Daily Equity News Letter 04-01-2012

MARKET WRAP FOR EQUITY

·         Indian market ends significantly up; Nifty up 128 pts, Sensex was up 421 pts.

·         Britain’s Manufacturing PMI came better than expected at 49.6 versus 47.4.

·         European markets were mixed with FTSE leading; Dow Jones was up 205 pts.

It was a good day for Indian market which opened gap-up & then, moved from strength following a pullback in beaten-down sectors. Nifty was up 128 pts at 4765 & Sensex up 421 pts to settle at 15939. Euro markets were mixed with DAX up 56pts at 6132, CAC down 16pts at 3206, FTSE was up 62pts at 5634. Dow futures was up 205 pts.

CH NIFTY OUTLOOK

Trend: – Consolidate           

Resistance: – 4840, 4920

Support: – 4680, 4590      

Strategy: – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 8550, 8750

Support: – 8150, 7900

Strategy: – Sell on high

Stock Recommendation

Money CapitalHeight’sstock recommendation for 04/01/2012 is Axis Bank.
Axis Bank has been in downtrend from the past few months making lower tops and lower bottoms. The stock recently has also made a Head & shoulder pattern and has achieved the target for that. Axis Bank after making a lower bottom is now ready to make its new lower top in order to continue its trend. Today, Axis Bank has made a long green candle indicating bull run in the short term, Axis Bank has also break its short term resistance level showing strength for near term. The stock today has gain 5.4%; Axis Bank is expected to test the level of 885-900 in the near term.

Our recommendation on Axis Bank is BUY above842 for Target – 850 & 860.

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