MT-Daily Morning Update 30 Dec 2011

8/3/2019 MT-Daily Morning Update 30 Dec 2011

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30th DEC, 2011

MARKET REVIEW & OUTLOOK

[DAILY REPORT ]


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INDEX REVIEW & OUTLOOK

Open High Low Close Change(Pts) Change(%) 8EMA 34EMA 200EMA

4681.15 4701.80 4639.05 4646.25 -59.55 -1.27 4707 4827 5282

The NIFTY opened on a subdued note and traded in a narrow range for the initial

hours. The nifty recorded a high of 4701, before picking up downward momentum

at the end of the day. The nifty finally closed at 4646, after recording a low of4639.

The index has once again registered breakdown and closed below its crucial levels

of 4700(as shown in the chart). Going ahead sustenance below 4640 would lead

nifty to re test its previous swing lows of 4640 / 4600 / 4540 levels.

On the upside the crucial breakdown level of 4700 is acting as an immediateresistance. A weekly close above 4700 can witness pull back up to the levels of

4770 / 4830 / 4900 levels.


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TOP TRADES TO WATCH OUT FOR:-

Reliance Industries Limited CMP` 709.70

CLOSE 52-H 52-L SUP-1 SUP-2 RES-1 RES-2 8EM A 34EM A 200 EMA

709.70 1091.40 707.20 670 652 732 748 739 770 870

The share stock price of Reliance Industries Limited had registered a breakdown

from one of the acclaimed bearish chart pattern, called as head & shoulder few

days back. After a breakout the share price has pulled back and retested the

neckline level. The interesting point is that the stock is now making lower lows and

trading near its 52 weeks low. The momentum indicators are sliding down, adding

weight to t he above mentioned t echnical wit nesses.

Traders can look out for shorting below ` 707 wit h a SL placed above ` 728.60 for th e

targets of `668 /` 652 levels.

Aban Offshore Limited CMP` 349.00

CLOSE 52-H 52-L SUP-1 SUP-2 RES-1 RES-2 8EMA 34EM A 200 EMA

349 834 323.50 335 326 353 370 340 357 481

The stock pr ice of Aban Offshore Limit ed has been falling from the highs of ` 449.80

and registered a low of `274.20, since then the stock has pulled back and now

trading above its cluster of moving averages. On the weekly chart the stock is also

forming a bullish reversal candlestick pattern. The momentum indicators are rolling

upward indicat ing more upside for the stock

We advice traders to go long only above ` 353 w ith a stop loss placed below ` 341.8

for the targets of ` 368 / `380.

Disc laimer

This document has been prepared by Mitesh Thacker. This document does not constitute an offer or solicitation for the purchase or

sale of any financial instrument or as an official confirmation of any transaction and is only an expression of technical views. The

information contained herein is from publicly available data or other sources believed to be reliable, but we do not represent that it is


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accurate or complete and it should not be relied on as such. Kindly note that we shall not be in any way responsible for any loss or

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MT-Daily Morning Update 30 Dec 2011