DAILY TRADING HIGHLIGHTS & OUTLOOK

18 Oct, 11

S&P CNX NIFTY

OPEN HIGH 5156 5160

LOW

5084

CLOSE

5118

Change(pts)

-14.05

Change (%)

-0.27

Advanc/Decline

1:1

Total Turnover (` in cr.)

5029

MARKET OUTLOOK The NIFTY opened on a positive note and registered an intraday high of 5160 levels. The Index witnessed profit booking from the higher level which led it to decline to an intraday low of 5084. The nifty finally closed at 5118 with a loss of 14 points. The index today witnessed profit booking near its previous swing top at 5170 levels. Going forward we expect that a close above this swing top the index is likely to test the level of 5230 levels (Negative Gap resistance levels). 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 the index has immediate support at the levels of 5060 / 5020 levels. Key Levels & Averages
INDEX NIFTY BANK NIFTY Close Support-1 Support-2 Resistance-1 Resistance-2 8 DMA 34 DMA 200 DMA

5118.25 9721

5060 9660

5020 9448

5170 9780

5220 9988

5038 9466

5021 9556

5446 10658

DAILY TRADING HIGHLIGHTS & OUTLOOK

18 Oct, 11

TRADING RECOMMENDATIONS

JSW STEEL CMP - ` 580 Technical Outlook & Trading Strategy:The key observation to be made is that the price of JSW Steel has registered a breakdown from its head and shoulder pattern on the intraday charts. This is a bearish formation and the measuring implication of the pattern suggests that the price can decline to levels of `525 levels. The momentum indicator is also in sell mode. The stock has also closed below its near term moving average. We recommend traders to sell 50%now and again in the range of `585 `588 levels with a stop loss placed above `600.6 levels for targets of `525 levels, expected to be achieved in coming few Sessions. Reliance Power Limited CMP` 86.8 Technical Outlook & Trading Strategy:The share price of Reliance Power has fallen from the highs of `119.9 on 26th July 2011 to the lows of `75.1 Levels. The stock has since then pulled back and tended to trade within the ` 75.1---` 87.25 range. On the daily chart the Stock has managed to close above its cluster of moving averages. The momentum indicator on the daily chart is also in a bullish zone suggesting more upside in the stock. We recommend traders to buy 50% now and again in the range of `86` 86.5 levels with a stop loss placed below `84.8levels for targets of `92/` 94 levels.

Disclaimer

The views expressed are based purely on Technical studies. The calls made herein are for information purpose only. The information and views presented here are prepared by Matrix Solutions and his associates. The information contained herein is based on their analysis of the Charts and up on sources that are considered reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended on this Website may not be suitable for all investors. Past performance may not be indicative of future performance. Some of the securities/commodities presented herein should be considered speculative with a high degree of volatility and risk. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. You specifically agree to consult with a registered investment advisor, which we are not, prior to making any trading decision of any kind. While acting upon any information or analysis mentioned on this website, investors may please note that neither Matrix Solutions nor any person connected with him accepts any liability arising from the use of this information and views mentioned herein. Matrix Solutions and his affiliates may hold long or short positions in the securities/commodities discussed herein from time to time the services are intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities/commodities, or any options, futures or other derivatives related to such securities/commodities. Part of this website may contain advertising and other material submitted to us by third parties. We do not accept liability in respect of any advertisements. You acknowledge that any warranty that is provided in connection with any of the products or services advertised on this website described herein is provided solely by the owner, advertiser, manufacturer or supplier of that product and/or service, and not by us. We do not warrant that your access to the Website and/or related services will be uninterrupted or error-free, that defects will be corrected, or that this site or the server that makes it available is free of viruses or other harmful components. Subscribers are advised to understand that the services can fail due to failure of hardware, software, and Internet connection. Access to and use of this site and the information is at your risk and we do not undertake any accountability for any irregularities, viruses or damage to any computer or Mobiles that results from accessing, availing or downloading of any information from this site. We do not warrant or make any representations regarding the use or the results of the use of any product and/or service purchased in terms of its compatibility, correctness, accuracy, reliability or otherwise. You assume total responsibility and risk for your use of this site and site-related services. A possibility exists that the site could include inaccuracies or errors. Additionally, a possibility exists that unauthorized additions, deletions or alterations could be made by third parties to the site. Although we attempt to ensure the integrity, correctness and authenticity of the site, it makes no guarantees whatsoever as to its completeness, correctness or accuracy. In the event that such an inaccuracy arises, please inform our staff so that it can be corrected. Price and availability of products and services offered on the site are subject to change without prior notice. To the extent we provide information on the availability of products or services you should not rely on such information. We will not be liable for any lack of availability of products and services you may order through the site. Transactions shall be governed by and construed in accordance with the laws of India, without regard to the laws regarding conflicts of law. Any litigation or any action at law or in equity arising out of or relating to these agreement or transaction shall be subject to Mumbai jurisdiction only and the customer hereby agrees consents and submits to the jurisdiction of such courts for the purpose of litigating any such action. A CALL ON SMS is a service given only to members with the sole intention to aid their information means. We do not guarantee any accuracy of generation, databases, delivery timings etc. while giving this facility. Depending on your location, service provider, medium of communication and delivery, the service may be at times slow or not there at all. We do not guarantee completion of delivery. We shall in no way be responsible for delays in receiving SMS on the mobile caused due to delivery methods chosen by the Service Provider, rush on the Service Providers Servers or any other reason whatsoever that may cause such a delay. Use of this website and its services constitutes acceptance of Disclaimer, Privacy Policy and Terms of Use.