Daily Equity News Letter 23-12-2011

MARKET WRAP FOR EQUITY

·         Indian market ends significantly up; Nifty was up 41 pts, Sensex up 128 pts.

·         Britain’s Current account came at (-) 15.2B while Final GDP q/q came at 0.6%.

·         European markets were green with CAC leading; Dow Futures was up 50 pts.

After gap-down opening markets made a U-turn in last hour to close with gains. Realty, banking, consumer durables & auto were best performers. Nifty was up 41 pts at 4733 & Sensex up 128 pts to settle at 15813. Euro markets were green with DAX up 62 pts at 5853, FTSE up 61 pts at 5451 & CAC up 39 pts at 3069. Dow future was up 50 pts

CH NIFTY OUTLOOK

Trend: – Consolidate           

Resistance: – 4800, 4880

Support: – 4640, 4560      

Strategy:       – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 8420, 8650

Support: – 8000, 7800

Strategy: – Sell on high

Stock Recommendation

Money CapitalHeight’s stock recommendation for 23/12/11 is Axis Bank.
Axis Bank has been in downtrend from the past few months making lower tops & lower bottoms. Axis Bank is following an downward channel, after testing its lower trendline it has taken support of it and has gone up from this level. The stock is now ready to make new lower top in order to continue its trend. Today Axis Bank has gain more than 2.3% and has made an long bullish candle indicating its strength in the near term, The stock is expected to test the level of 890-900 in the near term & if breaks the level of 900 then may test 920.

Our recommendation on Axis Bank is BUY above878for the target of 885 and 895.

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