DAILY TRADING HIGHLIGHTS & OUTLOOK

14 Dec, 11

S&P CNX NIFTY

OPEN HIGH LOW CLOSE Change(pts) Change (%) Advanc/Decline Total Turnover (` in cr.) 4733.60 4824.70 4728.50 4800.60 36.00 0.76 2:3 151599

MARKET OUTLOOK The NIFTY opened with a negative note and then traded in a narrow range before turning volatile. The nifty recorded a low of 4728, before staging a comeback to move up to a high of 4824. The nifty eventually closed the day at 4800 with gain of 36 points. Today the NIFTY has paused its down fall near the multiple support zone and registered a pullback which lead the index to close above 4800 (As discussed in last update). Sustenance above this level we can see index continue its pull back close to immediate resistance of 4875(near term moving average) / 38.2% of extension placed at 4900 (As shown in the chart). If NIFTY closes above 4900 then it can head towards the psychological levels of 5000. On a sustained close below 4750 levels, we could see index to retest its November months swing lows of 4700/4640 levels. The level of 4640 is a crucial level to be watch out for.

Key Levels & Averages

INDEX NIFTY BANK-NIFTY Close Support-1 Support-2 Resistance1 Resistance2 8 DMA 34 DMA 200 DMA

4800 8571

4750 8426

4700 8284

4820 8700

4900 8818

4876 8776

4962 9046

5328 10354

DAILY TRADING HIGHLIGHTS & OUTLOOK

14 Dec, 11

TRADING RECOMMENDATIONS

Colgate Palmolive (India) Limited CMP` 1032.00 Technical Outlook & Trading Strategy:The share price of Colgate Palmolive (India) Limited rallied from the lows of `889.75 to the highs of `1085 and then retraced up to 61.8% of the rally. The stock has closed above its cluster of short term and medium term moving average. The momentum indicators are also in a bullish zone. We recommend traders to buy at current level and again on dip in the range of 1018--1025 with a stop loss placed below the level of ` 998 for the targets of `1070/`1100 levels.

Bhushan Steel Limited CMP` 305.60 Technical Outlook & Trading Strategy:The Share price of Bhushan Steel Limited has fallen from the high of `527.90 to the low of `305 since then it have been trading sideways for past few weeks. This sideways momentum has formed a descending triangle. A breakdown from the said pattern will lead Bhushan Steel to fall further to the levels of `280/`265 in medium term. The MACD indicator is also in a bearish mode. We recommend traders to sell below ` 303--300 level with a stop loss placed above `312.60 for the above mentioned targets.

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