Daily Equity News Letter 22-12-2011
· Indian market ends significantly up; Nifty was up 149 pts, Sensex up 510 pts.
· Britain’s MPC Meeting min came at 0-0-9; Public sector net borrowing at 15.2B.
· European markets were green with DAX leading; Dow Futures was up 42 pts.
Indian equity markets made significant gains today with all sectoral indices closed positive with banking outperforming all other sectors. Nifty was up 149 pts at 4693 & Sensex up 510 pts to settle at 15685. Euro markets were green with DAX up 25 pts at 5872, FTSE up 13 pts at 5462 & CAC up 11 pts at 3066. Dow future was up 42 pts.
Trend: – Consolidate
Resistance: – 4760, 4850
Support: – 4620, 4540
Strategy: – Sell on high
Trend: – Consolidate
Resistance: – 8420, 8650
Support: – 8000, 7800
Strategy: – Sell on high
Money CapitalHeight’s stock recommendation for 22/12/11 is Reliance Industries.
Reliance Industries has been in downtrend from the past few months making lower tops & lower bottoms. Reliance Industries also support the 200 day’s moving average after testing it has came down. Reliance Industries has also made a head & shoulder pattern and was not able to break its neckline, it has taken support of this neckline and has gone up from this level. The stock if continue to go up then may test its upper neckline whose level is at around 800. Today Reliance Industries has gain more than 4.8% and has made an long bullish candle indicating its strength in the near term, Reliance Industries if breaks the level of 756 may go to 775.
Our recommendation on Reliance Industries is BUY above756for Tg- 762 & 772
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