DAILY TRADING HIGHLIGHTS & OUTLOOK

29 Sept, 11

S&P CNX NIFTY

OPEN HIGH 5005.50 5006.05

LOW CLOSE

4918.45 4945.90

Change(pts) Change (%)

-25.35 -0.51

Advanc/Decline Total Turnover (` in cr.)

2:3 189695

MARKET OUTLOOK The NIFTY opened on a positive note and registered an intraday high of 5006 levels. The Index witnessed profit booking from the higher level which led it to decline to an intraday low of 4918. The nifty finally closed at 4945 with a loss of 25 points. The Nifty consolidated its gain after it witnessed a sharp rally of more than 2 % during yesterdays session. The index has closed below its short term moving average placed 4962 levels and a sustain move above this level could see the index continuing its upward movement and could test the levels of 5000 -5025 / 5070 (negative gap resistance) levels. On the downside the index has immediate support at the 4905 levels followed by the 4875 /4830 levels. Key Levels & Averages
INDEX NIFTY BANK NIFTY Close Support-1 Support-2 Resistance-1 Resistance-2 8 DMA 34 DMA 200 DMA

4945 9512

4905 9440

4875 9370

4962 9580

5000 9675

4962 9560

5060 9778

5505 10786

DAILY TRADING HIGHLIGHTS & OUTLOOK

29 Sept, 11

TRADING RECOMMENDATIONS

Kotak Mahindra Bank CMP` 461.75 Technical Outlook & Trading Strategy:The share price movement of Kotak Mahindra Bank appears to be taking form of a Head & Shoulder pattern. A Head & Shoulder is a bearish pattern as it is associated with sharp price decline once the share price records a breakdown from its neckline. In the case of Kotak Mahindra Bank the neckline is placed at the levels of ` 454. The measuring implications of the pattern suggest that following a breakdown the share price could head towards the following price levels: ` 438 /` 430. We recommend traders to sell below above `454 with a stop placed above ` 465.70 for the above mentioned target.

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