Daily Morning Update 20 Dec 2011

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DAILY TRADING HIGHLIGHTS & OUTLOOK 20 Dec ,

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MARK ET OUTLOOK

The NIFTY opened at high of the day with a negative gap and then traded in a narrow rangebefore turning volatile. The nifty recorded a low of 4556, before staging a comeback to move up

at the end of the day. The nifty eventually closed the day at 4613 with loss of 38 points.

The Index has continued its down trend after the breaking down from the crucial level of 4700.

In the coming session NIFTY can give pullback and retest the recent breakdown level of 4700.

Sustenance above 4700 levels, we can see the NIFTY to head towards its near term moving

average placed at 4750 levels.

Any pullback towards 4700--4750 levels should be considered for shorting. If nifty finds

resistance around 47004750 then it can head towards the swing lows of 45504530/4470

levels.

Key Leve ls & Averages

S&PCNXNIFTY

OPEN 4623.

HIGH 4623.

LOW 4555.9

CLOSE 4613.

Change(pts) -38.5

Change (%) -0.83

Advanc/Decline 2:5

Total Turnover

(` in cr.)

14770

INDEX Close Support-1 Support-2 Resistance-

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Resistance-

2

8 DMA 34 DMA 200 DMA

NIFTY 4613 4550 4530 4700 4750 4749 4904 5313BANK-NIFTY 7920 7834 7692 8000 8118 8411 8879 10306


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Dr. Reddy 's Laboratories Limited CMP`1590.00

Technical Outlook & Trading Strategy:-

The share price of Dr. Reddy's Laboratories Limited has been trading sideways for past few weeks. Currently the

stock is trading above its cluster of moving averages and trading near mult iple support t rend line on the daily chart.

The momentum indicator is in a rising mode, indicating stock to head towards its resistance trend line placed at

`1650 levels.

We recomm end a buy only above `1605 with a stop loss placed below the level of ` 1558.8 for the target s of `1660

/ `1700 / ` 1735 levels.

Ashok Leyland Limited CMP - ` 23 .00

Technical Outlook & Trading Strategy:-

The most important thing to be observed in the price chart of Ashok Leyland is that the share price has givenbreakdown after tr ading in consolidation m ode for over eight m onths in the range of ` 23.50- `28 levels. The share

price has now registered close below a new 52 w eek low. We expect th e share price to slide further t o the levels of

` 20.60 / `18 in the medium term.

From a t rading perspective, we recomm end selling below ` 22.50 levels with a stop loss placed above23.60. We

expect the share price to decline for targets of ` 21 / ` 20 levels in the short term .

Disc laimer

TRADING RECOMMENDATIONS


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Daily Morning Update 20 Dec 2011

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