*Indian market remains negative, Nifty down 41pts & Sensex 129pts. *US natural gas at 25B,CB leading index m/m at 0.3%,German PPI m/m at 0.6%
(prHWY.com) April 23, 2012 - INDORE, India -- MARKET WRAP FOR EQUITY
* Indian market remains negative, Nifty down 41pts & Sensex 129pts.
* US natural gas at 25B,CB leading index m/m at 0.3%,German PPI m/m at 0.6%
* Asian stocks negative on weak US economic data, Dow future down 45pts.
The markets remain negative & Nifty April futures tumbling over 300 pts to low of 5,000, next week F&O expiry. Nifty down 41pts settles at 5290 & Sensex by 129pts settles at 17373.Realty, Infra & bank was biggest loser. Euro markets were green, CAC up 18pts at 3192, FTSE by 22pts at 5766 & DAX by 65pts at 6737. Dow Futures down 45pts.
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5275
SUPP 2: 5210
RES 1: 5380
RES 2: 5450
CH BANK NIFTY OUTLOOK
BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 10340
SUPP 2: 10235
RES 1: 10620
RES 2: 10880
Stock Recommendation
CapitalHeight's stock recommendation for 08/02/12 is Jet Airways. Jet airways has made a rounding bottom on the daily chart and made a cup and handle break out on the daily chart of which stock rallied today nearly 15% and gained more than 43 Rs. The stock has much more upside left as it has also closed above its 200 DSMA which is a positive signal. If it breaks the level of 352 then can see sharp rally to the level of 380-390 in coming week.
Our recommendation on Jet Airways is BUY above 342 for the Tg of 345 & 350.
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