DAILY TRADING HIGHLIGHTS & OUTLOOK

21 Sept, 11

S&P CNX NIFTY

OPEN HIGH LOW CLOSE Change(pts) Change (%) Advanc/Decline Total Turnover (` in cr.) 5042.55 5149.90 5035.25 5140.20 108.25 2.15 1:1 109507

MARKET OUTLOOK The NIFTY opened the session on a positive note and traded in a narrow range for the initial period. Buying activity was intensified in the later part of the session which led the index to an intraday high of 5149 levels. The index finally closed at 5140 with a gain of 108 points. With todays movement the index has witnessed a strong pullback from its short term moving averages. Going forward the index is likely to test its crucial resistance levels of 5200-5230 (negative gap resistance level). Sustenance above the 5230 would see the index filling up its negative gap and it could head towards the levels of 5270 / 5300 -5320 levels in a short span of time. On the downside if the index gives any pullback from the current levels, it will garner support at the levels of 5100 / 5070 /5030 levels.

Key Levels & Averages

INDEX NIFTY BANK NIFTY Close Support-1 Support-2 Resistance-1 Resistance-2 8 DMA 34 DMA 200 DMA

5140 9812

5100 9685

5070 9570

5190 9970

5230 10150

5061 9650

5110 9875

5535 10855

DAILY TRADING HIGHLIGHTS & OUTLOOK

21 Sept, 11

TRADING RECOMMENDATIONS
Wipro Ltd. CMP` 350.90 Technical Outlook & Trading Strategy:The most important observation to be made on the charts of Wipro is the positive divergence displayed by indicators. They signal that the declining movement of the price could have lost force and in all likelihood give some kind of a bounce back. The share price has also closed above its short term moving averages. In the short term we expect the share price to head towards the target of ` 370- ` 375 levels. We recommend buy at current levels and again on pullback to the level of ` 345- ` 342 with a stoploss placed below ` 335.80

Housing Development Finance Corporation Ltd. CMP - ` 675.05 Technical Outlook & Trading Strategy:The share price of HDFC has registered a break-out from its Inverted Head & Shoulders pattern (Intraday chart). This is a bullish pattern and the measuring implication suggests towards a strong possibility of the share price heading to the targets of ` 695 /` 705. We recommend buy at current price with a stoploss placed below ` 656.40.

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