Daily Equity NewsLetter 31-01-12

CapitalHeight's stock recommendation for 31/01/12 is State Bank of India. State Bank of India was being in downtrend in the short term making lower tops & lower bottoms but has made a bottom out and has broke that trend.

indore, India (prHWY.com) January 30, 2012 - Stock Recommendation

CapitalHeight's stock recommendation for 31/01/12 is State Bank of India.
State Bank of India was being in downtrend in the short term making lower tops & lower
bottoms but has made a bottom out and has broke that trend. State Bank of India now
has resisted its 200DMA and a important resistance line resulting which it has came
down today the stock has lost significantly around 3%, making a long bearish candle
indicating bearishness in the near term. State Bank of India is expected to test the level
of 1940 in the near term continuing which may test the level of 1880.

Our recommendation on State Bank of India is SELL below 1980 for Tg of 1970 & 1950

MARKET WRAP FOR EQUITY
* Indian market ends significantly down; Nifty down 117pts, Sensex down 371pts.
* European M3 money supply y/y came less than expected at 1.6% vs 2.2%.
* European markets were red with CAC worst; Dow futures was down 81 pts.

The markets closed with significant losses with all sectoral indices closing in red. Capital
goods nosedived to close with more than 5%. Nifty was down 117pts at 5087 & Sensex
down 371pts to settle at 16863. Euro markets were red with DAX down 33pts at 6479,
CAC down 29pts at 3290 & FTSE down 41pts at 5692. Dow Futures was down 81pts.

CH NIFTY OUTLOOK
Trend: - Consolidate
Resistance: - 5160, 5250
Support: - 5020, 4940
Strategy: - Sell on high

CH BANK NIFTY OUTLOOK
Trend: - Consolidate
Resistance: - 9700, 9900
Support: - 9400, 9200
Strategy: - Sell on high

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