Daily Morning Update 20 Oct 2011
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Transcript of Daily Morning Update 20 Oct 2011
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8/3/2019 Daily Morning Update 20 Oct 2011
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DAILY TRADING HIGHLIGHTS & OUTLOOK 20 Oct, 11
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MARKET OUTLOOK
The NIFTY opened the session on a strong positive note and traded in the range of 50965124levels. After a strong opening the index witnessed a sideways movement in the intraday sessionand picked up strong momentum towards the end of the day. The index finally closed near its
high of the day at 5139 levels with a gain of 101 points.
The index today witnessed sharp pullback and has managed to close above its mid term moving
average. The index is now trading near to its recent swing top of 5170 above which it could headtowards the level of 5200-5230 (Negative gap resistance level). In case the index fails to move
above 5170 level then it could be confined in the range of 5170 on the upside and 5000 on thedownside.
Sustenance above the 5230 level could see the index filling up its negative gap and the index
could head towards the level of 5270 / 5330 in a short span of time.
Key Levels & Averages
S&PCNXNIFTY
OPEN 5080
HIGH 5148
LOW 5075
CLOSE 5139
Change(pts) 101
Change (%) 2.2
Advanc/Decline 3:2
Total Turnover(` in cr.)
4776
INDEX Close Support-1 Support-2 Resistance-1 Resistance-2 8 DMA 34 DMA 200 DMA
NIFTY 5139 5100 5060 5170 5230 5060 5029 5436BANK NIFTY 9841 9750 9635 9962 10036 9570 9574 10639
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8/3/2019 Daily Morning Update 20 Oct 2011
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DAILY TRADING HIGHLIGHTS & OUTLOOK 20 Oct, 11
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Aban O ffshore Limited CMP - ` 411.00Technical Outlook & Trading Strategy:-The share price of Aban Offs has seen a sharp fall from the highs of `530.8 on 22nd July 2011 to the lows of `333Levels. The stock has since then pulled back and tended to trade within the `331.8---`410 range. On the daily chartthe stock has managed to close above its cluster of moving averages. The momentum indicator on the daily chart isalso in a bullish zone suggesting more upside in the stock.We recommend traders to buy in the range of `409`412.5 levels with a stop loss placed below `398.8 levels fortargets of `425 / `436 levels.
GAIL (India) Limited CMP` 424.00Technical Outlook & Trading Strategy:-The price of GAIL ha s registered a breakou t from its descending triangle price pattern on daily charts. It should benoted that descending triangle breakout on the up side signifies accumulation and suggest prices to rally. The keymom entum indicators are also in buy mode.We recomm end traders to buy 50% now and again in the range of 421 `423 levels with a stop loss placed below`411.4 levels for targets of `438 `448 levels, expected to be achieved in coming few Sessions.
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