Daily Equity News Letter 28-12-2011
· Indian market ends with moderate loss; Nifty down 28 pts, Sensex down 97 pts.
· U.S Unemployment claims came at 364K; Existing Home sales came at 4.42M.
· European markets were green with DAX leading; Dow Futures was up 7 pts.
The markets traded range-bound for most part of the day but lost in the last one hour to close with moderate declines. Nifty was down 28 pts at 4750 & Sensex down 97 pts to settle at 15874. Euro markets were green with DAX up 25 pts at 5904, FTSE was closed today & CAC up 14 pts at 3116. Dow future was up 7 pts at 12224.
Trend: – Consolidate
Resistance: – 4820, 4900
Support: – 4680, 4600
Strategy: - Sell on high
Trend: – Consolidate
Resistance: – 8500, 8700
Support: – 8100, 7900
Strategy: – Sell on high
Money CapitalHeight’s stock recommendation for 28/12/11 is Infosys Technologies.
Infosys Technologies has been in downtrend from the past few months making lower tops & lower bottoms. Infosys Technologies is also making a short term symmetrical triangle and is currently there on its resistance hence is expected to go down. Infosys Technologies is also there on its 200 DMA and if it breaks this level then may go down. Although its medium term outlook would be decided by the breakout of Symmetrical triangle in either way but in short term the stock is expected to test its support level from this resistance level. Today Infosys Technologies has made a spinning top indicating indecision. The stock is expected to test the level of 2700 in the near term.
Our recommendation on Infosys Tech is SELL below 2750 for Target of 2730 & 2700.
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