Daily NewsLetter Equity 23-03-2012

* Indian equity markets fell down on FII selling, Nifty and Sensex down 2.5% . * Global markets on risk of election in Greece and France, also on oil pricing.

INDORE, India (prHWY.com) March 23, 2012 - MARKET WRAP FOR EQUITY
* Indian equity markets fell down on FII selling, Nifty and Sensex down 2.5% .
* Global markets on risk of election in Greece and France, also on oil pricing.
* Dow future were down 145pts, European market were red CAC down 58pts.
The market was negative today, Indian indices losing FII on the risk of global fear. Nifty down 136pts settles at 5228 and Sensex down 405pts settles at 17196.Realty, infra and bank were biggest losers. Euro markets were red DAX down 110pts at 6961, CAC 58pts at 3469 & FTSE 51 pts at 5840. Dow Futures was down 145 pts.
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5175
SUPP 2: 5110
RES 1: 5275
RES 2: 5335

CH BANK NIFTY OUTLOOK
BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 9990
SUPP 2: 9755
RES 1: 10330
RES 2: 10600

Stock Recommendation
CapitalHeight's stock recommendation for 23/03/12 is Cipla. Cipla having major trend bearish and it may continue its trend, in upcoming sessions. It has breached its very crucial support at 300 today and below it more down trend can be expected. Cipla was down by more than 2% and given closing below its support level. The stock is good below 299 it may go for 294-290.

Our recommendation on Cipla is SHORT below 299 for the Tg of 294 & 290.

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