Daily Equity News Letter 09-01-2012

MARKET WRAP FOR EQUITY

·         Indian market ends almost flat; Nifty was up 4 pts, Sensex was up 11 pts.

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

·         European markets were green with CAC leading; Dow Jones was flat at 12330.

It was a see-saw day of trade for the Indian market which opened negative and then going up and lacklustre days. Nifty was up 4 pts at 4754 & Sensex up 11 pts to settle at 15867. Euro markets were green with DAX up 21 pts at 6117, CAC up 24 pts at 3168 and FTSE up 26 pts at 5650. Dow Futures was flat at 12330

CH NIFTY OUTLOOK

Trend: – Consolidate           

Resistance: – 4840, 4920

Support: – 4680, 4590      

Strategy: – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 8700, 8900

Support: – 8300, 8100

Strategy: – Sell on high

Stock Recommendation

Money CapitalHeight’sstock recommendation for 09/01/2012 is Bharti Airtel.
Bharti Airtel was been in uptrend from 2009 making higher tops and higher bottoms. The stock after making a higher top in Nov 2011 has come down to make its new higher bottom but despite of going up it has come down and has broken its uptrend. Bharti Airtel now is making new lower tops and lower bottoms Bharti Airtel now after making a new lower top has come down and is ready to make new lower bottom. Bharti Airtel today has made has long bearish candle indicating bearishness in the near term. Bharti Airtel is expected to test the level of 322-320 in the near term.

Our recommendation on Bharti Airtel is SELLbelow 329 for Target – 327 & 324.

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