Daily Equity News Letter 09-12-2011

MARKET WRAP FOR EQUITY

·         Indian market ends significantly down; Nifty down 119pts, Sensex down 389pts.

·         Britain’s official bank rate came at 0.5%, Asset purchase facility came at 275B.

·         European markets were green with DAX leading; Dow Futures was up 6 pts.

Markets closed with substantial losses with all sectoral indices closing deeply in the red. Banking, realty was the worst performers in today’s session. Nifty was down 119 pts at 4943 & Sensex down 389 pts to settle at 16488. Euro markets were green with DAX up 35pts at 6030, FTSE up 31pts at 5578 & CAC up 6pts at 3181. Dow future was up 6pts.
 

CH NIFTY OUTLOOK

Trend: – Consolidate           

Resistance: – 5100, 5200

Support: – 4870, 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’s stock recommendation for 09/12/11 is Idea Cellular.
Idea Cellular has been in uptrend from the past few months making higher top & higher bottom. But Idea Cellular today has break its long term support line from where it was expected to take support & go up indicating bearishness. Also the stock has made an long bearish candle indicating bearish signal in the near term. Idea Cellular if breaks the level of 86 is expected to test the level of 84 in the near termis expected to test the level of 130 in the near term.

Our recommendation on Idea Cellular is SELLbelow 87 for Target of 86 and 84.

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