Daily Equity News Letter 30-11-2011

MARKET WRAP FOR EQUITY

·         Indian market ends significantly down; Nifty down 46 pts, Sensex down 159 pts.

·         Britain’s M4 Money Supply m/m came to (-) 0.3% while HPI m/m came at 0.4%.

·         European markets were green with CAC leading; Dow Futures was up 57 pts.

Short-covering in all sectors led to a relief rally in the Indian market which traded firm

throughout the day and closed with strong gains. Nifty down 46 pts at 4805 & Sensex

was down 159 pts to settle at 16008. Euro markets were green with DAX up 19 pts at

5764, FTSE up 9 pts at 5322 & CAC up 17 pts at 3030. Dow future was up 57 pts.
 

CH NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 4900, 4970

Support: – 4720, 4640

Strategy: – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 8830, 9100

Support: – 8420, 8200

Strategy: – Sell on high

Stock Recommendation

Money CapitalHeight’sstock recommendation for 30/11/11 is Hero Moto Corp.

Hero Moto Corp has been in uptrend in the long run making higher tops and higher bottoms. The stock is following an upward channel formation as the stock has recently  tested its support line (Channel support) therefore is expected to go up. Also today Hero Moto Corp has taken support of its 100 DMA and ended up gaining 1.4% with good volumes indicating Bullish signal in the near term . Hero Moto Corp is expected to test the level of 2100 in the near term.

Our recommendation on Hero Moto Corp is BUY above 2080 for Tg of 2090 & 2110.

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