08 DECEMBER- 2011-Indian Market outlook:-

Indian equities are expected to get a  opening Down flat on back of negative global cues and remain volatile due in latter session.
Technically nifty as an intraday resistance at 5100-5072- levels and Support is seen at 5020 -4936 levels.
The SGX nifty is trading down by 13 points at 5053
Curcial support is seen at 4750
4810 -4855 – 4896 – 4949 – 4987 – 5059 – 5105-5175

Markets may open with a downside note and is expected to trade sideways to negative.

SENSEX (16877)

Sensex has Resistance at 16928, 17009 and 17028. Support at 16731 and 16505.

NIFTY (5062)

Resistance at 5073, 5098 and 5106. Support at 5021, 5002 and 4940.

RECOMMENDATIONS

1)    L&T (1331.85)

            Support at 1325 below 1315. Resistance at 1338 and 1345 above we may see further upside. (Buy at declines)

2)    SKS (113.5)

Resistance at 118 above it can test 121. Support at 111 below 108. (Buy at declines)

3)    ICICI BANK (767.85)

.           Resistance is at 772 above 778. (Sell at higher) Support at 762 below 750.

4)    BHEL (289.2)

              Resistance at 292 above it can test 296 and 300. Support at 286 below 282. (Buy at declines)

5)    DR REDDY (1549)

             Resistance at 1556 above 1565. (Sell at higher). Support at 1540 below 1524.

DERIVATIVE STRATEGIES

SELL PNB FUTURES AT 930

  

SELL NTPC FUTURES AT 172