Daily Equity Newsletter 17-August-2012

Nifty down by 17pts settle at 5363 & Sensex by 71pts settle at 17657. Euro markets red with CAC down by 5pts at 3444, FTSE by 10pts at 5822 and DAX flat at 6949. Dow Future down by 20pts.

Indore, India (prHWY.com) August 17, 2012 - MARKET WRAP FOR EQUITY

* India market ended lower, Nifty down by 0.32% and Sensex by 0.44%
* Asian pacific rose as low inflation gives China room to adjust monetary policy.
* GSB retail sale 0.3%, US unemployment claims 366K, building permits 0.81M.
Indian indices slide lower as investors pared expectations of further quantitative easing by US Federal Reserve following encouraging US economic data. Nifty down by 17pts settle at 5363 & Sensex by 71pts settle at 17657. Euro markets red with CAC down by 5pts at 3444, FTSE by 10pts at 5822 and DAX flat at 6949. Dow Future down by 20pts.

CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5315
SUPP 2: 5230
RES 1: 5455
RES 2: 5510
CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 10340
SUPP 2: 10100
RES 1: 10680
RES 2: 11015

Stock Recommendation
stock recommendation for 17/08/12 is Steel Authority of India. SAIL is in bearish trend majorly. The stock had fall from its 200 days moving average and has been consolidating near to its low from last two week. In last trading session it has test its trend line support and close near to its low. The stock was down by more than 2.42%, also it has form a large bearish candle, which indicate stock may seen more down side in coming days. One can go for the short position in SAIL below 84. SAIL can test the level of 78 in near terms.
Our recommendation on SAIL is SELL below 84 for the Tg of 81 & 78

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