DAILY TRADING HIGHLIGHTS & OUTLOOK

22 Dec, 11

S&P CNX NIFTY

OPEN HIGH LOW CLOSE Change(pts) Change (%) Advanc/Decline Total Turnover (` in cr.) 4636.45 4707.35 4601.95 4693.15 148.95 3.82 3:2 157300

MARKET OUTLOOK The NIFTY opened on a buoyant note taking cues from its global peers. The index shed some of its initial gains and registered an intraday low of 4602 levels. Buying activity was intensified in the later part of the session which led the index to register a high of 4707. The index finally closed at 4693 levels, a gain of 148 points. After a gap up opening the index traded sideways for rest of the session, before staging a pullback up to the levels of 4700. Nifty needs to sustain above its recent breakdown levels of 4700 (as declining trend line & near term moving average is placed at same level). Sustaining above 4700--4750 the index can find resistances at its cluster of averages placed in the range of 4700--5000. If Nifty stumbles from the levels of 4750 then the NIFTY could resume its down trend and will retest the swing lows of 4640/4600/4540 levels. Key Levels & Averages
INDEX NIFTY BANK-NIFTY Close Support-1 Support-2 Resistance1 Resistance2 8 DMA 34 DMA 200 DMA

4693 8189

4640 8100

4600 8005

4700 8268

4750 8400

4701 8256

4873 8481

5306 10281

DAILY TRADING HIGHLIGHTS & OUTLOOK

22 Dec, 11

TRADING RECOMMENDATIONS

Apollo Tyres Limited CMP` 55.40 Technical Outlook & Trading Strategy:The share price of Apollo Tyres Limited has been trading sideways near its 200 days moving average. This sideways momentum has formed a head and shoulder formation. Traders should note that the head and shoulder is one of the most acclaimed bearish chart formations. Today the share price has registered breakdown from the said pattern. The momentum indicators are also trading in a bearish zone. We recommend a sell at current level and again on the pullback in the range of 56.5--57 with a stop loss placed above ` 59.60 for the targets of `52 / `50.

Hindustan Unilever Limited CMP - ` 400.55 Technical Outlook & Trading Strategy:The stock price of Hindustan Unilever Limited is sustaining above its (short term, midterm, and long term) cluster of moving averages for past few sessions. Today the stock has closed near its upper Bollinger band. The stock will gain momentum once it trades above it. The stock is also trading near its all time highs. The momentum indicators are in a rising mode indicating more upside for the stock. However, traders can open a long trade above 406 levels with a stop loss placed below `383.8 for targets of `420/ `430 / `438

Disclaimer

DAILY TRADING HIGHLIGHTS & OUTLOOK

22 Dec, 11

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