Euro Market green with DAX up by 17pts at 7671, CAC by 13pts at 3661 and FTSE by 26pts at 5962. Dow Future up by 30pts.
(prHWY.com) December 20, 2012 - Indore, India -- MARKET WRAP FOR Equity
* India market cut initial gain, Nifty and Sensex both up about half a percent.
* Asian pacific rose on progress in negotiations to prevent the US fiscal cliff.
* EUR German Ifo business climate at 102.4 & EUR current account at 3.9B..
Indian indices consolidate with negative biasness after initial gains on positive cues from global market and also better US economic data. Nifty up by 32pts settles at 5929 and Sensex by 111Pts settles at 19476. Euro Market green with DAX up by 17pts at 7671, CAC by 13pts at 3661 and FTSE by 26pts at 5962. Dow Future up by 30pts.
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5885
SUPP 2: 5810
RES 1: 6015
RES 2: 6080
CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND - CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 12210
SUPP 2: 12000
RES 1: 12650
RES 2: 12845
Stock Recommendation
stock recommendation for 20/12/12 is Larsen and Toubro. Major trend in the stock is bullish. LNT had underperformed market in recent period and expected to show weakness in upcoming days. In today's trading session stock made bearish engulfing and closed near short term trend line support. Stock was down by more than 1.40%. In upcoming session we expect stock will move down from current level. One can go for short position in LNT below 1620. LNT may test level of 1574 in near term.
Our recommendation on LNT is SELL below 1620 for the TGT of 1600/ 1574.
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