DAILY TRADING HIGHLIGHTS & OUTLOOK

20 Dec, 11

S&P CNX NIFTY

OPEN HIGH LOW CLOSE Change(pts) Change (%) Advanc/Decline Total Turnover (` in cr.) 4623.15 4623.15 4555.90 4613.10 -38.50 -0.83 2:5 147704

MARKET OUTLOOK The NIFTY opened at high of the day with a negative gap and then traded in a narrow range before turning volatile. The nifty recorded a low of 4556, before staging a comeback to move up at the end of the day. The nifty eventually closed the day at 4613 with loss of 38 points. The Index has continued its down trend after the breaking down from the crucial level of 4700. In the coming session NIFTY can give pullback and retest the recent breakdown level of 4700. Sustenance above 4700 levels, we can see the NIFTY to head towards its near term moving average placed at 4750 levels. Any pullback towards 4700--4750 levels should be considered for shorting. If nifty finds resistance around 47004750 then it can head towards the swing lows of 45504530/4470 levels.

Key Levels & Averages

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

4613 7920

4550 7834

4530 7692

4700 8000

4750 8118

4749 8411

4904 8879

5313 10306

DAILY TRADING HIGHLIGHTS & OUTLOOK

20 Dec, 11

TRADING RECOMMENDATIONS

Dr. Reddy's Laboratories Limited CMP` 1590.00 Technical Outlook & Trading Strategy:The share price of Dr. Reddy's Laboratories Limited has been trading sideways for past few weeks. Currently the stock is trading above its cluster of moving averages and trading near multiple support trend line on the daily chart. The momentum indicator is in a rising mode, indicating stock to head towards its resistance trend line placed at `1650 levels. We recommend a buy only above `1605 with a stop loss placed below the level of ` 1558.8 for the targets of `1660 / `1700 / `1735 levels.

Ashok Leyland Limited CMP - ` 23.00 Technical Outlook & Trading Strategy:The most important thing to be observed in the price chart of Ashok Leyland is that the share price has given breakdown after trading in consolidation mode for over eight months in the range of `23.50- `28 levels. The share price has now registered close below a new 52 week low. We expect the share price to slide further to the levels of ` 20.60 / `18 in the medium term. From a trading perspective, we recommend selling below `22.50 levels with a stop loss placed above23.60. We expect the share price to decline for targets of `21 / `20 levels in the short term.

Disclaimer

DAILY TRADING HIGHLIGHTS & OUTLOOK

20 Dec, 11

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