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DAILY TRADING HIGHLIGHTS & OUTLOOK 29 Dec ,

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MARKET OUTL OOK

The NIFTY opened at high of the day placed at 4756 and traded southward

throughout the day. The nifty recorded a low of 4686 and finally closed at 4705,

with a loss of 44 points.

The index has fallen all through the day and witnessed support from the crucial

trend line placed at 4700 (as shown in the chart). If index sustains and trades

below 4700, then it is likely to drop down to the previous swing lows of 4640 /

4600 / 4530 levels.

Any pullback from current level would retrace to the levels of 47304782 / 4800.

Trading above 4800 could see index to head towards its declining trend line placed

in the range of 48804900 levels.

Key Leve ls & Averages

S&PCNXNIFTY

OPEN 4756.2

HIGH 4756.2

LOW 4685.6

CLOSE 4705.8

Change(pts) -44.7

Change (%) -0.94

Advanc/Decline 2:3

Total Turnover

(` in cr.)

15918

INDEX Close Support-1 Support-2 Resistance-

1

Resistance-

2

8 DMA 34 DMA 200 DMA

NIFTY 4705 4640 4600 4750 4800 4735 4840 5287BANK-NIFTY 8275 8200 8118 8368 8534 8294 8663 10217

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DAILY TRADING HIGHLIGHTS & OUTLOOK 29 Dec ,

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Bharat Heavy Electricals Limited CMP` 247.80

Technical Outlook & Trading Strategy:-

The share stock price of Bharat Heavy Electricals Limited has fallen from the highs of `292 to the lows of `223.35

and now trading sideways. The stock is sustaining above its near term moving average. The stock is also forming

bullish reversal pattern. Sustaining above ` 247 the stock can rally to t he levels of ` 260--`268 levels.

Traders can go long above 247 with a SL placed below `238 .8 for the above m entioned t argets.

IFCI Limited CMP` 25 .35

Technical Outlook & Trading Strategy:-

The stock price of IFCI Limited has been falling from the highs of ` 33.60 and r egistered a low of ` 19.85, since then

the stock has pulled back and now trading sideways for few sessions. The important point to be noted is that the

stock is about to generate breakout from 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 indicating more upside

for the stock

We advice traders to go long above `24.50 with a stop loss placed below ` 23 .40 for the target s of ` 27.50.

Disc laimer

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