Daily Equity News Letter 17-01-2012

MARKET WRAP FOR EQUITY

·         Indian market ends moderately up; Nifty was up 8 pts, Sensex up 35 pts.

·         U.S. trade balance came at (-) 47.8B; Unemployment claims came at 399K.

·         European markets were mixed with DAX leading; Dow futures was down 24pts.

The markets closed with moderate gains today with capital goods, IT, Auto & FMCG, made significant gains. Nifty was up 8 pts at 4874 & Sensex up 35 pts to settle at 16189. Euro markets were red with DAX up 27 pts at 6170, CAC down 6 pts at 3190 and FTSE flat at 5637. Dow Futures was down 24pts at 12366

CH NIFTY OUTLOOK

Trend: – Consolidate           

Resistance: – 4960, 5040

Support: – 4800, 4820      

Strategy:       – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 9180, 9400

Support: – 8750, 8550

Strategy: – Sell on high

Stock Recommendation

Money CapitalHeight’s stock recommendation for 17/01/2012 is Adani Enterprises.
Adani Enterprises was been in downtrend making lower tops and lower bottoms but before few days instead of making lower top and reverse back in order to make new lower bottom it has made breakout of its long term trend. The stock has also broken its important resistance level with good volumes and has closed very strong making a long bullish candle indicating bullishness in the near term. Today the stock has gain around 10% and is expected to test the level of 375-380 in the near term.

Our recommendation on Adani Enterprises is BUY above358 for Target 363 & 370.

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