1. Daily Technical Outlook
21st November 2011
Indices Close % Chg. Mirroring the weak set of global market cues, the domestic
BSE SENSEX 16371.51 -0.55 markets witnessed a negative opening. Sustained selling
S&P CNX NIFTY 4905.80 -0.59 pressure was witnessed as markets drifted lower. However,
NIFTY NOV. FUT. 4914.60 -0.37 short covering and selective buying support in the afternoon
India VIX 26.58 -1.26
session on back of positive European market cues helped the
markets recover from the lows of the day. The markets ended
S&P CNX NIFTY Technical Levels the day with modest losses to close near the lows for the day.
Level 1 Level 2 Level 3
The top losers for the day were Sesa Goa, ITC, TCS, BHEL,
Tata Motors, M&M, Coal India, Tata Steel, Powergrid and
Support 4747 4563 4387
Axis Bank.
Resistance 4987 5037 5161
Technically, the market breadth remained weak amidst
Volume (Lacs Shares) higher volumes, which is a negative sign for the markets.
18/11/11 17/11/11 % Chg. The global market set of cues are negative. The domestic
BSE 2501 2257 10.81 markets are likely to witness a negative opening. The
NSE 7092 6431 10.28 Nifty continues to trade below the psychologically
Total 9593 8688 10.42 important 5000 level and also below its 50-day SMA,
Source – BSE & NSE which is a short term negative. The RSI, KST and MACD
are placed below their respective averages. Moreso, the
Turnover ( ` Crores)
KST and MACD are placed in the negative and warns of
18/11/11 17/11/11 % Chg.
impending selling pressure. The Nifty continues to trade
BSE 2348.04 2206.98 6.39 below its 200-day SMA. Further the 50-day SMA remains
NSE 10735.37 9688.88 10.80 placed below the 100-day SMA. All these conditions
NSE F&O 195058.74 175339.34 11.25 would lead to selling pressure. The ADX, and +DI line are
Total 208142.15 187235.20 11.17 moving sideways, but –DI line has witnessed a breakout
Source – BSE & NSE and is placed at the 37.29 level indicating sellers have an
Market Breadth (NSE)
upper hand. The only saving grace for the market
remains the Stochastic being placed above its average
Advances 410
and also in the over sold zone, which would lead to
Declines 1079
intermediate bouts of short covering and buying support.
Same 41 The market sentiment remains negative. The markets are
Total 1530 likely to witness further selling pressure and Nifty is
A/D Ratio 0.38 : 1 likely to test the 4747 support level, amidst intermediate
Source – NSE bouts of volatility. In the meanwhile the markets would
Moving Averages S&P CNX NIFTY take cues from the global markets and crude prices as
50 Day SMA 5065.04
Rupee trades above the 50 level against the dollar. The
◄Negative support levels for Nifty are placed at 4747, 4563 and 4387.
100 Day SMA 5205.60
The Nifty faces resistance at the 4987, 5037, 5161, 5230,
200 Day SMA 5373.30 ◄Negative
5325 and 5377.
Intra-day Resistance Intra-day Support
Indices Close Pivot Point R1 R2 R3 S1 S2 S3
BSE SENSEX 16372 16311 16457 16543 16774 16225 16079 15848
S&P CNX NIFTY 4906 4887 4935 4965 5042 4857 4809 4731
NIFTY NOV. FUT. 4915 4895 4945 4975 5054 4865 4815 4736
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
TGT of 70.25
Achieved
given Sell @
75 on
Adani Power 75.00 Sell Below 74.00 76.20 2.97 70.00 5.41 17/11/11
Ashok Leyland 25.10 Sell Below 24.50 25.75 5.10 22.00 10.20
IDBI Bank 96.60 Sell Below 95.00 98.60 3.79 87.00 8.42
IRB 138.95 Sell Below 138.00 141.25 2.36 131.00 5.07
ITC 200.50 Sell Below 200.00 204.50 2.25 190.00 5.00
JSW Steel 607.50 Sell Below 605.00 630.00 4.13 549.00 9.26
* Stop Losses are to be considered strictly on Closing basis.
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
www.keynotecapitals.com

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