DAILY TRADING HIGHLIGHTS & OUTLOOK

2 DEC, 11

S&P CNX NIFTY

OPEN HIGH LOW CLOSE Change(pts) Change (%) Advanc/Decline Total Turnover (` in cr.) 4970.85 5011.90 4916.70 4936.70 104.80 2.17 3:2 123676

MARKET OUTLOOK The NIFTY opened the session on a strong positive note on the back of well-built global cues. The index witnessed a profit booking in the intraday session after a strong opening. The index eventually closed the day at 4936 levels with a gain of 104 points. The index has witnessed resistance at its psychological level of 5000 and finally closed above the range of 49004920 (as discussed in the last update). If NIFTY sustains above 4900 on the weekly basis then it can move ahead to the levels of 5000 (50% retracement) /5068 (61.8% retracement) & 5100 levels. On the downside the index has immediate support at 4900 levels. A close below the crucial level of 4900 can lead index to retest its swing low of 4840/4800/4760 levels.

Key Levels & Averages

INDEX NIFTY BANK-NIFTY Close Support-1 Support-2 Resistance1 Resistance2 8 DMA 34 DMA 200 DMA

4936 8895

4900 8620

4840 8465

5000 9000

5068 9186

4853 8715

4983 9130

5345 10419

DAILY TRADING HIGHLIGHTS & OUTLOOK

2 DEC, 11

TRADING RECOMMENDATIONS

Tata Global Beverages Limited CMP` 88.25 Technical Outlook & Trading Strategy:The share price of Tata Global Beverages Limited has fallen from the highs of `115.40 and witnessed support at `80.50. The stock has closed above its cluster of moving averages. On the weekly chart the stock is forming bullish candlestick trend reversal pattern. The RSI indicator is also in a bullish zone adding weight to the above mentioned arguments. We recommend traders to buy now and again on dips in the range of `86--`87 with a stop loss placed below the level of ` 83.4 for the target of ` 94/ `98 levels in mid term.

Hero MotoCorp Limited CMP` 2088.30 Technical Outlook & Trading Strategy:The share price of Hero Moto Corp Limited has taken a support from its midterm moving average and close above the cluster of near term & short term moving averages. On the weekly chart the stock is forming a hammer candlestick pattern. Traders should note that hammer is the acclaimed bullish trend reversal pattern. The stock is in the bullish territory, we expect stock to rally further up to the levels of `2180/ `2225 levels. We recommend traders to buy now with a stop loss placed below the level of ` 1996.8 for the above mentioned targets.

Disclaimer

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