1. DAILY TRADING NOTE (17th MAY 2012)
S&P CNX NIFTY
OPEN 4875.3
HIGH 4882.25
LOW 4837.05
CLOSE 4858.25
Change(pts) -84.55
Change (%) -1.71
Advance/Decline 0.36
Total Turnover 123772.45
(` in cr.)
MARKET OUTLOOK
The NIFTY opened the session with a negative gap and plunged to an intraday low of 4837 levels. The NIFTY
lost close to 105 points during the early part of the day’s trade. The index witnessed a pullback from the lower
levels and finally closed at 4858 levels with a loss of 84 points.
The index once again registered a breakdown and has closed below the 4900 levels. Going ahead sustenance
below the 4830 will trigger a downside to the 4770-4750 levels however on the upside index has resistance of
4880. A move above the 4880 levels will trigger a upside up to the 4950-5000 levels.
On the downside the NIFTY has immediate support at 4830 followed by 4800-4770 levels.
Key Levels & Averages
Resistance- Resistance-
INDEX Close Support-1 Support-2 8 DMA 34 DMA 200 DMA
1 2
NIFTY 4858.25 4836 4814 4881 4904 4964.24 5133.45 5091.98
BANK
NIFTY 9164.25 9071 8979 9233 9301 9447.47 9926.11 9650.67
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2. KOTAK BANK – ` 550.95
Technical Outlook & Trading Strategy:
The share price of Kotak bank has been consolidating in a range between the levels of ` 530-550 levels from
the last couple of days. The stock has broken out from its upper trading range. The upside projection of same
provides a minimum price target of ` 575 in the near term
We recommend a BUY on KOTAK BANK between from ` 550-552 levels with a stop loss of ` 534.2 levels for a
target of ` 575 levels.
Disclaimer
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