Daily Equity News Letter 05-12-2011

MARKET WRAP FOR EQUITY

·         Indian market ends significantly up; Nifty was up 113 pts, Sensex up 363 pts.

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

·         European markets were green with CAC leading; Dow Futures was up 127 pts.

 It was a strong close for the Indian market following a rally which posted broad gains in most sectors, like banks, metals, oil & gas and auto. Nifty was up 113 pts at 5050 & Sensex up 363 pts to settle at 16846. Euro markets were green with DAX up 102 pts at 6138, FTSE up 83 pts at 5572 & CAC up 57 pts at 3187. Dow future was up 127 pts.
 

CH NIFTY OUTLOOK

Trend: – Consolidate           

Resistance: – 5140, 5200

Support: – 4960, 4860      

Strategy:       – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 9380, 9560

Support: – 9000, 8800

Strategy: – Sell on high

Stock Recommendation

Money CapitalHeight’sstock recommendation for 05/12/11 is DLF ltd.
DLF ltd has broken an symmetrical triangle pattern in an upward node before few weeks indicating Bullishness. The stock after testing its resistance has come down and now again has broken its upward trendline. Also today DLF ltd. has closed just above its 200 DMA, DLF ltd. if would be able to sustain to remain above 200 DMA then would go up.
If it breaks the level of 226 then is expected to test the level of 242-250 in near term.

Our recommendation on DLF Ltd. ltd is BUYabove 226 for the Target of 229 & 236.

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