. Nifty down 45pts settles at 4860 & Sensex by 156pts settles at 16026. Infra & metal sectors were biggest loser. Euro markets were green, DAX up 68pts at 6398,
(prHWY.com) May 23, 2012 - Indore, India -- MARKET WRAP FOR EQUITY
* Indian market remains negative, Nifty down by 45pts & Sensex 156pts.
* Asia-Pacific green on China's authorities implement policies to support growth.
* U.K. Inflation slows as IMF sees need for more stimulus, Dow future up 65pts.
The Indian indices remain negative on macroeconomic worries & rupee's slide to a record low against dollar. Nifty down 45pts settles at 4860 & Sensex by 156pts settles at 16026. Infra & metal sectors were biggest loser. Euro markets were green, DAX up 68pts at 6398, CAC by 35pts at 3062 & FTSE by 67pts at 5371.Dow Futures up 45pts.
CH NIFTY OUTLOOK
NIFTY TREND: BEARISH
NIFTY SPOT LEVELS:
SUPP 1: 4810
SUPP 2: 4740
RES 1: 4880
RES 2: 4945
CH BANK NIFTY OUTLOOK
BANK NIFTY FUTURE LEVELS:
SUPP 1: 8990
SUPP 2: 8650
RES 1: 9310
RES 2: 9440
Stock Recommendation
Capital Height's stock recommendation for 23/05/12 is Asian Paints. Asian Paints have breached its upward channel in today's trading session. The major trend in the stock is bullish and it's trading on its all time high. It has formed rising wedge in its daily chart that indicate downward trend in short term on its break out. It was also overbought and its correction can be expected from here. Asian Paints can test the level of 3575-3550, below its support level of 3650 & in near term continuing the trend may test the level of 3400.
Our recommendation on Asian Paints is SELL below 3650 for the Tg of 3590 & 3510
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