The daily market report provides an overview and outlook of market indices. The Nifty 50 index opened subdued but saw selling pressure, declining to a low of 5135 before rebounding to close at 5178, down 15 points. Key support levels for the index are at 5150 and stronger support at 5080-5000. Bounce backs from 5150-5170 could see the index test resistance at 5220, 5300, and 5385. Two stocks, Hero MotoCorp and Asian Paints, are highlighted as top trades to watch, with analysis of chart patterns and recommendations to buy.

1. .
MARKET REVIEW & OUTLOOK
[DAILY REPORT]
30th Mar, 2012

2. DAILY REPORT
INDEX REVIEW & OUTLOOK
Open High Low Close Change(Pts) Change 8EMA 34EMA 200EMA
(%)
5145.95 5194.30 5135.95 5178.85 -15.90 -0.31 5236.20 5279.70 5149.65
The NIFTY opened on a subdued note and traded in the narrow range
for initial hours. Later on the Index witnessed selling pressure which
led it to decline to an intraday low of 5135. From there on the nifty
rebounded strongly and finally closed at 5178 with a marginal loss
of 15 points.
Today the Index has witnessed bounce back from the long term
moving average placed at 5150 levels. The index is currently trading
near its multiple support zones (As we have discussed in our last www.miteshthacker.com
weekly report). A weekly close below 5150 levels would lead index to
fall further up to the level of its midterm moving average as well as
50% retracement placed at 5080 (as shown in the chart) & below
that 5000--4980 levels.
Any bounce back from the range of 5150--5170, could see nifty to test
resistance levels of 5220 / 5300 /5385.
Contact: +91 22 67415443

3. DAILY REPORT
TOP TRADES TO WATCH OUT FOR:-
Hero MotoCorp Limited CMP—` 2035.95
CLOSE 52-H 52-L SUP-1 SUP-2 RES-1 RES-2 8EMA 34EMA 200EMA
2035.95 2249.70 1511.00 2000.00 1968.00 2066.00 2090.00 1992.00 1968.40 1958.10
The consolidating movement of the Hero MotoCorp Limited is taking shape of
an inverted Head and Shoulders pattern. This classic technical pattern
suggests strong accumulation and buying interest in the stock. The
measuring implication of the pattern suggests a target of `2500 / `2680
(over the midterm). On the daily chart the stock has also negated a complex
head and shoulder pattern, indicating that the stock will gain upward
momentum in coming sessions. The momentum indicator has also registered
a fresh buy crossover and is in rising mode.
We recommend traders to buy now with and again on dips up to `2000--
`2010 with a stop placed below `1954 for the targets of `2120 / `2200
followed by `2280.
Asian Paints Limited CMP—` 3188.50
CLOSE 52-H 52-L SUP-1 SUP-2 RES-1 RES-2 8EMA 34EMA 200EMA
3188.50 3387.00 2485.25 3150.00 3128.00 3250.00 3300.00 3118.05 3084.30 3032.45
www.miteshthacker.com
The share price of Asian Paints Limited is forming an inverted head and
shoulder pattern on the daily chart. The stock has been sustaining above its
short, medium and long term moving averages. The neckline for the stock is
placed at `3250 levels. The momentum indicators are indicating that the
stock will continue its current trend. Trading above neckline the stock can
head towards the targets of ` 3385 -- `3420 followed by `3800 in the
midterm.
We recommend buy at CMP and again on dips up to `3140--` 3155 with a
stop loss placed below 3084 for aforementioned targets.
Contact: +91 22 67415443

4. DAILY REPORT
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