Daily Equity News Letter 21-12-2011

MARKET WRAP FOR EQUITY

·         Indian market ends significantly down; Nifty down 69 pts, Sensex down 204 pts.

·         German PPI m/m came at 0.1%; German IFO Business climate came to 107.2.

·         European markets were green with DAX leading; Dow Futures was up 94 pts.

It was a volatile day for markets with both indices closing with significant losses. Metal and capital goods remained the worst performers. Nifty was down 69 pts at 4544 & Sensex down 204 pts to settle at 15175. Euro markets were green with DAX up 94 pts at 5734, FTSE flat 2pts at 5365 & CAC up 36 pts at 3010. Dow future was up 94 pts.

CH NIFTY OUTLOOK

Trend: – Consolidate           

Resistance: – 4640, 4730

Support: – 4480, 4400      

Strategy:- Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 8020, 8230

Support: – 7630, 7400

Strategy: – Sell on high

Stock Recommendation

Money CapitalHeight’s stock recommendation for 21/12/11 is DLF Ltd.
DLF Ltd has been in downtrend from the past few months making lower tops & lower bottoms. DLF Ltd is also made a head & shoulder pattern and has breached it, its conservative target as per head & shoulder pattern is 165 and further if it continued its downtrend it may go to the level of 145. DLF Ltd also support the 200 day’s moving average after testing it has came down. Today stock has lost more than 2.2% and has made an long bearish candle indicating bearishness in the near term, DLF Ltd if breaks the level of 184 may go down to 175..

Our recommendation on DLF Ltd is SELLbelow184for the target of – 181 and 177.

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