Daily Equity News Letter 15-12-2011
· Indian market ends significantly down; Nifty down 37 pts, Sensex down 121 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 red with CAC worst; Dow Futures was up 36 pts.
Markets opened gap-down & thereafter subdued for most part of the morning but weak November inflation data brought in profit booking. Nifty was down 37 pts at 4763 & Sensex down 121 pts to settle at 15881.Euro markets were red with DAX down 71pts at 5703, FTSE down 56pts at 5434 & CAC down51 pts at 3027. Dow future was up 36pts.
Trend: – Consolidate
Resistance: – 4840, 4920
Support: – 4700, 4600
Strategy: – Sell on high
Trend: – Consolidate
Resistance: – 8700, 8900
Support: – 8350, 8150
Strategy: – Sell on high
Money CapitalHeight’sstock recommendation for 14/12/11 is Larsen & Toubro.
Larsen & Toubro has been in downtrend from the past few months making lower tops & lower bottoms. The stock after making an lower top has come down in order to continue to its trend. Larsen & Toubro is also following an downward channel and is expected further to go down from this level in the near term. Today stock has has made a Gravestone doji making an upper shadow indicating bearishness. Larsen & Toubro is expected to test the level of 1020 in the near term.
Our recommendation on Larsen & Toubro is SELLbelow1154 for Tg- 1146 & 1136
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