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DAILY TRADING HIGHLIGHTS & OUTLOOK  27 Sept, 11

1

MARKET OUTLOOK

The Nifty opened on a negative note and plunged to an intraday low of 4758 levels. The NIFTY 

lost more than 100 points during the early part of the day’s trade. The index witnessed a pullback from the lower levels and finally closed at 4835 levels with a loss of 32 points.

The index continued its downward movement after witnessing a breakdown from its crucial 

  support levels of 4910-4900 levels. The index has managed to achieve its downside target of 

4840 /4800 /4750 (intraday basis). Going forward the index is likely to witness a volatile trading 

 session in the coming session, wherein it is likely to trade in a range of 5025 on the upside and 

4720 on the downside. The intraday resistances are placed at 4910 followed by the 4970 / 5025

levels.

 A close below the recent swing low of 4720 levels would accentuate the declining momentum

towards the level of 4675 /4600 levels.

Key Levels & Averages

S&P CNX NIFTY

OPEN 4878.

HIGH 4879.

LOW 4758.

CLOSE 4835.

Change(pts) -32.35

Change (%) -0.66

Advanc/Decline 1:3

Total Turnover(` in cr.)

20417

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

 NIFTY 4835 4800 4760 4910 4970 4965 5072 5514BANK NIFTY 9384 9260 9165 9570 9760 9549 9802 10803

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DAILY TRADING HIGHLIGHTS & OUTLOOK  27 Sept, 11

2

State Bank of India CMP—` 195 1.35

Technical Outlook & Trading Strategy:-

The Share price of State Bank of India appears to be forming an Inverted head and shoulder pattern. A breakout from

the said pattern would be confirmed once the share price breaks above the neckline resistance level of ` 2020.

Traders can look to buy at current price and again on pullback to the levels of ̀ 1930- ̀ 1920 for the above mentioned

first target and place a stop at ` 1 887.80. Once the stock p rice trades below ` 2020, traders can add to long positions

with a revised stop placed at ` 1950.

We believe that if the Inverted Head & Shoulders formation does record a breakout, the stock price could head

towards the levels of ` 2080/ ` 2130.

Jindal Steel & Power. CMP— ` 510.75

Technical Outlook & Trading Strategy:-

The price of Jindal Steel has made a double top form ation and fell sharply from a high of `569.2 levels during last few

sessions. The double top formation is also backed by a heavy volume in the stock. The momentum indicator is also in

bearish zone. Thus, all of the above technical evidence is suggesting more down side.

We recommend traders to sell 50% below 508 and again in the range of `512-- – `515 levels with a stop loss placed

above `523.6 levels for targets of `490 – ̀ 475 levels, expected to be achieved in coming few Sessions.

Disclaimer 

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