STOCK MARKET REVIEW: 16th DECEMBER 2011
All was going well for our markets with the main indices hitting day’s high in mid afternoon. But, a ferocious bout of selling took the wind of the markets’ sail as the main benchmarks plunging to 25-month low.
The repo rate has been left steady at 8.5% after increasing it 13 times since March 2010. The reverse repo rate stands unchanged as well at 7.5%. The marginal standing facility rate is at 9.5%. The bank rate also remains static at 6%.
BSE SENSEX tumbled 345 points or 2.2% to end at 15,491. It had earlier touched a day’s high of 16,068 and a day’s low of 15,425.NSE NIFTY nosedived 95 points or 2% to close at 4,651. It earlier touched a day’s high of 4,818 and a day’s low of 4,628.
The BSE Small-Cap index and the BSE Mid-Cap index were down -1.60% and
-1.72% respectively. CNX MIDCAP index was down -1.77% and S&P CNX 500 lost around -1.94%.
Stock market is expected to remain on bearish trend.
GAIL changed 1.7 %.With volume 958,027
DR. REDDY’S changed 1.3 % with volume of 557,573
IDFC with volume 1,888,200 and changed 0.7%
Today’s Nifty Top losers were:
L&T with volume 4,212,747and changed [5.3] %
AXIS with volume 4,109,418and changed [4.7] %
PNB with volume 418,333and changed [4.6] %
Nifty is expected to follow down trend in a long term. It seems to be varying between 4640-4850.
TECHNICAL CALLS FOR TODAY: 19TH DECEMBER 2011
GLENMARK
GLENMARK closed today’s session at 304.45. Support and resistance levels for the share for the next trading session are:
Resistance 1-307.85
Resistance 2-311
Support 1- 301.35
Support 2- 229
GAIL
GAIL has seen trading within the range of 306.95. Expected levels for this script are as follow:
Resistance 1-309.95
Resistance 2- 314.55
Support 1- 301
Support 2-296
DIVISLAB
DIVISLAB closed trading at 762 Expected resistance and support levels for the scrip for the next trading session are:
Resistance 1-763
Resistance 2-767
Support 1- 759
Support 2-754
NIFTY OUTLOOK FOR TODAY 19TH DECEMBER 2011
NIFTY SPOT LEVEL
Market seems to be strongly trade between 4705-4805 in narrow perspective and in broad perspective it seems to be vary between 4640-4850.
TREND – BEARISH
SUPPORT AND RESISTANCE:
The Support and Resistance for Nifty Spot levels
SUPPORT LEVELS
Support 1: 4705
Support 2: 4640
RESISTANCE LEVELS
Resistance 1: 4805
Resistance 2: 4850
BANK NIFTY FUTURES
Bank Nifty Futures seems to be strongly trade between 8015-8195 in narrow perspective and in broad perspective it seems to be varying between 7905-8305.
TREND- BEARISH
SUPPORT AND RESISTANCE:
The Support and Resistance for Bank Nifty Futures
SUPPORT LEVELS
Support 1: 8015
Support 2: 7905
RESISTANCE LEVELS
Resistance 1: 8195
Resistance 2: 8305
