Nifty down 84pts settles at 4858 & Sensex by 298pts settles at 16030.Auto were biggest gainer. Euro markets were mixed, DAX down 31pts at 6369
(prHWY.com) May 17, 2012 - Indore, India -- MARKET WRAP FOR EQUITY
* Indian market remains range bound, Nifty down by 84pts & Sensex 298pts.
* Global market weak on political and economic instability in euro zone.
* EUR Core CPI 1.6%, Trade balance 4.3B, CPI 2.6%, Dow future down 125pts.
The Indian indices consolidate with negative biasness on globally felt the tremors of political upheaval in Greece. Nifty down 84pts settles at 4858 & Sensex by 298pts settles at 16030.Auto were biggest gainer. Euro markets were mixed, DAX down 31pts at 6369, FTSE by 25pts at 5412 & CAC up by 17pts at 3056.Dow Futures down 125pts.
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: 8980
SUPP 2: 8690
RES 1: 9250
RES 2: 9440
Stock Recommendation
CapitalHeight's stock recommendation for 17/05/12 is Tata Motors. Tata motors have being consolidating on its upward trend line from last many trading session. In today's session it has breached its trend line and it was down more than 7%.The major trend in the stock is bullish but from now we can expect reversal of the trend as its has given break out with good volume. In upcoming session some more downward movement can be expected. Tata Motors can test the level of 263-262, & in near term continuing the trend may test the level of 250.
Our recommendation on Tata Motors is SELL below 269 for the Tg of 265 & 261.
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