daily morning update 22 dec 2011

8/3/2019 Daily Morning Update 22 Dec 2011

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DAILY TRADING HIGHLIGHTS & OUTLOOK 22 Dec ,

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MARK ET 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 Leve ls & Averages

S&P CNX NIFTY

OPEN 4636.4

HIGH 4707.3

LOW 4601.9

CLOSE 4693.

Change(pts) 148.9

Change (%) 3.82

Advanc/Decline 3:2

Total Turnover

(` in cr.)

15730

INDEX Close Support-1 Support-2 Resistance-

1

Resistance-

2

8 DMA 34 DMA 200 DMA

NIFTY 4693 4640 4600 4700 4750 4701 4873 5306BANK-NIFTY 8189 8100 8005 8268 8400 8256 8481 10281




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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 mom entum 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 Limit ed is sustaining above it s (short t erm, m idterm , and long ter m) 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 m ode indicating more upside for the stock.

However, traders can open a long trade above 406 l evels with a stop loss placed below `383.8 f or targets of ` 420/

`430 / `438

Disc laimer

TRADING RECOMMENDATIONS




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daily morning update 22 dec 2011

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