Daily Equity News Letter 05-01-2012
· Indian market ends moderately down; Nifty down 16 pts, Sensex down 57 pts.
· Britain’s Construct. PMI came at 53.2; M4 money supply m/m came to (-) 0.6%
· European markets were red with CAC worst; Dow Jones was down 28 pts.
It was a subdued day for Indian market which opened flat and traded within a narrow range on the back of mixed global cues. Nifty was down 16 pts at 4749 & Sensex down 57 pts to settle at 15882. Euro markets were red with DAX down 42 pts at 6124, CAC down 26 pts at 3219 and FTSE down 2 pts at 5698. Dow futures were down 28 pts.
Trend: – Consolidate
Resistance: – 4840, 4920
Support: – 4680, 4590
Strategy: – Sell on high
Trend: – Consolidate
Resistance: – 8600, 8800
Support: – 8200, 8000
Strategy: – Sell on high
Money CapitalHeight’sstock recommendation for 04/01/2012 is Bajaj Auto.
Bajaj Auto has been in uptrend from the past few months making higher tops and higher bottoms. The stock after making a higher bottom has gone down despite of going up as per its trend. Bajaj Auto has broken its uptrend and has come down sharply. Bajaj Auto, also respect its 200 DMA very well & after broking that level was unable to break its 200DMA once again and has resisted it resulting into today’s downfall. Bajaj Auto has made a long red candle indicating bearishness in the short term. Bajaj Auto has also break its resistance level showing weakness for near term. Bajaj Auto is expected to test the level of 1380-1375 in the near term.
Our recommendation on Bajaj Auto is SELLbelow 1419 for Target – 1410 & 1400.
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