DAILY TRADING HIGHLIGHTS & OUTLOOK

8 DEC, 11

S&P CNX NIFTY

OPEN HIGH LOW CLOSE Change(pts) Change (%) Advanc/Decline Total Turnover (` in cr.) 5050.10 5099.25 5032.25 5062.60 23.45 0.47 1:1 122186

MARKET OUTLOOK The NIFTY opened on a strong positive note and traded in the range of 50995054 levels. The index witnessed a sideways movement in the intraday session after a strong opening. The index eventually closed the day at 5062 levels with a gain of 23 pts. Today the index registered a breakout from its immediate resistance level of 5068 (61.8% retracement, starting from the high of 5326 and the low of 4640), but at the end of the day it closed below that. The index has also closed above its midterm moving average. Going forward the NIFTY should close above 5068 level then only we can see the index to rally towards the level of 5130/51605170 /5200 levels( as shown in the chart). On the downside any supply form the 5130 levels will lead index to throwback its gain and find support around the levels of 5000. Sustenance below this psychological level could see the index head southwards up to the levels of 4920/4830.

Key Levels & Averages

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

5062 9176

5000 9000

4920 8860

5130 9300

5160 9432

4958 8958

4994 9137

5341 10400

DAILY TRADING HIGHLIGHTS & OUTLOOK

8 DEC, 11

TRADING RECOMMENDATIONS

Tata Steel Limited CMP - ` 417.55 Technical Outlook & Trading Strategy:The share price of Tata Steel Limited has been falling for past few trading session from the high of `491 to the low of `367. Since then the stock has pulled back and closed above its cluster of moving averages. Sustenance above this levels will lead stock to head towards the level of `434--`450. The momentum indicators are also rising. We recommend traders to buy at current level with a stop loss placed below ` 404.40 for the above mentioned targets.

UltraTech Cement Limited CMP` 1220.30 Technical Outlook & Trading Strategy:The Share price of UltraTech Cement Limited has been trading sideways since past few months. The important observation to be made on the stock is that, the stock has registered breakout from its multiple resistance line placed at 1205 levels on the back of strong volumes. The stock is also trading above its cluster of moving average. The momentum indicators are also in bullish trajectory. Traders should look to initiate long positions at current levels for the price targets of ` 1256 / ` 1292 levels. We recommend all long positions be protected with a stop placed below ` 1189.80.

Disclaimer

DAILY TRADING HIGHLIGHTS & OUTLOOK

8 DEC, 11

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