global markets and the crude prices. The support levels for
Nifty are placed at 5400, 5327, 5161 and 5037. The Nifty
A/D Ratio 0.47 : 1
faces resistance at the 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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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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2. Short Term Trading Ideas Based On Technical Analysis (5 - 7 Days)
Stop
Initiation Stop Loss Target
Stock Close Action Price Loss * (%) Target (%) Remarks
Colgate 1056.50 Buy Above 1060 1032.00 2.64 1100 3.77
ACC 1267.00 Sell Below 1265 1297.50 2.57 1193 5.69
Bajaj Auto 1762.90 Sell Below 1753 1777.00 1.37 1700 3.02
EKC 38.10 Sell Below 37 38.00 2.70 35 5.41
L&T 1348.60 Sell Below 1345 1375.00 2.23 1278 4.98
* 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 17924 17990 18132 18339 18689 17782 17641 17292
S&P CNX NIFTY 5429 5452 5499 5568 5683 5383 5337 5221
NIFTY MAR. FUT. 5487 5503 5549 5611 5718 5441 5395 5287
Keynote Capitals Ltd.
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