DAILY TRADING HIGHLIGHTS & OUTLOOK

23 Dec, 11

S&P CNX NIFTY

OPEN HIGH LOW CLOSE Change(pts) Change (%) Advanc/Decline Total Turnover (` in cr.) 4636.90 4740.60 4632.95 4733.85 40.70 0.87 3:2 164804

MARKET OUTLOOK The NIFTY opened on a subdued note and traded in a narrow range for the initial hours. The nifty recorded a low of 4632, before picking up strong momentum toward the end of the day. The nifty finally closed at 4733, after recording a high of 4740. With todays movement the index has managed to close above its breakdown level of 4700 (as shown in the chart). Sustenance above the 4750 levels could see the index extending its pullback to the levels of 4800-4865(cluster of moving averages) and 49004920 (declining Trend line) levels. On the downside 4700 level is providing immediate support followed by 4640 levels. A close below the 4640 levels would see the index gathering momentum on the downside and could test the levels of 4600 /4540levels.

Key Levels & Averages

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

4733 8384

4700 8300

4640 8212

4750 8466

4800 8550

4760 8284

4865 8759

5302 10269

DAILY TRADING HIGHLIGHTS & OUTLOOK

23 Dec, 11

TRADING RECOMMENDATIONS

Tata Motors Limited CMP` 184.10 Technical Outlook & Trading Strategy:The share price of Tata Motors Limited has been trading sideways for past few sessions. The stock has closed above its cluster of moving averages. Another point to be noted is that the stock has also registered a running breakout on the intraday chart. The momentum indicators are rising, indicating more upside for the stock. We recommend a buy at current level and again on the pullback in the range of 182--183with a stop loss placed below ` 178.40 for the targets of `190 / `196.

Tata Global Beverages Limited CMP - ` 89.75 Technical Outlook & Trading Strategy:The stock price of Tata Global Beverages Limited is trading in a channel for past few sessions. On the daily chart the stock it forming a cup and handle pattern. Another important observation is that the stock has closed above its cluster of moving averages. The ADX indicator is indicating fresh upside In the stock. Traders can open a long trade at current levels with a stop loss placed below `86.4 for targets of `94/ `98 / `100.

Disclaimer

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