Daily Morning Update 5Dec 2011

8/3/2019 Daily Morning Update 5Dec 2011

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DAILY TRADING HIGHLIGHTS & OUTLOOK 5 DEC, 11

1

MARK ET OUTLOOK

The Nifty opened on a positive note and maintained its strength throughout the day. The Nifty

registered a high of 5062 and closed very near to that level at 5050, a total gain of 113 (2.29%)

points.

As discussed in our previous update, the index continued its upward movement and has managed

to achieve its first target level of 5000 levels. Going forward the index is likely to test its next

immediate resistance levels of 5068 (61.8% retracement level)and only a sustained move above

this levels could see index heading higher towards the multiple swing tops placed in the range of

5168 / 5200 for the near term.

On the downside the index has immediate support at the 5000 levels followed by the 4920 /4860levels.

Key Leve ls & Averages

S&P CNX NIFTY

OPEN 4940.8

HIGH 5062.5

LOW 4918.4

CLOSE 5050.

Change(pts) 113.3

Change (%) 2.29

Advanc/Decline 3:2

Total Turnover

(` in cr.)

12377

INDEX Close Support-1 Support-2 Resistance-

1 Resistance-

2 8 DMA 34 DMA 200 DMA

NIFTY 5050 5000 4920 5068 5168 4897 4987 5344BANK-NIFTY 9172 9000 8860 9300 9432 8816 9132 10415




2

Steel Authority of India Limited CMP— ` 87 .15

Technical Outlook & Trading Strategy:-

The most important observation to be made on the charts of Steel Authority of India Limited is the positive

divergence displayed by indicators. They signal that the declining m ovement of the price could have lost force and

in all likelihood give some kind of a bounce back. In the short term we expect the share price to head towards the

target of ` 90/ ` 94 levels. Also in the weekly chart it has formed a two bar reversal pattern with an increase in

trading volume.

We recommend buy at current levels and again on pullback to the levels of ` 85- ` 85.75 with a stop loss placed

below ` 83.30.

Escorts Limited CMP—` 83.0 0

Technical Outlook & Trading Strategy:-

The share price of Escorts Limited has fallen from t he highs of ` 120 t o the levels of `6 2.85 levels and retraced back 50% of the fall. Currently the stock is trading in 23.60% and 50% retracement range. Another point to be noted is

that the stock has registered a break-out form its cluster of moving averages. This breakout has occurred with a

significant jum p in t rading volum es, validating the said breakout . The MACD indicator is giving fresh buying signal

and indicates strength in the current up-m ove.

We recomm end a buy at current levels with a stop loss placed below the level of ` 79.80 for the t argets of `87 / `90 .

Disc laimer

TRADING RECOMMENDATIONS




3

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prepared by Matrix Solutions and h is associates. The information contained herein is ba sed on their analysis of the Charts and up on sources that are considered reliable.

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Daily Morning Update 5Dec 2011