DAILY TRADING HIGHLIGHTS & OUTLOOK

21 Oct, 11

S&P CNX NIFTY

OPEN HIGH 5086 5099

LOW CLOSE

5034 5092

Change(pts) Change (%)

(-47) (-0.92)

Advanc/Decline Total Turnover (` in cr.)

2:3 4582

MARKET OUTLOOK The Nifty opened the session on a bearish note on the back of negative cues from its global peers and then traded in a narrow range for most part of the day. The nifty recorded a low of 5034, before staging a comeback to move up to a high of 5099. The nifty eventually closed the day at 5092 with a loss of 47 points. The index has been trading in a range of 5000-5170 in the last few sessions. As long as index remains in this range, we are likely to witness a volatile and choppy trading sessions. On the upside the index has immediate resistance at 5170 (recent swing top) above which it is likely to test the level of 5230 (Negative Gap resistance (level). In case the nifty fails to get past 5170, it would keep facing supply pressure and could re test the support of 5060/5020 levels. Sustenance above the 5230 level could see the index filling up its negative gap and the index could head towards the level of 5270 / 5330 in a short span of time.

Key Levels & Averages

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

5092 9746

5060 9619

5020 9490

5170 9865

5200 9972

5067 9609

5032 9584

5431 10629

DAILY TRADING HIGHLIGHTS & OUTLOOK

21 Oct, 11

TRADING RECOMMENDATIONS

State Bank of India CMP - ` 1933.90 Technical Outlook & Trading Strategy:The share price of SBI has seen a sharp fall from the highs of `2529.7 on 26th July 2011 to the lows of `1710 Levels. The stock has since then pulled back and has managed to close above its cluster of moving averages. The momentum indicator on the daily chart is also in a bullish zone suggesting more upside in the stock. We recommend traders to buy in the range of `1930`41938 levels with a stop loss placed below `1878.8 levels for targets of `1994 / `2036levels.

Reliance Industries Limited CMP` 840.40 Technical Outlook & Trading Strategy:The price of Reliance Ind has remained under selling pressure for last few weeks. But, the key observation to be made is that the price of Reliance Ind appears to be forming an inverted head and shoulder pattern on its daily charts. The inverted head and shoulder price pattern is a bullish price pattern and has positive implications on the future price movements of a stock. The price of Reliance Ind is also trading above its key moving averages and the momentum indicators are firmly placed in buy mode. We recommend traders to buy in the range of `838 `841 levels with a stop loss placed below `820.8 levels for targets of `864 `880 levels, expected to be achieved in coming few Sessions.

Disclaimer

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