weekly update 26th nov 2011

8/3/2019 Weekly Update 26th Nov 2011

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WEEKLY TRADING HIG HLIG HTS & OUTLOOK 26 Nov ,11

1

MARK ET OUTLOOK

The Nifty opened the week on a tentative note and opened at an intraweek high of 4873.Thereafter the index spent the rest of the week in the negative territory and the selling pressureincreased as the week progressed. The index registered an intraweek low of 4639 levels and

finally closed the session at the 5211 levels with a loss of 270 points.

As discussed in the previous updates, we have consistently emphasized the importance of 4820 asa critical support for the index. We had mentioned that a break below this level could start a

fresh round of decline, which could take the index to 4750 / 4720 levels and the nifty did that &closed below 4720 levels, thus meeting our all downside targets.

The nifty is trading in the declining channel. On the weekly basis the index has registered breakdown from its important swing low (as shown in the chart). Going forward the index islikely to gain momentum on the downside once it sustains below the 4720 levels and could test

the levels of 4656 /4540-4500 (declining support line).On the upside a pullback from the current level is expected since the index is crash down by

more than 600 points in the recent month. Sustenance above the 4720 levels could see the indexextending its pullback to the levels of 4835-4875--4900 levels. We suggest maintaining anegative bias as long as the nifty does not close above the 4900levels (38.2% retracement level).

S&P CNX NIFTY

OPEN 4873.80

HIGH 4873.80

LOW 4639.10

CLOSE 4710.05

Change(pts) -195.75

Change (%) -3.99%




2

MARK ET OUTLOOK

The SENSEX opened the week on a tentative note and opened at an intraweek high of 16297.Thereafter the index spent the rest of the week in the negative territory and the selling pressureincreased as the week progressed. The index registered an intraweek low of 15478 levels and

finally closed the session at the 15668 levels with a loss of 703 points.

As discussed in the previous updates, we have consistently emphasized the importance of 16050as a critical support for the index. We had mentioned that a break below this level could start a

fresh round of decline, which could take the index to 15760 levels and the SENSEX did that &closed below 15760 levels, thus meeting our all downside targets.

The SENSEX is trading in the declining channel. On the weekly basis the index has registered breakdown from its important swing low (as shown in the chart). Going forward the index islikely to gain momentum on the downside once it sustains below the 15700 levels and could test the levels of 15000 (psychological support as well as declining support line).

On the upside a pullback from the current level is expected since the index has crashed down bymore than 2000 points in the recent month. Sustenance above the 15700 levels could see theindex extending its pullback to the levels of 16000--16350 levels. We suggest maintaining anegative bias as long as the SENSEX does not close above the 16350levels (38.2% retracement level).

Key Leve l s & Averages

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

SENSEX 15668 15300 15000 16000 16350 16104 16698 18132NIFTY 4710 4540 4500 4750 4835 4832 5016 5355

BANK-NIFTY 9782 9540 9280 9960 10130 8688 9239 10450

BSE - SENSEX

OPEN 16297.03

HIGH 16297.03

LOW 15478.69

CLOSE 15668.23

Change(pts) 703.28

Change (%) -4.30%




3

TRADING RECOMMENDATIONS

Housing Development Finance Corporat ion Limite d 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 th at the stock is likely to decline towards the levels of 590 / 570 in t he near term .

We recomm end a sell at current level with a stop loss placed above ` 630 .60 for the above m entioned t argets.

Tata Consultancy Services Limited CMP— ` 10 63 .90


The share price of Tata Consultancy Services Limited has registered a breakdown from its rising trend line on the weekly chart. On the daily chart it has also close below its cluster of moving averages. The breakout is witnessed by rising volume indicating fresh down move in the stock. We believe that the share price is likely to record downside levels of ` 1025 / ` 1000.

We recomm end a sell at current level with a stop loss placed above ` 1091 .2 for the above m entioned t argets.

CLOSE (CMP) 613.75

SUPPORT-1 588.00

SUPPORT-2 570.00

RESISTANCE-1 630.00

RESISTANCE-2 642.00

CLOSE (`

CMP) 1063.90

SUPPORT-1 1025.00

SUPPORT-2 1000.00

RESISTANCE-1 1090.00

RESISTANCE-2 1116.00

52 week-High 1246.95

52 week-Low 902.00




4

NTPC Limited CMP - ` 15 6.9 0


The share price of NTPC has registered a breakdown from a declining head & shoulder pattern. This is a bearish formation and the measuring implication suggests that the share price could head towards the levels of ` 147 - ` 140 in the m idterm . The mom entum in dicators are in bearish mode indicating weakness.

We recommend a sell at current level and again on pullback towards the levels of ` 159 -- ` 160 and stop loss placed above ` 162.80 for targets of 150 / 147/ 144.

Jet Airways (India) Limite d CMP—` 278.10

Technical Outlook & Trading Strategy:- The share price of Jet Airways has registered a break-out above it s breakout form its cluster of m oving averages.This breakout h as occurred with a significant jump in tr ading volumes, validating t he 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 w ith a stop loss placed below the level of ` 267.80.

CLOSE (`

CMP) 156.90

SUPPORT-1 150.00

SUPPORT-2 144.00

RESISTANCE-1 160.00

RESISTANCE-2 165.00

52 week-High 203.80

52 week-Low 152.05

CLOSE (`

CMP) 278.10

SUPPORT-1 268.00

SUPPORT-2 258.00

RESISTANCE1 290.00

RESISTANCE2 300.00

52 week-High 863.30

52 week-Low 221.90




5

Gujarat State Petronet Limited CMP—` 84 .80


The share price of GSPL has been trading in a declining and contracting channel since Oct 2010. The most important observation is that the stock has registered a breakdown from this channel. This breakdown suggests

that t he stock is likely to decline towards the levels of 80 / 77 in the near t erm.

We recommend a sell at current level and again on pullback towards the levels of ` 85.75-- `86 and stop loss placed at ` 88.20 for the above m entioned t argets.

Disc laimer

The views expressed are based purely on Technical studies. The calls made herein are for information purpose only. The information and views presented here are prepared by Matrix Solutions and hisassociates. The information contained herein is based on their analysis of the Charts and up on sources that are considered reliable. We, however, do not vouch for the accuracy or the completeness thereof.This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended on this Website may not be suitable for all investors.Past performance may not be indicative of future performance. Some of the securities/commodities presented herein should be considered speculative with a high degree of volatility and risk. Investorsmust make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. 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CLOSE (`

CMP) 84.80

SUPPORT-1 80.50

SUPPORT-2 77.00

RESISTANCE-1 87.00

RESISTANCE-2 90.00

52 week-High 122.00

52 week-Low 84.00

weekly update 26th nov 2011

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