Daily Equity News Letter 06-01-2012

MARKET WRAP FOR EQUITY

·         Indian market ends almost flat; Nifty was up 0.30 pts, Sensex down 26 pts.

·         Britain’s Services Public Manager’s Index came better than expected at 54.0.

·         European markets were red with CAC worst; Dow Jones was down 78 pts.

It was a see-saw day of trade for the Indian market which opened marginally positive and then traded within a tight range. Nifty was down 0.30 pts at 4750 & Sensex down 26 pts to settle at 15857. Euro markets were red with DAX down 54 pts at 6058, CAC down 33 pts at 3160 and FTSE down 38 pts at 5630. Dow futures was down 78 pts

CH NIFTY OUTLOOK

Trend: – Consolidate           

Resistance: – 4840, 4920

Support: – 4680, 4590      

Strategy:       – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 8600, 8800

Support: – 8200, 8000

Strategy: – Sell on high

Stock Recommendation

Money CapitalHeight’sstock recommendation for 06/01/2012 is JSW Steel.
JSW Steel has been in downtrend from the past few months making lower tops and lower bottoms. The stock after making a lower bottom has come up in order to respect its trend. JSW Steel is currently there on its upward resistance line and it is resisting its upward resistance level. It is expected that this point is its upward level and should come down from this level as this level may proves to be its lower top and it should go down from this level to make its new lower bottom, also JSW Steel respect its 100 DMA very well it has resisted its 100DMA. JSW Steel has made a long upper legged Doji indicating a doubt for further up move of stock. JSW Steel is expected to test the level of 540-545 in the near term.

Our recommendation on JSW Steel is SELLbelow 577 for Target – 572 & 564

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