8/3/2019 Weekly Update 29 Oct 2011
2/5
WEEKLY TRADING HIGHLIGHTS & OUTLOOK 29 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 17908 and closed very near to that
level at 17804, a total gain of1019 points.
In our previous update we have discussed that the index has
consolidated in a narrow range of17200-16650. In intra week the
index has continued to trade above 17200 (Triple top breakout)
levels and filled up the previous gap of 17360--17660levels.
Going forward the SENSEX hasresistance at its 200 days moving
average near 18050 levels. Sustenance above this can see
SENSEX to head towards 18260 levels (Declining long term trend
line) in a short span of time.
On the downside a close below the 17700 level could bring about
a corrective move which couldsee the SENSEX test the levels of
17600 /17450 /17280.
Key Levels & Averages
INDEX Close Support-1 Support-2 Resistance-1 Resistance-2 8 DMA
34 DMA 200 DMA
SENSEX 17804.8 17600 17450 18050 18260 17135 16834 18047NIFTY
5360.7 5270 5230 5410 5460 5155 5062 5417
BANK-NIFTY 9917 9710 9515 10095 10150 9664 9605 10585
BSE -SENSEX
OPEN 17011.06
HIGH 17908.13
LOW 16898.6
CLOSE 17804.8
Change(pts) 1019.16
Change (%) 6.07%
8/3/2019 Weekly Update 29 Oct 2011
5/5
WEEKLY TRADING HIGHLIGHTS & OUTLOOK 29 Oct,
11
5
We recom mend bu ying at current levels and again on dips to
`57.5 -- `58 levels with a stop placed below `56.4 for aninitial
target of `60.6 -- `62 in the coming sessions.
VIP Industries Ltd. CMP` 855.00Technical Outlook & Trading
Strategy:-The Share price of VIP Ind. Ltd has reg istered a
breakdown after com pleting a bearish Head & sh oulders price
patternon its daily charts. Traders would note that a breakdow n
from a head & shoulders price pattern has negativeimplications
on the future price movem ent of an index/stock. The mom entum
indicators were trading with negativedivergences despite the recent
rally. The share price has also closed below its moving average
clusters support whichwas lending good supp ort during the recent
uptrend.We recommend traders to sell now and again in the range of
`865--`872 levels with a stop loss placed above `884.6levels for
targets of `820 `800 levels
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CLOSE (`CMP) 855.00
SUPPORT-1 800.00
SUPPORT-2 760.00
RESISTANCE-1 890.00
RESISTANCE-2 912.00
52 week-High 1025.00
52 week-Low 455.00
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