DAILY TRADING HIGHLIGHTS & OUTLOOK

12 Dec, 11

S&P CNX NIFTY

OPEN HIGH LOW CLOSE Change(pts) Change (%) Advanc/Decline Total Turnover (` in cr.) 4870.75 4918.35 4841.75 4866.70 76.95 -1.56 2:3 149700

MARKET OUTLOOK The Nifty opened gap down on a negative global cues. The nifty which has weekly high of 5099, eventually registered a low of 4841 and closed very near to that level at 4866, with a loss of 76 points. Today the NIFTY has continued its downward move for the second day. The important point to be noted is that the index has filled up the previous rising gap placed in the range of 49204850 (as discussed in our previous update). Once NIFTY closes below 4860 (50% retracement starting from the lows 4640 to the highs of 5099) then it has immediate support in the range of 4810 4800. Sustaining below this level would lead index to fall further up to the previous swing lows of 4740/4700/4640 levels. On the upside the index has resistance at its near term moving average placed at 4935, above this level NIFTY can find crucial resistance at 5000 level. Sustaining above the level of 5000 index can head towards the 5130/5160 levels. Key Levels & Averages
INDEX NIFTY BANK-NIFTY Close Support-1 Support-2 Resistance1 Resistance2 8 DMA 34 DMA 200 DMA

4866 8811

4852 8700

4800 8584

4920 9000

5000 9240

4935 8918

4984 9106

5335 10379

DAILY TRADING HIGHLIGHTS & OUTLOOK

12 Dec, 11

TRADING RECOMMENDATIONS

Dr. Reddy's Laboratories Limited CMP - ` 1572.45 Technical Outlook & Trading Strategy:The stock has rallied from the lows of `1386 to the highs of ` 1684 and then retraced up to 61.8% of the rally. The important observation to be made is that the stock has found support near its (near term, midterm, long term) clusters of moving averages and now sustaining above it on the closing basis for past few days. The momentum indicators are in a bullish zone indicating more upside for the stock. We recommend traders to buy at current level with a stop loss placed below ` 1533.80 for the targets of `1622/ `1656.

DLF Limited CMP` 214.10 Technical Outlook & Trading Strategy:The Share price of DLF Limited has been forming head and shoulder pattern. Traders should note that the head & shoulder pattern is the most acclaimed bearish chart pattern indicating stock to fall down further. The implicated target for the stock is `178--`152 (in the midterm). Currently the stock is forming right shoulder; we expect the stock to fall up to the levels of `204/`195. The RSI indicator is also declining. Traders should initiate short positions at current levels for the price targets of ` 204 / ` 195 levels. We recommend all long positions be protected with a stop placed above ` 223.20.

Disclaimer

DAILY TRADING HIGHLIGHTS & OUTLOOK

12 Dec, 11

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