DAILY TRADING HIGHLIGHTS & OUTLOOK

03 Oct, 11

S&P CNX NIFTY

OPEN HIGH 4990.15 5025.55

LOW CLOSE

4924.30 4943.25

Change(pts) Change (%)

-72.20 -1.44

Advanc/Decline Total Turnover (` in cr.)

2:3 105143

MARKET OUTLOOK The NIFTY opened on a tentative note and registered an intraday high of 5025 levels. The Index witnessed selling pressure from the higher level which led it to decline to an intraday low of 4924 levels. The Nifty finally closed at 4943 with a loss of 72 points. The overall movement of the index is currently in the broader range of 4750- 5200 levels. As long as the index remains in this range we are going to witness choppy and volatile moves in the either direction. Going forward, the next immediate resistance is placed at 5060 levels. A sustained move past this level would see the index rallying to the next level of 5110 /5170-5200 levels. On the downside the index has been taking good support at the 4900 levels for the last few session. Hence, these levels should be taken into consideration as crucial support. A close below the 4900 could see the index declining towards the levels of 4830 / 4750 levels.

Key Levels & Averages

INDEX NIFTY BANK NIFTY Close Support-1 Support-2 Resistance-1 Resistance-2 8 DMA 34 DMA 200 DMA

4943 9468

4900 9407

4830 9280

5060 9675

5170 9970

4967 9553

5050 9752

5591 11041

DAILY TRADING HIGHLIGHTS & OUTLOOK

03 Oct, 11

TRADING RECOMMENDATIONS

GAILCMP` 410.55 Technical Outlook & Trading Strategy:The price of GAIL Ltd has been consolidating within broad ranges of `403 to `476.5 levels. But, the key observation to be made is that the price of GAIL Ltd has formed a head and shoulder pattern on the Daily charts. A breakdown from the said pattern would be confirmed when the price breaks below the neckline level of `409 levels. The momentum indicator is also in sell mode. The prices of GAIL Ltd will face severe selling pressure once it starts trading below the neckline level of `409 levels. We recommend traders to sell below `409 with a stop loss placed above `422.1 levels for targets of `392 / `380 levels, expected to be achieved in coming few Sessions. HCL Technologies Ltd. CMP - ` 409.15 Technical Outlook & Trading Strategy:The share price movement of HCL Tech from 17 Aug 2011 till date appears to be forming a symmetrical triangle pattern. It should be noted that symmetrical triangle patterns signify accumulation and suggest price advances once the breakout is recorded (at ` 414 for the said pattern). A break above the price level of ` 414 should start an upside movement with possible price targets of ` 440/ ` 455 in a short period of time. The momentum indicators on the daily chart are also in a bullish zone suggesting more upside in the stock. We recommend traders to buy 50% now and again in the range of `402 `406 levels with a stop loss placed below `394.4 levels for targets of `430 `440 levels.

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