Daily Equity News Letter 30-01-2012

MARKET WRAP FOR EQUITY

·         Indian market ends significantly up; Nifty was up 46 pts, Sensex up 157 pts.

·         European M3 money supply y/y came less than expected at 1.6% vs 2.2%.

·         European markets were mixed with DAX leading; Dow futures were up 32 pts.

The markets closed with significant gains today with oil & gas, consumer durables, tech and metal were the lead gainers. Nifty was up 46pts at 5205 & Sensex up 157pts to settle at 17234. Euro markets were mixed with DAX up 17pts at 6557, CAC down 4pts at 3359 & FTSE down 10pts at 5786. Dow Futures was up 32pts.

CH NIFTY OUTLOOK

Trend: – Consolidate       

Resistance: – 5270, 5350

Support: – 5130, 5050     

Strategy: – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 10120, 10250

Support: – 9650, 9400

Strategy: – Sell on high

Stock Recommendation

Money CapitalHeight’s stock recommendation for 30/01/12 is DLF limited.
DLF being a real estate giant player as its industry has been in downtrend making lower tops & lower bottom. DLF has resisted its upward resistance line and this could proves to be its lower top and from this level it is expected that it should go down to make its new lower low as per its trend. DLF has also break its 200DMA and it is pointing down.; today the stock has lost significantly, making a long bearish candle indicating bearishness in the near term. DLF is expected to test the level of 207-205 in the near term continuing which may test the level of 195.

Our recommendation on DLF limited is SELLbelow211 for Tg of 209 & 206

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