DAILY TRADING HIGHLIGHTS & OUTLOOK

16 Dec, 11

S&P CNX NIFTY

OPEN HIGH LOW CLOSE Change(pts) Change (%) Advanc/Decline Total Turnover (` in cr.) 4712.80 4768.65 4673.85 4746.35 -16.90 -0.35 2:4 148082

MARKET OUTLOOK The NIFTY opened with a negative gap and then traded in a narrow range before turning volatile. The nifty recorded a low of 4673, before staging a comeback to move up to a high of 4768. The nifty eventually closed the day at 4746 with a marginal loss of 16 points. Today the index has opened below the crucial support level of 4750 and traded near its previous swing lows. Going forward the NIFTY is likely to see choppy session till the time it trades in the range of 47504640. The 4640 is an important level to be watch out for the index, a sustained close below 4640 levels would see the fresh breakdown which will lead the index to head southwards up to the level of 45604480 in the near term. The index has immediate resistance around 4750 levels, sustenance above that would garner resistance near 4830/4900/5000 levels.

Key Levels & Averages

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

4746 8445

4700 8400

4640 8284

4820 8600

4900 8765

4827 9766

4938 9654

5320 10565

DAILY TRADING HIGHLIGHTS & OUTLOOK

16 Dec, 11

TRADING RECOMMENDATIONS

Yes Bank Limited CMP` 267.85 Technical Outlook & Trading Strategy:The Share price of Yes Bank Limited is trading sideways after falling from the high of `330.25 to the low of `240.30. This sideways momentum has taken a shape of a symmetrical triangle. A breakdown from the said pattern will lead Yes Bank to fall further to the levels of `250/`242 in short term. The MACD indicator is also in a bearish mode. We recommend traders to sell below ` 265 level with a stop loss placed above `273.2 for the above mentioned targets.

Gujarat Mineral Development Corporation Limited CMP` 168.80 Technical Outlook & Trading Strategy:The Share price of Gujarat Mineral Development Corporation Limited has been trading sideways after registering a 52 weeks high of `194.10. This sideways consolidation has taken the form of an ascending triangle. A breakdown from the said pattern would lead the stock to fall further. The stock has also closed below its cluster of moving averages. We recommend traders to sell below `167 with a stop loss placed above `175.2 for the targets of `160 / `154.

Disclaimer

DAILY TRADING HIGHLIGHTS & OUTLOOK

16 Dec, 11

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