Daily Equity News Letter 01-12-2011

MARKET WRAP FOR EQUITY

·         Indian market ends significantly up; Nifty was up 27 pts, Sensex up 115 pts.

·         Euro Unemployment rate came at 10.3%; CPI Flash estimate y/y came at 3%.

·         European markets were green with DAX leading; Dow Futures was up 72 pts.

It was a choppy day for market which traded up and down for the most part but managed to rally towards end to give a positive closing. Nifty was up 27 pts at 4832 & Sensex was up 115 pts to settle at 16123. Euro markets were green with DAX up 97 pts at 5386, FTSE up 49 pts at 5386 & CAC up 31 pts at 3057. Dow future was up 72 pts.
 

CH NIFTY OUTLOOK

Trend: – Consolidate           

Resistance: – 4900, 4980

Support: – 4760, 4660      

Strategy:       – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 8750, 9050

Support: – 8400, 8200

Strategy: – Sell on high

Stock Recommendation

Money CapitalHeight’sstock recommendation for 01/12/11 is Sterlite Industries.
Sterlite Industries has been in downtrend in the long run as well as in short term making lower tops and lower bottoms. The stock is following an downward wedge formation ans the stock today has breached the support of this wedge downwards indicating weakness. Also today Sterlite Industries has lost more than 3% making an low of 98 to end at 99.3. Sterlite Industries is expected to test the level of 90 in the near term

Our recommendation on Sterlite Industries is SELLbelow 99 for Tg of 98 & 96.5

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