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MARKET REVIEW & OUTLOOK


[DAILY REPORT]

6th June, 2012

DAILY REPORT

INDEX REVIEW & OUTLOOK


Open High Low Close Change(Pts) Change (%) 8EMA 34EMA 200SMA

4869.45

4898.95

4747.70

4863.30

15.15

0.31

4892.50 5002.55 5064.85

The NIFTY opened with a positive gap and traded in a narrow range for initial hours. The nifty recorded a high of 4898, before declining toward the lows of 4848 levels. The nifty finally closed at 4863, with a fall of 15 points. After a gap up opening in the morning, index witnessed resistance at its near term moving average placed at 4900 (as shown in the chart) and filled up the gap in the later part of the session. As discussed in the previous updates the index has been continued to trade between two retracement levels of 61.80% & 78.60% (starting from the lows of 4531 to the highs of 5630 levels) for past few weeks. Trading above 4900 index is likely to head towards 4950 / 5000 levels. Any supply pressure from 4950 levels would lead index to trade in the range of 49504766 levels. On the downside index has immediate support at 4830.
Contact: +91 22 67415443

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DAILY REPORT

TOP TRADES TO WATCH OUT FOR:McLeod Russell Limited CMP` 288.10

CLOSE

52-H

52-L

SUP-1

SUP-2

RES-1

RES-2

8EMA

34EMA

200EMA

288.10

295.60

165.50

286.00

283.80

290.00

283.00

278.45

272.00

236.25

The stock price of McLeod Russell Limited has been trading in a sideways range of `180--`310 since more than a year now. The prices now seem to be ready for a breakout of the contracting channel. This would open up a huge upside potential for the prices in the time to come. Also, to add weight to our view, the momentum indicator has also given a buy crossover. Traders are advised to buy the stock now for targets of `325 / `348, with a stop loss placed below `272 over the midterm.

Godrej Industries Limited CMP ` 247.00

CLOSE

52-H

52-L

SUP-1

SUP-2

RES-1

RES-2

8EMA

34EMA

200EMA

247.00

283.35

166.80

245.00

242.00

250.00

253.00

250.35

251.00

215.45

We recommend a sell below`245 and again on pullback to `250--`254 with a stop loss placed above `258.60 for the near term targets of `225 / `215.

Contact: +91 22 67415443

www.miteshthacker.com

After registering a 52 weeks high of `283.35 the share price of Godrej Industries Limited has been consolidating in a narrow range. This consolidation appears to be forming the right shoulder of a bearish head & shoulder pattern. Currently the stock has also closed below its cluster of moving averages. The pattern would be confirmed once it breaks below its neckline support placed below the `228 levels. Once the breakdown is confirmed the share price is likely to decline towards the levels of `200 / `188 levels in the midterm.

DAILY REPORT

Disclaimer
This document has been prepared by Mitesh Thacker. This document does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction and is only an expression of technical views. The information contained herein is from publicly available data or other sources believed to be reliable, but we do not represent that it is accurate or complete and it should not be relied on as such. Kindly note that we shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all market participants. We and our affiliates, may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (is) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as advisor or lender/borrower to such company (ies) or have other potential conflict of interest with respect to any recommendation and related information and opinions. This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject us to any registration or licensing requirements within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe, any such restrictions. The information given in this document is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. We reserve the right to make modifications and alterations to this statement as may be required from time to time and are under no obligation to update or keep the information current. Nevertheless, we are committed to providing independent and transparent recommendation to our clients and would be happy to provide any information in response to specific client queries. Neither we nor any of our affiliates shall be liable for any damages whether direct, indirect, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. Past performance is not necessarily a guide to future performance. The disclosures of interest statements incorporated in this document are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report.

Contact: +91 22 67415443

www.miteshthacker.com

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