Weekly Equity Report by www.capitalheight.com 19-12-11 TO 23-12-2011

MARKET WRAP OF WEEKLY EQUITY

·         Indian market ends significantly down with loss of 4.5% throughout the week.

·         RBI Credit Policy: Repo Rate unchanged at 8.5% and CRR unchanged at 6%.

·         Global markets ended down; Asian ranging 0.4 to (-) 1.9%; US losing 2.6-3.5%.

Negativity prevailed across all sectors during the week and both benchmark indices and all sectoral indices closed with significant losses. Capital goods, realty, banks and metal were the biggest losers. Negative financial data’s played their role in dampening the sentiments. Nifty & Sensex both lost around 4.5% this week. Nifty is expected to remain bearish this week, the level of 4550 may proves to be important support level breaking which it may tumbles, while its resistance is at around 4850.

RBI has kept its policy rates unchanged with CRR has been kept unchanged at 6%, repo rate unchanged at 8.5%, reverse repo at 7.5% while SLR is at 24%. Food inflation witnessed a sharp moderation to 4.35% for the week ended Dec3 from 6.6% in the previous week.Inflation in primary articles was up 5.48% compared to 6.92% in the previous week.Fuel and power inflation eased marginally at 15.24% vs. 15.53% last week, also there is no change in petrol prices in view of correction in rupee-dollar value.

Federal Reserve has maintained a status quo on its monetary policy, keeping borrowing costs at record low and holding the stimulus measures. European markets ended down this week ranging (-)3% to (-)6.3% with CAC worst; U.S markets lost 2.5 to 3.5% with DJIA losing 2.6%, S&P 500 down 2.8%, NASDAQ ending 3.5% down.  Asian markets on the other hand were mixed with Hang Seng losing 1.6%, Nikkei losing 1.6%, Seoul down 1.8%, Strait times lost 1.3% while Jakarta & KLSE were almost flat.

Technical Views

NIFTY

Trend: – Consolidate

Resistance: – 4900, 5100

Support: – 4550, 4400

Strategy: – Sell on High

BANK NIFTY

Trend: – Consolidate

Resistance: – 8800, 9200

Support: – 8150, 7800

Strategy: – Sell on High

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