Daily Equity News Letter 30-12-2011

MARKET WRAP FOR EQUITY

·         Indian market ends significantly down; Nifty down 60 pts, Sensex down 184 pts.

·         Europe’s M3 Money supply y/y came at 2.0%; Private loans y/y came to 1.7%.

·         European markets were green with DAX leading; Dow Futures was up 19 pts.

On F&O expiry market witnessed thin volumes but significant volatility. Indices tried to enter in positive zone but failed & ended near day’s lows. Nifty was down 60 pts at 4645 & Sensex down 184 pts to settle at 15544. Euro markets were green with DAX up 23 pts at 5794, FTSE up 10 pts at 5517 & CAC up 5 pts at 3076. Dow future was up 19 pts.

CH NIFTY OUTLOOK

Trend: – Consolidate           

Resistance: – 4730, 4800

Support: – 4580, 4500      

Strategy:       – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 8220, 8450

Support: – 7820, 7600

Strategy: – Sell on high     

Stock Recommendation

Money CapitalHeight’s stock recommendation for 30/12/11 is Reliance Industries.

Reliance Industries has been in downtrend from the past few months making lower tops

& lower bottoms. The stock after making a lower top has come down in order to continue to its trend. Reliance Industries has also made a head & shoulder pattern (indicating bearishness) and currently is there on its neckline. It is expected that it should break its neckline and may go down in order to respect its pattern. The stock today has made a long bearish candle indicating bearishness in the near term; Reliance Industries if breaks the level of 700 is expected to test the level of 610 and further if continued may test the level of 560 in the medium term.

Our recommendation on Reliance Industries is SELL below 707 for Tg- 700 & 690

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