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DAILY TRADING HIGHLIGHTS & OUTLOOK  21 Dec ,

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1

MARK ET OUTLOOK

The NIFTY opened on a positive note and registered an intraday high of 4637 levels. The Index

traded in the range of 4615—4556 throughout the day. At the end the Index witnessed selling

 pressure from the higher level which led it to decline to an intraday low of 4531 and eventually

closed at 4544 with a loss of 68 points.

With today’s movement the index has managed to achieve our target of 4530, as discussed in last 

update. Another point to be noted is that the index has also closed near its lower Bollinger band.

  A close below lower Bollinger band, we could see index declining towards the level of 

4470/4400/4300 levels.

On the upside the index has resistance around 4640/4700 levels. Any pullback towards

4700levels should be considered for shorting.

Key Leve ls & Averages

S&P CNX NIFTY

OPEN 4635.8

HIGH 4637.2

LOW 4531.

CLOSE 4544.2

Change(pts) -68.9

Change (%) -1.49

Advanc/Decline 2:4

Total Turnover

(` in cr.)

14837

INDEX  Close  Support-1  Support-2  Resistance-

1 

Resistance-

2 

8 DMA  34 DMA  200 DMA 

NIFTY 4544 4500 4470 4600 4640 4703 4884 5309BANK-NIFTY 7798 7700 7608 7892 8000 8275 8817 10293

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DAILY TRADING HIGHLIGHTS & OUTLOOK  21 Dec ,

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Reliance Industries Limited CMP—`  711.75 

Technical Outlook & Trading Strategy:-  

The share price of Reliance Industries Limited has been trading below its cluster of moving averages for last few 

sessions. Important thing to be noted is that, today the stock has registered its new 52 weeks low. Trading below 

this level, we could see the stock is declining further t o the levels of `68 5 / ` 670. The mom entum indicators are also 

giving fresh sell signal.

We recommend a sell below `709 with a stop loss placed below the level of ` 733.6 for the above mentioned 

targets.

Bajaj Auto Limited CMP - ` 1603 .00 

Technical Outlook & Trading Strategy:- 

The stock price of Bajaj Auto had been taking support at the rising trend line and trading in a contracting channel.

In today’s session the stock has registered a breakdown from the above mentioned trend line. The stock has also 

closed below its mid tem moving average. The MACD indicator is rolling in the negative would add to the negative 

bias.

However, traders can open a short trade at current levels with a stop loss placed above `1651.60 for targets of 

`1540 / ` 1500 / 1475 

Disc laimer

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