DAILY TRADING HIGHLIGHTS & OUTLOOK

29Nov, 11

S&P CNX NIFTY

OPEN HIGH LOW CLOSE Change(pts) Change (%) Advanc/Decline Total Turnover (` in cr.) 4769.30 4859.10 4766.40 4851.30 141.25 3.00 2:1 90554

MARKET OUTLOOK The Nifty opened on a positive note and maintained its momentum throughout the day. The nifty which has week closed at 4710, eventually registered a high of 4859 and closed very near to that level at 4851, a total gain of 141 (3%) points. Today the index has witnessed a strong pullback from its crucial support level of 4710 levels and closed above its near term moving average placed at 4832 levels. Going forward if NIFTY sustains above 4836 levels then it has an immediate resistance in the range of 4900(38.2% retracement) 4920(falling gap) levels. A close above the 4900 levels would see the index to head towards the psychological level of 5000. On the downside sustenance below the 4800 levels could see the index to retest its crucial support of 4720--4700levels. Key Levels & Averages
INDEX NIFTY BANK-NIFTY Close Support-1 Support-2 Resistance1 Resistance2 8 DMA 34 DMA 200 DMA

4851 8793

4800 8665

4710 8480

4900 8968

4920 9050

4836 8711

5007 9213

5352 10442

DAILY TRADING HIGHLIGHTS & OUTLOOK

29Nov, 11

TRADING RECOMMENDATIONS

Dena Bank CMP` 65.40 Technical Outlook & Trading Strategy:The share price of Dena Bank has pulled back after registering a 52 weeks low of `60.05. Today the stock has closed above its near term moving average after a sharp fall of two weeks. This breakout has occurred with a significant jump in trading volumes, validating the said breakout. On the weekly chart the stock can form a bullish candlestick pattern. We expect the stock price to test levels of ` 68- ` 70 shortly. We recommend a buy at current levels and again on pullback to t he levels of ` 63.50 -- ` 64 with a stop loss placed below the level of ` 63.40.

Power Finance Corporation Limited CMP ` 168.90 Technical Outlook & Trading Strategy:The share price of Power Finance Corporation Limited has been trading in a sideways consolidation for last few days. The most important observation is that the stock has registered a breakout from this consolidation as well as from its cluster of moving averages. This breakout suggests that the stock is likely to rally towards the levels of `177 / `184 in the near term. We recommend a buy at current level with a stop loss placed below ` 163.80 for the above mentioned targets.

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