Daily Equity Report 16-May-2012

Nifty 35pts settles at 4942 & Sensex by 112pts settles at 16328.Metals & IT sectors were biggest gainer. Euro markets were flat, DAX up 8pts at 6460.

Indore, India (prHWY.com) May 16, 2012 - MARKET WRAP FOR EQUITY

* Indian market remains positive, Nifty up by 35pts & Sensex 112pts.
* US Core CPI m/m at 0.2%, Retail sales at 0.1%, Core retail sale at 0.1%.
* Investors worried on rising Italian & Spanish bond yields, Dow future up 45pts.

The Indian indices consolidate with positive biasness on data showed FIIs bought shares for the third day in a row. Nifty 35pts settles at 4942 & Sensex by 112pts settles at 16328.Metals & IT sectors were biggest gainer. Euro markets were flat, DAX up 8pts at 6460, CAC by 13pts at 3071 & FTSE down by 8pts at 5457.Dow Futures up 45pts.
CH NIFTY OUTLOOK
NIFTY TREND: BEARISH
NIFTY SPOT LEVELS:
SUPP 1: 4810
SUPP 2: 4740
RES 1: 4940
RES 2: 5035
CH BANK NIFTY OUTLOOK
BANK NIFTY FUTURE LEVELS:
SUPP 1: 9075
SUPP 2: 8690
RES 1: 9440
RES 2: 9650

Stock Recommendation
CapitalHeight's stock recommendation for 16/05/12 is Gail India. Gail had breached its 52 weeks low & now consolidating on its new low of 315 that is also its support level. The stock is looking very weak on the chart & its major trend is bearish. In today's trading session also it is consolidating with negative biasness. In upcoming session it may show some more downward trend if it crosses its support level. Gail can test the level of 308-307, & in near term continuing the trend may test the level of 297.
Our recommendation on Gail India is SELL below 315 for the Tg of 311 & 307.

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