Weekly Equity Report by www.capitalheight.com 12-12-11 TO 16-12-2011

MARKET WRAP OF WEEKLY EQUITY

·         Indian market ends significantly down with loss of 3.7% throughout the week.

·         U.S. Trade Balance came at (-) 43.5B while Unemployment claims came at 381K.

·         Global markets ended mixed; Asian losing 0.6-2.4% while US gaining 0.8-1.4%.

Indian markets faced negativity across all sectors during the week as investors continued to shun risk amid growing evidence of a slowdown in the domestic economy. Realty, metal, oil & gas and capital goods were the biggest losers. Negative global cues played their role in dampening the sentiments. Nifty & Sensex both lost around 3.7% this week. Nifty is expected to show short covering this week, the level of 5180 may proves to be important resistance level, while its support is at around 4700.

Food inflation witnessed a sharp moderation to 6.6% for the week ended Nov 26 from 8% in the previous week as prices of potatoes, onions and wheat become cheaper. The GDP recorded at 6.9%, this or worse could be the reading for the next four quarters that has led to widespread demands for a quick cut in interest rates.Inflation in primary articles was up 6.92% compared to 7.74% in the previous week. Fuel and power inflation remains unchangedat 15.53% vs. 15.53% last week.

European Union (EU) leaders have agreed on new rules for budget discipline among its member nations but failed to reach a consensus on treaty changes on reported resistance. European markets ended mixed this week ranging 0.3% to (-)1.5% with DAX worst; U.S markets gains 0.8 to 1.4% with DJIA gaining 1.4%, S&P 500 up 0.9%, NASDAQ ending 0.8% up.  Asian markets on the other hand made losses with Hang Seng losing 2.4%, Nikkei losing 1.25%, Seoul down 2.1%, Strait times lost 2.9%.

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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