Weekly Update 31 Dec 2011
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Transcript of Weekly Update 31 Dec 2011
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8/3/2019 Weekly Update 31 Dec 2011
1/5
WEEKLY TRADING HIGHLIGHTS & OUTLOOK 31 Dec ,
11
1
MARK ET OUTLOOK
The NIFTY opened the week on a positive note and registered an
intraweek high of 4800 levels. The Index witnessed selling pressure from
the higher level which led it to decline to an intraweek low of 4608. TheNIFTY finally closed at 4618 with a loss of 96 points.
The index has continued its downfall and closed below its crucial levels
of 4700. A weekly close below 4700 indicates that the downward
momentum would continue in the upcoming sessions. Sustenance below
4600 could see Index retesting its 52 weeks low of 4531, below which
declining momentum will gain velocity and head towards the lows of
4480 / 4420 /4300 levels.
On the upside the index has multiple resistances near its moving
averages placed at 4700--4750 /4815. A close above the moving
averages would inject some optimism and the index could retest 4850
levels (declining trend line).
S&PCNXNIFTY
OPEN 4718.15
HIGH 4800.50
LOW 4608.90
CLOSE 4617.80
Change(pts) -96.20
Change (%) -2.04
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WEEKLY TRADING HIGHLIGHTS & OUTLOOK 31 Dec ,
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MARK ET OUTLOOK
The SENSEX opened the week on a positive note and registered an intraweek
high of 16049 levels. The Index witnessed selling pressure from the higher
level which led it to decline to an intraweek low of 15406. The SENSEX
finally closed at 15454 with a loss of 283 points.
The index has continued its downfall and closed below its crucial levels of
15750. A weekly close below 15750 indicates that the downward momentum
would continue in the upcoming sessions. Sustenance below 15400 could see
Index retesting its 52 weeks low of 15136, below which declining momentum
will gain velocity and head towards the lows of 15250 /15100 /14500 levels.
On the upside the index has multiple resistances near its moving averages
placed at 15668--15877 /16064. A close above the moving averages would
inject some optimism and the index could retest 16200 levels (declining trend
line).
Key Leve ls & Average
INDEX Close Support-1 Support-2 Resistance-1 Resistance-2 8 DMA 34 DMA 200 DMA
SENSEX 15738 15250 15000 15650 15870 15668 16064 17578
NIFTY 4618 4540 4350 4700 4800 4687 4815 5278BANK-NIFTY 7968 7820 7688 8000 8234 8153 8581 10187
BSE-SENSEX
OPEN 15440.10
HIGH 15911.23
LOW 15135.86
CLOSE 15738.70
Change(pts) -283.80
Change (%) -1.80
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WEEKLY TRADING HIGHLIGHTS & OUTLOOK 31 Dec ,
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TRADING RECOMMENDATIONS
Reliance Industries Limited CMP` 693.10
Technical Outlook & Trading Strategy:-
The stock price of Reliance Industries Limit ed has been in a bear m arket since quite some t ime now . The stock price
has now broken below t he 52-week lows with above average volum es. The stock has also registered a breakdown
from t he head & shoulder patt ern. This hints at fresh mom entum on the downside in the com ing sessions.
We advice traders to initiate shorts at current level and again on t he pullback to the levels of 700--705 with a stop
loss placed above ` 722.6 for Targets of `666 / ` 645 in t he coming t rading sessions.
Kotak Mahindra Bank Limited CMP ` 428.15
Technical Outlook & Trading Strategy:-
The share price of Kotak Bank has registered a breakdown from a Bearish Head & Shoulders pattern. The
measuring implication suggests a strong possibility of the share price declining towards the levels of ` 410/ ` 400 in
the near future. On the oscillators front the ADX has already given a sell signal suggesting weakness on the
downside.
We recommend a sell at current price and on pullback to the level of `435--438 with stop loss placed above `
441.60 for the aforementioned targets.
CLOSE (` CMP) 692.95
SUPPORT-1 666.00
SUPPORT-2 650.00
RESISTANCE-1 705.00
RESISTANCE-2 724.00
52 week-High 1091.40
52 week-Low 689.00
CLOSE (` CMP) 428.15
SUPPORT-1 415.00
SUPPORT-2 400.00
RESISTANCE-1 444.00
RESISTANCE-2 460.00
52 week-High 520.00
52 week-Low 333.00
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WEEKLY TRADING HIGHLIGHTS & OUTLOOK 31 Dec ,
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Crompton Greaves Limited CMP` 12 5.90
Technical Outlook & Trading Strategy:-
The share price of Crompt on greaves had been in a do wnt rend since Mid June. It is now showing signals of
reversals. The share price has moved above its declining trend line and we are also seeing positive crossovers ofmoving averages. The momentum indicator is also showing positive divergence which suggests that the declining
movement of the price could have lost force and in all likelihood give some kind of a bounce back. We expect that
the stock price to move up and test resistance levels of ` 130/ ` 13 4 in near future.
We recommend traders to buy the stock at current levels and accumulate on pullback to levels of `123--`122. We
would further r ecomm end a stop loss placed below `120 .4 for all long positions.
Bajaj Auto Limited CMP`1590.00
Technical Outlook & Trading Strategy:-
The above chart of Bajaj-Auto Ltd is a classic example of consistent trend following. As it can be seen, the stock
price started an UPTREND from 1300 levels, continued t o m ove up while respecting it s rising tr end line all the w ay
till 1650 levels. In the last few session the stock price ended the cycle of making higher tops and higher bottoms
while trading in a 100 point SIDEWAYS range, which was the first hint of uptrend come to a halt. Now, a break
below 1585 on closing basis would set in mot ion a f resh DOWNTREND in the stock price.
We recomm end a sell below `1585 with stop loss placed above ` 1636.60 for th e targets of ` 1545 / ` 1500 levels.
CLOSE (` CMP) 125.90
SUPPORT-1 121.80
SUPPORT-2 118.80
RESISTANCE1 130.00
RESISTANCE2 136.00
52 week-High 313.95
52 week-Low 107.10
CLOSE (` CMP) 1590.00
SUPPORT-1 1620.00
SUPPORT-2 1642.50
RESISTANCE1 1540.00
RESISTANCE2 1500.00
52 week-High 1823.55
52 week-Low 1165.65
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WEEKLY TRADING HIGHLIGHTS & OUTLOOK 31 Dec ,
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Infosys Limited CMP` 2757 .25
Technical Outlook & Trading Strategy:-
The Share Price of Infosys has been trading in a narrow range of ` 2650-` 2750 for t he past 3 weeks. The share
price has now given a breakout from this narrow range .We expect the stock price to move up and test resistance
levels of ` 2830 / ` 2894 in near fut ure. The share price has also closed above its cluster of moving averages. The
momentum indicator is indicating fresh up move in the stock.
We advice traders to go long at current level with a stop loss placed below ` 2692.8 for the above mentioned
targets.
Disc laimer
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CLOSE (` CMP) 2757.25
SUPPORT-1 2700.00
SUPPORT-2 2680.40
RESISTANCE-1 2830.00
RESISTANCE-2 2900.00
52 week-High 3023.90
52 week-Low 2161.50