Daily Equity News Letter 14-12-2011

MARKET WRAP FOR EQUITY

·         Indian market ends significantly up; Nifty was up 36 pts, Sensex up 132 pts.

·         Britain’s CPI y/y came at 4.8% vs 4.8% while RPI y/y came at 5.2% vs 5.1%.

·         European markets were green with DAX leading; Dow Futures was up 71 pts.

Indian markets closed with substantial gains, barring capital goods and consumer durables, all sectoral indices closed positive. Nifty was up 36 pts at 4800 & Sensex up 132 pts to settle at 16002. Euro markets were green with DAX up 42 pts at 5828, FTSE up 38 pts at 5465 & CAC up 7 pts at 3096. Dow future was up 71 pts.

CH NIFTY OUTLOOK

Trend: – Consolidate           

Resistance: – 4870, 4960

Support: – 4720, 4640      

Strategy: – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 8800, 9000

Support: – 8350, 8150

Strategy: – Sell on high

Stock Recommendation

Money CapitalHeight’sstock recommendation for 14/12/11 is Reliance Industries.
Reliance Industries has been in downtrend from the past few months making lower tops & lower bottoms. The stock after making a lower bottom now is ready to make new lower high in order to continue to its trend. Reliance Industries is also making a wedge in the short term and currently is there on its support level and now it is expected that it would resist its lower level and may go up from this level in the near term. Today stock has recovered well and has gain more than 2% making an intraday high of 746 to end at 742.3. Reliance Industries is expected to test the level of 770 in the near term.

Our recommendation on Reliance Industries is BUY above 748 for Tg- 755 & 764

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