Stock Market Newsletter 10-May-2012

Nifty down 25pts settles at 4974 trading above & below of 5000 mark, Sensex down by 66pts settles at 16479.Euro markets were red, DAX down 6pts at 6438.

Indore, India (prHWY.com) May 10, 2012 - MARKET WRAP FOR EQUITY
* Indian market remains volatile, Nifty down by 25pts & Sensex 66pts.
* Asia-Pacific market red on worries of debt contagion on new political leader.
* German trade balance 13.7B, ahead crude inventories,Dow future down 52pts.
The Indian indices volatile, data showing selling by foreign funds over the past two days weighed on sentiment. Nifty down 25pts settles at 4974 trading above & below of 5000 mark, Sensex down by 66pts settles at 16479.Euro markets were red, DAX down 6pts at 6438, CAC by 20pts at 3104 & FTSE by 57pts at 5496.Dow Futures down 52pts.
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 4935
SUPP 2: 4870
RES 1: 5065
RES 2: 5145
CH BANK NIFTY OUTLOOK
BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 9240
SUPP 2: 8990
RES 1: 9740
RES 2: 9990
Stock Recommendation
CapitalHeight's stock recommendation for 10/05/12 is Punjab National Bank. PNB has being consolidating and trading on its 52 weeks low level. The major trend in the stock is bearish. In its weekly chart also it has made a nice formation for continuing its downward trend .In today's trading session it was consolidating with negative biasness, it was down more than 2%. Punjab National Bank can test the level of 754- 752, and in the near term continuing the trend may test the level of 700.

Our recommendation on Punjab National Bank is SELL below 767 for the Tg of 760 & 750

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