Nifty up 21pts settles at 4891 & Sensex by 82pts settles at 16152.Banks were biggest gainer. Euro markets were flat, DAX up 5pts at 6314.
(prHWY.com) May 21, 2012 - Indore, India -- MARKET WRAP FOR EQUITY
* Indian market positive on weekend session, Nifty up by 21pts & Sensex 82pts.
* Global markets under pressure due to euro zone concerns and weak US data.
* US Natural gas storage 61B, EUR German PPI 0.2%, Dow future down 170pts
The Indian indices surged positive after gap down opening on strong Q4 results from banking giant State Bank of India. Nifty up 21pts settles at 4891 & Sensex by 82pts settles at 16152.Banks were biggest gainer. Euro markets were flat, DAX up 5pts at 6314, CAC by 3pts at 3015 & FTSE down by 40pts at 5297.Dow Futures down 170pts.
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 4815
SUPP 2: 4740
RES 1: 4945
RES 2: 5010
CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 8990
SUPP 2: 8650
RES 1: 9440
RES 2: 9680
Stock Recommendation
Capital Height's stock recommendation for 21/05/12 is Tata Steel. Tata steel has breached its crucial support level at 421 and continuously trading below it. The stock major trend is bearish. In weekly chart also the stock forming downward trend. The stock Q4 result announced, which has reported net profit down 90% at Rs 433.5 cr. In upcoming session we can expect some more bearish trend on the basis of weak fundamental and technical view. Tata Steel can test the level of 388-385, & in near term
continuing the trend may test the level of 367.
Our recommendation on Tata Steel is SELL below 396 for the Tg of 392 & 385
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