WEEKLY MARKET UPDATE AS ON TUESDAY 11 th DECEMBER 2012

WEEKLY MARKET UPDATE AS ON TUESDAY 11 th DECEMBER 2012

NIFTY SPOT - (5909)

In our last weekly report we had mentioned that even though we were anticipating a correction in the markets, the undercurrent would remain bullish. During last week NIFTY made a high of 5943 and a low 5839 and closed the week @ 5908. We would once again like to reiterate our stand that even though the indices are likely to take some time off, stock specific movements and individual scrips are likely to be in limelight. In the current week NIFTY has support @ 5848 - 5820 - 5784, while resistance can be expected at 5950 - 6061 - 6138. In the current week there is a possibilty that the NIFTY holds above 5877 on tuesday and then quickly moves above 5950 before thursday, which can signal an end to the correction. A rise above 5950 will mean a fresh  upmove has begun. In case the NIFTY breaks below 5877 then it can fall further to to 5848 - 5820 where new support will emerge. As the action shifts to midcap stocks, buy on declines remains the strategy.

POSTIONAL TRADING CALL

1. Buy Dhanlakshmi Bank @ 70. Stop loss 62. Target 80 - 84 -94 2. Buy CIPLA @ 416, sl 409.5, target 450 - 460