Daily Equity News Letter 11-01-2012

MARKET WRAP FOR EQUITY

·         Indian market ends significantly up; Nifty up 107 pts, Sensex up 350 pts.

·         French Industrial Production m/m came better than expected at 1.1% vs 0.1%.

·         European markets were green with DAX leading; Dow Jones was up 98 pts.

Positive global cues made Indian market break out of 2-3 week trading range and move higher crossing important resistance levels. Nifty was up 107 pts at 4850 & Sensex up 350 pts to settle at 16165. Euro markets were green with DAX up 148 pts at 6165, CAC up 69 pts at 3196 and FTSE up 64 pts at 5676. Dow Futures was up 105 pts at 12442

CH NIFTY OUTLOOK

Trend: – Consolidate           

Resistance: – 4920, 5000

Support: – 4760, 4640      

Strategy:       – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 9000, 9200

Support: – 8500, 8300

Strategy: – Sell on high

Stock Recommendation

Money CapitalHeight’s stock recommendation for 11/01/2012 is Larsen & Toubro.
Larsen & Toubro 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. Also Larsen & Toubro is expected to test its 50DMA which is at around 1180-1185 where a resistance line would also be there and after testing it may come down to form its new lower bottom. Today the stock has made an long bullish candle gaining more than 4%. Larsen & Toubro may test the level of 1155 in the near term & if continued may test 1185.

Our recommendation on Larsen & Toubro is BUYabove 1035for Target– 1043 & 1055

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