8/3/2019 Weekly Update 15 OCt 2011
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WEEKLY TRADING HIGHLIGHTS & OUTLOOK 15 Oct, 11
1
MARKET OUTLOOK
The Nifty opened on a positive note and maintained its strength
throughout the week. The Niftyregistered a high of 5141 and closed
very near to that level at 5132, a total gain of 244 points.
In our previous update we have discussed that the index has
shown a reversal bar in the weeklychart which suggests that the
index could head towards the level of 4980 / 5025 /5060 /5130
and the nifty did that, thus meeting our all upside targets.
The Index is now trading near to its immediate resistance level
of 5170 levels above which the
index is likely to test the level of 5230 levels (Negative Gap
resistance level). Sustenance abovethe 5230 would see the index
filling up its negative gap and it could head towards the levels
of
5270 / 5300 -5320 levels in a short span of time.
On the downside the index has immediate support at the levels of
5060 levels followed by the
5015-4985 range. (Cluster of short term moving averages
support).
S&PCNXNIFTY
OPEN 4886.85
HIGH 5141.40
LOW 4882.05
CLOSE 5132.30
Change(pts) 244.25
Change (%) 5%
8/3/2019 Weekly Update 15 OCt 2011
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WEEKLY TRADING HIGHLIGHTS & OUTLOOK 15 Oct, 11
2
MARKET OUTLOOK
The SENSEX opened on a positive note and maintained its strength
throughout the week. The
SENSEX registered a high of 17112 and closed very near to that
level at 17082, a total gain of
850 points.
In our previous update we have discussed that the index has
shown a reversal bar in the weeklychart which suggests that the
index could head towards the level of 16650-16700 /16850 /17000
and the nifty did that, thus meeting our all upside targets.
The index is now trading near to its immediate resistance level
of 17210 levels above which the
index is likely to test the level of 17360 levels (Negative Gap
resistance level). Sustenance abovethe 17360 would see the index
filling up its negative gap and it could head towards the levels
of
17500 / 17650 levels in a short span of time.
On the downside the index has immediate support at the levels of
16850 levels followed by the
16700- 16560 range. (Cluster of short term moving averages
support).
Key Levels & Averages
INDEX Close Support-1 Support-2 Resistance-1 Resistance-2 8 DMA
34 DMA 200 DMA
SENSEX 17082 16850 16700 17360 17500 16679 16692 18222NIFTY 5132
5060 5115 5230 5300 5015 5015 5450
BANK-NIFTY 9660 9550 9420 10060 10240 9393 9546 10667
BSE -SENSEX
OPEN 16270.05
HIGH 17112.45
LOW 16230.75
CLOSE 17082.70
Change(pts) 850.15
Change (%) 5.24%
8/3/2019 Weekly Update 15 OCt 2011
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WEEKLY TRADING HIGHLIGHTS & OUTLOOK 15 Oct, 11
5
Reliance Power Ltd. CMP` 86.75Technical Outlook & Trading
Strategy:-The share price of Reliance Power has fallen from the
highs of `119.9 on 26th July 2011 to the lows of `75.1 Levels.The
stock has since then pulled back and tended to trade within the `
75.1---` 87.25 range. On the daily chart thestock has managed to
close above its cluster of moving averages. The momentum indicator
on the daily chart is alsoin a bullish zone suggesting more up side
in the stock.We recommend traders to buy in the range of `85.5` 86
levels with a stop loss placed below `83.8levels for targetsof
`90/` 94 levels.
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CLOSE (`CMP) 86.75
SUPPORT-1 85.50
SUPPORT-2 83.80
RESISTANCE1 90.00
RESISTANCE2 94.00
52 week-High 192.80
52 week-Low 75.10
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