DAILY TRADING HIGHLIGHTS & OUTLOOK

30 Dec, 11

S&P CNX NIFTY

OPEN HIGH LOW CLOSE Change(pts) Change (%) Advanc/Decline Total Turnover (` in cr.) 4681.15 4701.80 4639.05 4646.25 -59.55 -1.27 2:3 185395

MARKET OUTLOOK
The NIFTY opened on a subdued note and traded in a narrow range for the initial hours. The nifty recorded a high of 4701, before picking up downward momentum at the end of the day. The nifty finally closed at 4646, after recording a low of 4639. The index has once again registered breakdown and closed below its crucial levels of 4700(as shown in the chart). Going ahead sustenance below 4640 would lead nifty to re test its previous swing lows of 4640 / 4600 / 4540 levels. On the upside the crucial breakdown level of 4700 is acting as an immediate resistance. A weekly close above 4700 can witness pull back up to the levels of 4770 / 4830 / 4900 levels. Key Levels & Averages
INDEX NIFTY BANK-NIFTY Close Support-1 Support-2 Resistance1 Resistance2 8 DMA 34 DMA 200 DMA

4646 8027

4600 8000

4540 7887

4700 8129

4750 8208

4707 8206

4827 8618

5282 10202

DAILY TRADING HIGHLIGHTS & OUTLOOK

30 Dec, 11

TRADING RECOMMENDATIONS

Reliance Industries Limited CMP` 709.70 Technical Outlook & Trading Strategy:The share stock price of Reliance Industries Limited had registered a breakdown from one of the acclaimed bearish chart pattern, called as head & shoulder few days back. After a breakout the share price has pulled back and retested the neckline level. The interesting point is that the stock is now making lower lows and trading near its 52 weeks low. The momentum indicators are sliding down, adding weight to the above mentioned technical witnesses. Traders can look out for shorting below `707 with a SL placed above `728.60 for the targets of `768 /`752 levels.

Aban Offshore Limited CMP` 349.00 Technical Outlook & Trading Strategy:The stock price of Aban Offshore Limited has been falling from the highs of `449.80 and registered a low of `274.20, since then the stock has pulled back and now trading above its cluster of moving averages. On the weekly chart the stock is also forming a bullish reversal candlestick pattern. The momentum indicators are rolling upward indicating more upside for the stock We advice traders to go long only above `353 with a stop loss placed below ` 341.8 for the targets of ` 368 / `380.

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