Daily Equity News Letter 27-12-2011

MARKET WRAP FOR EQUITY

·         Indian market end significantly up; Nifty was up 65 pts, Sensex was up 232 pts.

·         U.S Unemployment claims came at 364K; Existing Home sales came at 4.42M.

·         Euro markets were closed due to Christmas although were positive at closing.

The markets started the trade on a quiet note but gained significantly as the day progressed and closed with robust gains. Nifty was up 65 pts at 4779 & Sensex up 232 pts to settle at 15970. It was Europe’s Holiday on the Christmas occasion but their closing was green with almost 0.5 to 1% up. Dow future ended up 35 pts.

CH NIFTY OUTLOOK

Trend: – Consolidate           

Resistance: – 4840, 4920

Support: – 4700, 4620      

Strategy:       – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 8550, 8750

Support: – 8200, 8000

Strategy: – Sell on high     

Stock Recommendation

Money CapitalHeight’s stock recommendation for 27/12/11 is Axis Bank.
Axis Bank has been in downtrend from the past few months making lower tops & lower bottoms. Axis Bank after making lower low has retrace make its lower top but also Axis Bank is following an short term trendline & has resisted that level. The stock has resisted and may go down for the short term. it has break its 200 DMA then may go down from this level. Today Axis Bank in positive market has lost around 1% indicating weakness in the near term. The stock is expected to test the level of 840 in the near term.

Our recommendation on Axis Bank is SELLbelow 867 for Target of 860 & 850.

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