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21 Dec, 11


OPEN HIGH LOW CLOSE Change(pts) Change (%) Advanc/Decline Total Turnover (` in cr.) 4635.80 4637.25 4531.15 4544.20 -68.90 -1.49 2:4 148370

MARKET OUTLOOK The NIFTY opened on a positive note and registered an intraday high of 4637 levels. The Index traded in the range of 46154556 throughout the day. At the end the Index witnessed selling pressure from the higher level which led it to decline to an intraday low of 4531 and eventually closed at 4544 with a loss of 68 points. With todays movement the index has managed to achieve our target of 4530, as discussed in last update. Another point to be noted is that the index has also closed near its lower Bollinger band. A close below lower Bollinger band, we could see index declining towards the level of 4470/4400/4300 levels. On the upside the index has resistance around 4640/4700 levels. Any pullback towards 4700levels should be considered for shorting. Key Levels & Averages
INDEX NIFTY BANK-NIFTY Close Support-1 Support-2 Resistance1 Resistance2 8 DMA 34 DMA 200 DMA

4544 7798

4500 7700

4470 7608

4600 7892

4640 8000

4703 8275

4884 8817

5309 10293


21 Dec, 11


Reliance Industries Limited CMP` 711.75 Technical Outlook & Trading Strategy:The share price of Reliance Industries Limited has been trading below its cluster of moving averages for last few sessions. Important thing to be noted is that, today the stock has registered its new 52 weeks low. Trading below this level, we could see the stock is declining further to the levels of `685 / `670. The momentum indicators are also giving fresh sell signal. We recommend a sell below `709 with a stop loss placed below the level of ` 733.6 for the above mentioned targets.

Bajaj Auto Limited CMP - ` 1603.00 Technical Outlook & Trading Strategy:The stock price of Bajaj Auto had been taking support at the rising trend line and trading in a contracting channel. In todays session the stock has registered a breakdown from the above mentioned trend line. The stock has also closed below its mid tem moving average. The MACD indicator is rolling in the negative would add to the negative bias. However, traders can open a short trade at current levels with a stop loss placed above `1651.60 for targets of `1540 / `1500 / 1475


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