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Daily Equity NewsLetter 02-01-12
Daily Equity NewsLetter 02-01-12
January 2, 2012 Trade news in Indore,Madhya Pradesh, India, Republic of
CapitalHeight’s stock recommendation for 02/01/12 is Reliance Industries. Reliance Industries has been in downtrend from the past few months making lower tops & lower bottoms.
FOR IMMEDIATE RELEASE
Indore,
Madhya Pradesh,
India, Republic of
(Free-Press-Release.com) January 2, 2012 --
Stock Recommendation
CapitalHeight’s stock recommendation for 02/01/12 is Reliance Industries.
Reliance Industries has been in downtrend from the past few months making lower tops
& lower bottoms. The stock after making a lower top has come down in order to
continue to its trend. Reliance Industries has also made a head & shoulder pattern
(indicating bearishness) and today it has break its neckline. It is expected that from here
it should go down in order to respect its pattern. The stock today has made a long
bearish candle indicating bearishness in the near term; Reliance Industries is expected
to test the level of 610 and further if continued downtrend may test the level of 560 in
the medium term.
Our recommendation on Reliance Industries is SELL below 689 for Tg- 682 & 670
MARKET WRAP FOR EQUITY
• Indian market ends moderately down; Nifty down 22 pts, Sensex down 89 pts.
• U.S. Unemployment claims came at 381K; Pending Home sales m/m at 7.3%.
• Euro markets were mixed with DAX leading; Dow Futures was down 19 pts.
It was a choppy session for the Indian market which closed near the low point of the day and with modest losses. Nifty was down 22 pts at 4624 & Sensex down 89 pts to settle at 15455. Euro markets were mixed with DAX up 16 pts at 5865, FTSE down 19 pts at 5547 & CAC up 7 pts at 3134. Dow future was down 19 pts at 12198
CH NIFTY OUTLOOK
NIFTY LEVELS
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 4560 SUPP 2: 4480
RES 1: 4715 RES 2: 4785
CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 7785 SUPP 2: 7550
RES 1: 8090 RES 2: 8270
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