Equity Market Newsletter By Money CapitalHeight

Nifty down 114pts settles at 4999 & Sensex by 366pts settles at 16546.Euro markets were flat, DAX down 4pts at 6565, CAC by 29pts at 3184 & FTSE up by 10pts at 5665

INDORE, India (prHWY.com) May 9, 2012 - MARKET WRAP FOR EQUITY

* Indian market remains negative, Nifty down by 114pts & Sensex 366pts.
* Asia-Pacific market mixed on uncertainty in Europe situation on election results.
* EUR German Industrial Production m/m 2.8%, Dow future down 15pts.
The Indian indices negative after RBI deputy governor Subir Gokarn state that the central bank has relatively little room to cut interest rates now. Nifty down 114pts settles at 4999 & Sensex by 366pts settles at 16546.Euro markets were flat, DAX down 4pts at 6565, CAC by 29pts at 3184 & FTSE up by 10pts at 5665.Dow Futures down 15pts.
CH NIFTY OUTLOOK
NIFTY TREND: BEARISH
NIFTY SPOT LEVELS:
SUPP 1: 4940
SUPP 2: 4880
RES 1: 5060
RES 2: 5170
CH BANK NIFTY OUTLOOK
BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 9460
SUPP 2: 9240
RES 1: 9740
RES 2: 9990

Stock Recommendation
CapitalHeight's stock recommendation for 09/05/12 is Indian Hotels. Indian Hotels has being consolidating on its very crucial support level of 60.The major trend in the stock is bearish, and it continuously trading below its 200DMA.In today's trading session also it trade on its level. If it able to breach its support level of 60 and trade below it than more down trend can be expected. Indian hotels can test the level of 59- 58, and in the near term continuing the trend may test the level of 55.
Our recommendation on Indian Hotels is SELL below 60 for the Tg of 59 & 58

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Categories: Finance

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