WE E KL Y T R ADING HIG HL IG HT S & OUT L OOK17 Dec , 11 1 MARKET OUTLOOK The NIFTY opened the week on a tentative note and registered an intraweek high of 4910. Thereafter the index spent the rest of the week in the negative territory and the selling pressure increased as the week progressed. The index registered an intraweek low of 4628 levels and finally closed the session at the 4651 levels with a loss of 183 points. The most important observation is that the index has registered a breakdown from its critical support level of 4700 (as shown in the chart above). This breakdown suggests that the index is likely to decline towards the level of 4530 - 4470 / 4300. The violation of the multiple support levels of 4700 opens up the downside targets of 4000 levels over the medium term time. Investors should be extremely cautious of taking long positions in the market or its components at current levels. Any up move from the current level is likely to face stiff resistance around the 4700-4750 followed by the 4920 levels. S&PCNXNIFTYOPEN 4906.85 HIGH 4910.25 LOW 4628.20 CLOSE 4651.60 Change(pts) -183.45 Change (%) -4.42
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The NIFTY opened the week on a tentative note and registered an intraweek high
of 4910. Thereafter the index spent the rest of the week in the negative territoryand the selling pressure increased as the week progressed. The index registered an
intraweek low of 4628 levels and finally closed the session at the 4651 levels with a
loss of 183 points.
The most important observation is that the index has registered a breakdown from
its critical support level of 4700 (as shown in the chart above). This breakdown
suggests that the index is likely to decline towards the level of 4530 - 4470 / 4300.
The violation of the multiple support levels of 4700 opens up the downside targets
of 4000 levels over the medium term time. Investors should be extremely cautious
of taking long positions in the market or its components at current levels.
Any up move from the current level is likely to face stiff resistance around the
The SENSEX opened the week on a tentative note and registered an intraweek high
of 16360. Thereafter the index spent the rest of the week in the negative territory
and the selling pressure increased as the week progressed. The index registered an
intraweek low of 15425 levels and finally closed the session at the 15491 levels
with a loss of 722 points.
The most important observation is that the index has registered a breakdown fromits critical support level of 15750 (as shown in the chart above). This breakdown
suggests that the index is likely to decline towards the level of 15250 -1500 /14500.
The violation of the multiple support levels of 15750 opens up the downside
targets of 13500 levels over the medium term time. Investors should be extremely
cautious of taking long positions in the market or its components at current levels.
Any up move from the current level is likely to face stiff resistance around the
15750-16000 followed by the 16400 levels.
Key Leve ls & Averages
INDEX Close Support-1 Support-2 Resistance-1 Resistance-2 8 DMA 34 DMA 200 DMA
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