Daily Equity News Letter 13-12-2011

MARKET WRAP FOR EQUITY

·         Indian market ends significantly down; Nifty down 102pts, Sensex down 343pts.

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

·         European markets were red with DAX worst; Dow Futures was down 82 pts.

Bad IIP data took their toll on markets with both indices breaching their psychologically important levels of 16,000 & 4800. Nifty was down 102pts at 4764 & Sensex down 343pts to settle at 15870. Euro markets were red with DAX down 81 pts at 5905, FTSE down 19pts at 5510 & CAC down 30pts at 3142. Dow future was down 82pts.
 

CH NIFTY OUTLOOK

Trend: – Consolidate           

Resistance: – 4860, 4960

Support: – 4700, 4600      

Strategy:       – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 8800, 9000

Support: – 8370, 8100

Strategy: – Sell on high

Stock Recommendation

Money CapitalHeight’sstock recommendation for 13/12/11 is State Bank of India.
State Bank of India has been in downtrend from the past few months making lower tops & lower bottoms. State Bank of India has recently tested its long term resistance line (lower top), and has come down. The stock after making an lower top now is ready to make new lower low in order to continue to its trend. Today stock has made an long bearish candle indicating bearishness in the near term. State Bank of India has lost near about 5% today making an low of 1763 to end at 1772. State Bank of India is expected to test the level of 1730 in the near term and may test 1600 in the medium term.

Our recommendation on State Bank of India is SELLbelow 1763 for Tg- 1756 & 1742

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