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DAILY TRADING HIGHLIGHTS & OUTLOOK

28Nov, 11

S&P CNX NIFTY


OPEN HIGH LOW CLOSE Change(pts) Change (%) Advanc/Decline Total Turnover (` in cr.) 4731.30 4767.30 4693.10 4710.05 -46.40 -0.98 5:4 95462

MARKET OUTLOOK The NIFTY opened on a negative note and traded in a narrow range for the initial hours. The nifty registered a pull back up to the levels of 4767, before falling southward the end of the day. The nifty finally closed at 4710, with a loss of 46 points. The index has once again closed near its crucial support zone (as shown in the chart). If NIFTY sustains below 4720 levels then it has immediate support at 46404600 levels (as we have been discussing in our previous updates). A close below the 4640 levels would see the index gathering momentum on the downside and could test the levels of 4600 /4560 /4488 levels. Sustenance above the 4720 levels could see the index pullback to the levels of 4750/4835--4900 levels. We reiterate our negative bias as long as the nifty does not close above the 4900levels (38.2% retracement level). Key Levels & Averages
INDEX NIFTY BANK-NIFTY Close Support-1 Support-2 Resistance1 Resistance2 8 DMA 34 DMA 200 DMA

4710 8488

4640 8340

4600 8210

4750 8586

4835 8720

4832 8688

5016 9239

5355 10450

DAILY TRADING HIGHLIGHTS & OUTLOOK

28Nov, 11

TRADING RECOMMENDATIONS

Jet Airways (India) Limited CMP` 278.10 Technical Outlook & Trading Strategy:The share price of Jet Airways has registered a break-out above its breakout form its cluster of moving averages. This breakout has occurred with a significant jump in trading volumes, validating the said breakout. The share price has also closed above the channel as shown in the chart. The momentum indicators remain in the rising trajectory and indicate strength in the current up-move. We expect the stock price to test levels of ` 288- ` 296 shortly. We recommend a buy at current levels and again on pullback to t he levels of ` 274 -- ` 272 with a stop loss placed below the level of ` 267.80.

Housing Development Finance Corporation Limited CMP ` 613.75 Technical Outlook & Trading Strategy:The share price of Housing Development Finance Corporation Limited has been trading in an astringent channel since Oct 2010. The most important observation is that the stock has registered a breakdown from this channel. This breakdown suggests that the stock is likely to decline towards the levels of 590 / 570 in the near term. We recommend a sell at current level with a stop loss placed above ` 630.60 for the above mentioned targets.

Disclaimer

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