Daily Equity News Letter 12-12-2011

MARKET WRAP FOR EQUITY

·         Indian market ends significantly down; Nifty down 77pts, Sensex down 275pts.

·         Britain’s Trade Balance came at (-) 7.6B while PPI Input m/m came at 0.0%.

·         European markets were green with CAC leading; Dow Futures was up 118 pts.

Negativity prevailed across all sectors during the week and both benchmark indices and all sectoral indices closed with significant losses. Nifty was down 77 pts at 4866 & Sensex down 275 pts to settle at 16213. Euro markets were green with DAX up 111 pts at 5985, FTSE up 46 pts at 5530 & CAC up 62 pts at 3157. Dow future was up 118 pts.
 

CH NIFTY OUTLOOK

Trend: – Consolidate           

Resistance: – 4960, 5060

Support: – 4770, 4670      

Strategy: – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 9040, 9250

Support: – 8640, 8450

Strategy: – Sell on high

Stock Recommendation

Money CapitalHeight’s stock recommendation for 12/12/11 is Bajaj Auto.
Bajaj Auto has been in uptrend from the past few months making higher tops & higher bottoms. But Bajaj Auto currently is being there on its one of important support line which if it breaks may go down to test its long term support level of its uptrend. Also today stock has made an long bearish candle indicating bearish signal in the near term. Bajaj Auto has lost more than 3.5% today making an low of 1656.5 to end at 1670.35. Bajaj Auto if breaks the level of 1656 is expected to test the level of 1600-1580 in the near term.

Our recommendation on Bajaj Auto is SELLbelow 1656 for Tg- 1648 and 1638.

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