NIFTY DAILY OUTLOOK DEC 30, 2010

[ABHIVANDAN NAGIA]

On Wednesday, market opened on positive node and traded higher in the range thru out the day with buying across all the indices and closed up in green. Major buying interest was seen in FMGC, Metals and Banks. Volume for the day was higher then previous trading session. Market breadth was positive. Midcap index and Small caps index closed up in green.

 

For the day, the level of 6045 and 6015 may act as a major support for the market and the level of 6085 and 6115 may act as a major hurdle. Market may attract buying and be cautious at higher levels.

 

Medium term trend will turn positive above the level of 6065.

 

“Spot Levels” Day trader can go long on nifty above 6085 with stop loss 6060 for target 6115 / 6145 and can go short below 6045 with stop loss 6070 for target 6015 / 5985.

 

Index Range

 

Nifty: 6060.35
Range: 6015-6115
Resistance: 6085-6115-6145
Support: 6045-6015-5990

 

Bank Nifty: 11612.90
Range: 11450-11790
Resistance: 11680-11740-11790
Support: 11570-11510-11450

 

Short term: Up (5970)
Medium term: Down (6065)
Long term: Up (5350)

 

Cash Market Trading Activity (Prov. Figure in Rs. Crores)

 

Cat: Buy Val - Sell Val=   Net Val
FII:  1768.80-1221.22= +547.58
DII:  803.82 - 974.16=   -170.34

 

All Above Spot Levels

 

 

REGARDS
 

ABHIVANDAN NAGIA
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OM SHRI GANESHAYA NAMAH

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Disclaimer
Information, charts or examples contained in this mail is for illustration and educational purposes only.
It should not be considered as advice or an endorsement to purchase or sell any security
or its financial instrument until you are well conversant and confident about the movement
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