DAILY TRADING HIGHLIGHTS & OUTLOOK

23 Sept, 11

S&P CNX NIFTY

OPEN HIGH LOW CLOSE Change(pts) Change (%) Advanc/Decline Total Turnover (` in cr.) 5054.45 5059.85 4907.75 4923.65 -209.60 -4.08 1:4 198745

MARKET OUTLOOK The NIFTY opened the session on a negative gap on back of weak global cues. The index spent the entire session trading in the negative territory and the selling pressure increased as the session progressed. The index registered an intraday low of 4907 and finally closed at the 4923 level with a loss of 209 points. The most important observation is that the nifty has closed near to its support levels of 49104900 .This is a very critical level (as it comes out as a support zone on multiple factors) and we believe that the chances of nifty holding out here are by far the best. If the nifty sustains below 4900, expect the decline to accelerate to levels of 4860 /4800 or even test its recent swing low level of 4720. On the upside, the immediate short term upside seems to be limited to levels of 4970 /5025 levels.

Key Levels & Averages

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

4923 9520

4900 9410

4860 9275

4970 9690

5025 9760

5040 9666

5051 9856

5525 10828

DAILY TRADING HIGHLIGHTS & OUTLOOK

23 Sept, 11

TRADING RECOMMENDATIONS
Larsen & Toubro CMP` 1491.55 Technical Outlook & Trading Strategy:The share price of Larsen & Toubro has registered a break-out from a Head & Shoulders pattern. This is a bearish pattern and the measuring implication suggests towards a strong possibility of the share price declining towards the level of ` 1450 /` 1435 / ` 1400 in the near future. We recommend a sell at current price and on pullback to the level of ` 1505 - `1515 with stop loss placed above 1542 for the aforementioned targets.

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