Daily Equity News Letter 12-01-2012
· Indian market ends moderately up; Nifty was up 11 pts, Sensex was up 11 pts.
· Britain’s trade balance came at (-)8.6B; European Final GDP q/q came to 0.1%.
· European markets were red with FTSE worst; Dow Jones was down 29 pts.
It was a range-bound trade in the markets today with realty, metal and banking closing with significant gains. Nifty was up 11 pts at 4860 & Sensex up 11 pts to settle at 16176. Euro markets were red with DAX down 41 pts at 6121, CAC down 17 pts at 3194 and FTSE down 38 pts at 5659. Dow Futures was down 29 pts at 12442.
Trend: – Consolidate
Resistance: – 4920, 5000
Support: – 4780, 4700
Strategy: – Sell on high
Trend: – Consolidate
Resistance: – 9050, 9300
Support: – 8600, 8400
Strategy: – Sell on high
Money CapitalHeight’sstock recommendation for 12/01/2012 is Indiabulls real estate.
Indiabulls Real Estate 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 Indiabulls Real Estate has break its 50DMA and is now ready to test its 100DMA which is at around 60 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 a long bullish candle gaining more than 6.5%. Indiabulls Real Estate may test the level of 58 in the near term and if continued may test 60-61.
Our recommendation on Indiabulls Real Estate is BUYabove 56.7for Target 57.2 & 58.
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