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MARKET OUTLOOK
The NIFTY opened on a positive note and traded in a narrow range for the initial hours. The
nifty recorded a low of 5056, before picking up strong momentum towards the end of the day.
The nifty registered a high of 5141 and closed very near to that level at 5132, a total gain of 54
points.
The Index is now trading near to its immediate resistance level of 5170 levels above which theindex is likely to test the level of 5230 levels (Negative Gap resistance levels). Sustenance above
the 5230 would see the index filling up its negative gap and it could head towards the levels of5270 / 5300 -5320 levels in a short span of time.
On the downside the index has immediate support at the levels of 5110 levels followed by the5060 / 5020 levels.
Key Levels & Averages
S&PCNXNIFTY
OPEN 5057.
HIGH 5141.
LOW 5056.
CLOSE 5132.
Change(pts) 54.45
Change (%) 1.07
Advanc/Decline 1:1
Total Turnover(` in cr.)
12237
INDEX Close Support-1 Support-2 Resistance-1 Resistance-2 8 DMA 34 DMA 200 DMA
NIFTY 5141 5110 5060 5170 5230 5015 5015 5450BANK NIFTY 9660 9560 9440 9760 9950 9393 9546 10667
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Polaris Software Lab Ltd. CMP - ` 140.15Technical Outlook & Trading Strategy:-The share p rice of Polaris Software from 23rd Aug 2011 till date appears to be forming an ascending triangle pattern.It should be noted that ascending triangle patterns signify accumulation and suggest price advances once thebreakout is recorded. In the Fridays session the stock has registered a breakout above the resistance trend line at `137 price level. The momentum indicators on the daily chart are also in a bullish zone suggesting more upside in thestock. The stock is also sustaining above its cluster of moving averages adding weight to the Bullish argument.We recommend traders to buy 50% now and again on dips up to `137.5138 levels with a stop loss placed below`133.8 levels for targets of `146 `150levels, expected to be achieved over the coming few W eeks.
Voltas Ltd. CMP` 105.50Technical Outlook & Trading Strategy:-The Voltas Ltd has seen a sharp fall from a high of `169.8 on 6th July 2011 to a low of ` 99 on 12th Oct 2011. On theweekly closing basis the stock has formed a Hammer Candlestick Pattern with a robust volume suggestingaccumulation taking place. Traders should note that a Hammer candlestick formation is a significant bullish reversalcandlestick pattern suggesting more upside for the stock. On the daily chart the stock has also closed above its nearterm mov ing average. The mom entum indicator on the daily chart is also showing a p ositive divergence.We recommend traders to buy 50% now and again on dips up to `104` 105 levels with a stop loss placed below
`102.8 levels for targets of `110 `114levels.
Disclaimer
TRADING RECOMMENDATIONS
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