Daily Equity News Letter 10-01-2012
· Indian market ends almost flat; Nifty was down 4 pts, Sensex was down 34 pts.
· German Industrial Production m/m came less than expected at (-) 0.6%.
· European markets were red with DAX worst; Dow Jones was flat at (-) 4 pts.
It was a flat and choppy day of trade which saw thin volumes and lacklustre moves close with marginal losses. Nifty was down 4 pts at 4742 & Sensex down 34 pts to settle at 15815. Euro markets were red with DAX down 33 pts at 6024, CAC down 10 pts at 3127 and FTSE down 14pts at 5636. Dow Futures was flat at 12305.
Trend: – Consolidate
Resistance: – 4820, 4900
Support: – 4680, 4590
Strategy: – Sell on high
Trend: – Consolidate
Resistance: – 8700, 8900
Support: – 8300, 8100
Strategy: – Sell on high
Money CapitalHeight’s stock recommendation for 10/01/2012 is Pantaloon Retail.
Pantaloon Retail has been in downtrend making lower tops and lower bottoms. The stock after making a lower bottom has come up to make its new lower top. But Pantaloon Retail after showing upward moment from past few days has resisted its important resistance level; today the stock has made an long bearish candle losing almost 3.5% from its gap up opening ended with loss of more than 1.5%. Pantaloon Retail is expected to go down in the short term level and may test the level of 138-137 in the near term.
Our recommendation on Pantaloon Retail is SELLbelow 144for Target – 142 & 139
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