Weekly Equity Report by www.capitalheight.com 05-12-11 TO 02-12-2011

MARKET WRAP OF WEEKLY EQUITY

·         Indian market ends with significant gains of around 7.3% throughout the week.

·         U.S. Prelim GDP q/q came at 2.0% while Unemployment claims came at 393K.

·         Global markets ended up with Asian gaining 4 to 8% while US gaining 7 to 7.6%.

Indian markets made biggest weekly gains for the in 2.5 years despite witnessing highs & lows throughout on mixed cues emanating from global markets. Relief rallies based on short-covering & profit booking amidst much volatility were the highlights of the past few days’ trade. Bank Nifty was the biggest gainer this week. Nifty & Sensex both gains around 7.3% this week. Nifty is expected to remain consolidate this week; the level of 5250 may proves to be a important resistance level, while its support is at around 4700.

Food inflation witnessed a sharp moderation to 8% for the week ended Nov 19 from 9.01% in the previous week as prices of potatoes, onions and wheat become cheaper. Inflation in non-food articles, which includes fibres, oilseeds and minerals, was recorded at 2.14% during the week, as against 4.05% in the previous week ended November 12.Inflation in primary articles recorded at 7.74% compared to 9.08% in the previous week. Fuel and power inflation stood at 15.53% vs. 15.49% in the previous week.

European stocks rallied, as comments from the German and French leaders reinforced expectations that a credible plan to tackle the euro zone debt crisis could be at hand. European markets were green this week gaining 7.5-11% with CAC leading with 10.9% gains; U.S markets gains 7 to 7.6% with DJIA gaining 7%, S&P 500 up 7.4%, NASDAQ ending 7.6% up.  Asian markets also made handsome gains with Hang Seng gaining 7.6%, Nikkei gaining 6%, Seoul up 7.9%, Strait times gaining 5%.

Technical Views

NIFTY

Trend: – Consolidate

Resistance: – 5200, 5400

Support: – 4850, 4600

Strategy: – Sell on High

BANK NIFTY

Trend: – Consolidate

Resistance: – 9600, 10000

Support: – 8050, 7700

Strategy: – Sell on High

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