Equity Market News By Money CapitalHeight

The market slide down after global credit rating agency S&P cutting outlook on India's long-term rating to negative from stable

INDORE, India (prHWY.com) April 26, 2012 - MARKET WRAP FOR EQUITY
 Indian market was range bound, Nifty down 20pts & Sensex by 56pts.
 Asian stocks were positive on solid demand for Spain and Dutch debt auction.
 US core durable goods m/m -1.1%, durable goods -4.2%, Dow future up 57pts.
The market slide down after global credit rating agency S&P cutting outlook on India's long-term rating to negative from stable. Nifty down 20pts settles at 5202 & Sensex by 56pts settles at 17151.IT was biggest loser. Euro markets were green, CAC up 62pts at 3231, DAX by 100pts at 6691& FTSE by 11pts at 5721.Dow Futures up 57pts.
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5160
SUPP 2: 5070
RES 1: 5280
RES 2: 5365
CH BANK NIFTY OUTLOOK
BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 10050
SUPP 2: 9910
RES 1: 10440
RES 2: 10620
Stock Recommendation
CapitalHeight's stock recommendation for 26/04/12 is ABB. ABB has breach its support level in today's trading session and made a low of 778.The stock has being consolidating on its support level from last many trading session. It has given the break out with good volume and form a very strong bearish candle, which shows strong selling pressure. In short term some more bearish trend can be expected.ABB can test the level of 770-768, and in the near term continuing the trend may test the level of 750.
Our recommendation on ABB is SELL below 778 for the Tg of 770 & 764

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Categories: Finance

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