Daily Equity News Letter 08-12-2011

MARKET WRAP FOR EQUITY

·         Indian market ends with moderate gains; Nifty was up 24 pts,Sensex up 71 pts.

·         French Trade balance came at (-) 6.2B; Italian Ind. Prod m/m came at (-) 0.9%.

·         European markets were green with CAC leading; Dow Futures was up 68 pts.

Market lost significantly in last one hour to close with moderate gains. IT was biggest gainer in today’s session with FMCG, realty, capital goods. Nifty was up 23 pts at 5062 & Sensex up 72 pts to settle at 16877. Euro markets were green with DAX up 28 pts at 6156, FTSE up 23 pts at 5592 & CAC up 34 pts at 3214. Dow future was up 68 pts.
 

CH NIFTY OUTLOOK

Trend: – Consolidate           

Resistance: – 5120, 5200

Support: – 4990, 4880      

Strategy: – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 9370, 9550

Support: – 9000, 8800

Strategy: – Sell on high

Stock Recommendation

Money CapitalHeight’s stock recommendation for 08/12/11 is Hindalco Industries.
Hindalco Industries has been in downtrend from the past few months making lower top & lower bottom. The stock currently is trading on its resistance level and today has made an grave stone doji indicating bearish signal in the near term, also it has been expected that this point may be its lower top level and may go down from this level.  Also Hindalco Industries is near to its 100 Days moving average which act as strong resistance level hence we can say that there is not much upside level for Hindalco Industries. Hindalco Industries is expected to test the level of 130 in the near term

Our recommendation on Hindalco Industries is SELLbelow 136.5 for Tg- 134.5 & 131.

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