DAILY TRADING HIGHLIGHTS & OUTLOOK

28 Dec, 11

S&P CNX NIFTY

OPEN HIGH LOW CLOSE Change(pts) Change (%) Advanc/Decline Total Turnover (` in cr.) 4780.20 4800.50 4723.65 4750.50 -28.50 -0.60 2:3 130920

MARKET OUTLOOK
The NIFTY opened on a strong positive note and traded higher in the early session of the day. The index witnessed a high of 4800 and declined to the lows of 4724 levels. The index eventually closed the day at 4750 levels with a loss of 28 points. The index is trading in the range of its near term moving average and short term moving averages placed at 47304800 respectively, for past few sessions. The Sustenance above 4800 would lead index to head towards the 50% retracement placed at 4830 levels (as shown in the chart). Above that the index has resistance at 4900 (declining trend line). On the downside nifty is bouncing back from its near term moving average. If the index closes below 4730 levels then it can slide down further to the levels of 4700/4640 levels. Key Levels & Averages
INDEX NIFTY BANK-NIFTY Close Support-1 Support-2 Resistance1 Resistance2 8 DMA 34 DMA 200 DMA

4750 8275

4730 8200

4700 8118

4830 8368

4900 8534

4730 8300

4846 8687

5291 10230

DAILY TRADING HIGHLIGHTS & OUTLOOK

28 Dec, 11

TRADING RECOMMENDATIONS

Infosys Limited CMP` 2750.00 Technical Outlook & Trading Strategy:The share stock price of Infosys Limited has rallied from the lows `2178 to the highs of `2979 and since then it is trading sideways for past few sessions. This sideways momentum has formed a flag formation. Traders should note that a flag pattern is a continuation pattern. The stock is also sustaining above its 200 days moving average. The momentum indicator is also rising higher. Traders can go long at CMP with a SL placed below `2692 for a target of `2832/ `2895 levels.

Welspun Corp Limited CMP` 83.70 Technical Outlook & Trading Strategy:The stock price of Welspun Corp Limited has been falling from the highs of `215.90 and registered a low of `64.70, since then the stock has pulled back and now trading sideways for few sessions. The important point to be noted is that the stock has closed above its cluster of moving averages. The momentum indicators are rolling upward indicating more upside for the stock We advice traders to go long above `84 with a stop loss placed below ` 79.9 for the targets of ` 88.5 / `91.

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