Daily Equity News Letter 20-12-2011

MARKET WRAP FOR EQUITY

·         Indian market ends significantly down; Nifty down 38 pts, Sensex down 112 pts.

·         European Current account came at (-) 7.5B; Italian trade bal. came at (-) 1.08B.

·         European markets were green with DAX leading; Dow Futures was up 54 pts.

The markets faced immense selling pressure throughout the day but recovered significantly in the last hour of trade. Nifty was down 38 pts at 4613 & Sensex down 112 pts to settle at 15379.Euro markets were green with DAX up 64 pts at 5765, FTSE up 19 pts at 5406 & CAC up 31 pts at 3003. Dow future was up 54 pts.

CH NIFTY OUTLOOK

Trend: – Consolidate           

Resistance: – 4680, 4770

Support: – 4550, 4450      

Strategy:       – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 8100, 8300

Support: – 7800, 7600

Strategy: – Sell on high

Stock Recommendation

Money CapitalHeight’s stock recommendation for 20/12/11 is JSW STEEL.
JSW STEEL has been in downtrend from the past few months making lower tops & lower bottoms. JSW STEEL also support the 100 day’s moving average after testing it has came down. Tata Motors is also made a head & shoulder pattern and has breached it, its conservative target as per head & shoulder pattern 440 and further if it continued its downtrend it may go to 360. JSW STEEL is currently is there on its long term support level breaking of which may go down sharply. Today stock has made an lost more than 3% indicating bearishness in the near term, JSW STEEL if breaks the level of 478 may go down to 440.

Our recommendation on JSW STEEL is SELLbelow490for Tg- 482 & 470.

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