Daily Equity News Letter 02-12-2011

MARKET WRAP FOR EQUITY

·         Indian market ends significantly up; Nifty was up 105 pts, Sensex up 360 pts.

·         Britain’s manufacturing PMI came better than expected at 47.6 versus. 47.1.

·         European markets were mixed with DAX worst; Dow Futures was down 34 pts.

It was a good day for market which saw indices post significant gains with big volumes though Nifty was not able to sustain 5000 level. Nifty was up 105 pts at 4937 & Sensex up 360 pts to settle at 16483. Euro markets were mixed with DAX down 47 pts at 6041, FTSE up 16 pts at 5521 & CAC down 22 pts at 3132. Dow future was down 34 pts.
 

CH NIFTY OUTLOOK

Trend: – Consolidate     

Resistance: – 5020, 5100

Support: – 4860, 4760         

Strategy:    – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 9100, 9300

Support: – 8700, 8500

Strategy: – Sell on high

Stock Recommendation

Money CapitalHeight’sstock recommendation for 02/12/11 is Larsen & Toubro.
Larsen & Toubro 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 channel formation, the stock has made an new lower top and today after making an gap up opening has resist its resistance level and from here the stock is ready to make its new lower bottom. Also today Larsen & Toubro was not able to close above its 200DMA indicating weakness. Larsen & Toubro is expected to test the level of 1250 in the near term.

Our recommendation on Larsen & Toubrois SELLbelow 1285 for Tg of 1277 & 1267.

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