WEEKLY TRADING HIGHLIGHTS & OUTLOOK

24 Sept, 11

S&P CNX NIFTY

OPEN

5068.40

HIGH

5168.40

LOW

4829.60

CLOSE

4867.75

Change(pts)

-216.50

Change (%)

-4.26%

MARKET OUTLOOK The NIFTY opened the week on tentative note and registered an intraweek high of 5168 levels. The Index witnessed selling pressure from the higher level which led it to decline to an intraweek low of 4829 levels. The Nifty finally closed at 4867 with a loss of 216 points. The most important observation is that the index has registered a breakdown from its trading range of 4900 -5170. This breakdown suggests that the index is likely to decline towards the level of 4840 /4800 /4750-4720 (recent swing low) levels in the near term. Further it is to be noted that the index has witnessed a sharp fall of more than 250 points in the last 2 sessions which has stretched the short term indicators into an oversold territory.Hence a pullback from the current level cannot be ruled out. Any up move from the current level is likely to face stiff resistance around the 4910 followed by the 4970 / 5025 /5060 levels. A close below the recent swing low of 4720 levels would accentuate the declining momentum towards the level of 4675 /4600 levels.

WEEKLY TRADING HIGHLIGHTS & OUTLOOK

24 Sept, 11

BSE - SENSEX
OPEN HIGH 16865.93 17191.12

LOW

16052.47

CLOSE

16162.06

Change(pts)

771.77

Change (%)

-4.56%

MARKET OUTLOOK The Sensex opened the week on tentative and registered an intraweek high of 17191 levels. The Index witnessed selling pressure from the higher level which led it to decline to an intraweek low of 16052 levels. The Sensex finally closed at 16162 with a loss of 771 points. The most important observation is that the index has registered a breakdown from its trading range of 16380 -17360. This breakdown suggests that the index is likely to decline towards the level of 16070 / 15850 -15765 (recent swing low) levels in the near term. Further it is to be noted that the index has witnessed a sharp fall of more than 900 points in the last 2 sessions which has stretched the short term indicators into an oversold territory.Hence a pullback from the current level cannot be ruled out. Any up move from the current level is likely to face stiff resistance around the 16400 followed by the 16545/16720 /16830 levels. A close below the recent swing low of 15765 levels would accentuate the declining momentum towards the level of 15650 /15360 levels. Key Levels & Averages
INDEX SENSEX NIFTY BANK-NIFTY Close Support-1 Support-2 Resistance-1 Resistance-2 8 DMA 34 DMA 200 DMA

16162 4867 9375

16070 4800 9260

15850 4720 9100

16400 4910 9570

16545 4970 9760

16639 5003 9600

16932 5087 9828

18397 5520 10814

WEEKLY TRADING HIGHLIGHTS & OUTLOOK

TRADING RECOMMENDATIONS

24 Sept, 11

CLOSE (CMP)

9375.70

SUPPORT-1

9260

SUPPORT-2

9100

RESISTANCE-1

9570

RESISTANCE-2

9760

Bank NIFTY Ltd. CMP 9375.70 Technical Outlook & Trading Strategy:The overall movement of bank nifty has taken the form of double top Bearish reversal pattern. This pattern would be confirmed once the index breaks the support level of 9260 levels. The measuring implication of the pattern suggests that the index could decline towards the level of 9100 / 8960 /8920(recent swing low) / 8700 levels. In case the index manages to hold on to the support level of 9260 then it could be confined in a range of 9200 -9970.
CLOSE (`CMP) SUPPORT-1 625.00 600.00

SUPPORT-2 RESISTANCE-1

582.00 636.00

RESISTANCE-2 52 week-High

645.60 860.80

52 week-Low

582.30

Housing Development Finance Corporation Ltd (HDFC) CMP` 625.00 Technical Outlook & Trading Strategy:The Share price of HDFC Ltd has been consolidating within broad ranges of `612.4 to `732 levels. But, the key observation to be made is that the price of HDFC Ltd has formed a head and shoulder pattern on the Daily charts. A breakdown from the said pattern would be confirmed when the price breaks below the neckline level of `623.5 levels. The momentum indicator is also in sell mode. The prices of HDFC Ltd will face severe selling pressure once it starts trading below the neckline level of `623.5 levels. We recommend traders to sell 50% below `623.5 and again in the range of `632 `636levels with a stop loss placed above `645.6 levels for targets of `600 `582 levels, expected to be achieved in coming few Sessions

WEEKLY TRADING HIGHLIGHTS & OUTLOOK

24 Sept, 11

CLOSE (`CMP) SUPPORT-1

103.00 96.00

SUPPORT-2

92.00

RESISTANCE-1

106.20

RESISTANCE-2 52 week-High

108 202.25

52 week-Low

101.65

IDBI Bank Ltd. CMP - ` 103.00 Technical Outlook & Trading Strategy:On the weekly chart of the IDBI BANK the stock is forming a reverse Flag formation. Traders should note that Reverse Flags generally occur as consolidation pattern during a down trend and a breakdown suggests continuation of the recent down move. Once the stock sustains below 101.8 then the stock is likely to test the levels of ` 90/ `82. We recommend traders to sell 50% below`101.8 and again in the range of `103-- `104 levels with a stop loss placed above `106.2 levels for targets of `96 `92 levels, expected to be achieved in coming few Sessions.
CLOSE (`CMP) SUPPORT-1 770.60 742.00

SUPPORT-2

720.00

RESISTANCE1

785.00

RESISTANCE2

795.60

52 week-High

1124.90

52 week-Low

712.00

Reliance Industries Ltd. CMP` 770.60 Technical Outlook & Trading Strategy:The price of Reliance Ind. has made a double top formation and fell sharply from a high of `853.8 levels during last week. The double top formation is also backed by a heavy volume in the stock. The momentum indicator is also in bearish zone. Thus, all of the above technical evidence is suggesting a trend reversal. We recommend traders to sell 50% now and again in the range of `780-- `785 levels with a stop loss placed above `795.6 levels for targets of `742 `720 levels, expected to be achieved in coming few Sessions.

WEEKLY TRADING HIGHLIGHTS & OUTLOOK

24 Sept, 11

CLOSE (`CMP) SUPPORT-1

1069.25 1055

SUPPORT-2

1037

RESISTANCE1

1110

RESISTANCE2

1140

52 week-High

1144.00

52 week-Low

917.60

ACC Ltd. CMP` 1069.25 Technical Outlook & Trading Strategy:The share price of ACC Ltd has already been moving up for the last few days and is very likely that the stock price will test its immediate resistance of ` 1135 - ` 1142.5 in the next few days. The momentum indicators remain in the rising trajectory and indicate strength in the current up-move. The stock is also sustaining above its Cluster moving averages. We recommend traders to buy only in the case of any pullback in the market , buy 50% now and again on dips up to 1060--1055 levels with a stop loss placed below `1037.8 levels for targets of `1110 `1140 levels.

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