Stock Recommendation

CapitalHeight’s stock recommendation for 17/08/2011 is Reliance Power. Reliance Power Future has been in downtrend from past few months and stock is continuously making lower top and lower bottoms signifying downtrend in long term as well. The stock today has shown strong bearish closing on the daily chart & ended down at 85.90, marking a low of 84.65. The stock is now heading towards the level of 76-75.

Our recommendation on Reliance Power Future is Sell below 85.5 for TG of 84.5 & 83.

MARKET WRAP

Indian market ended down with Nifty down 37 pts while Sensex down 109 pts.

Britain’s CPI y/y came at 4.4%, Core CPI y/y came at 3.1% & RPI y/y at 5.0 %.

European markets were down with DAX worst, Dow future was down 84 pts.

It was a turbulent day in the markets today and both benchmark indices closed with moderate losses. Nifty was down 37 pts to end at 5035 and Sensex was down 109 pts to settle at 16730. Euro markets were also down today with FTSE down 45 pts at 5305, DAX down 145 pts at 5876, CAC down 52 pts at 3186. Dow future was down 84 pts.

TECHNICAL VIEW

NIFTY OUTLOOK

NIFTY TREND: CONSOLIDATE

NIFTY SPOT LEVELS:

SUPP 1: 4970, SUPP 2: 4885

RES 1: 5115, RES 2: 5185

BANK NIFTY OUTLOOK

CH BANK NIFTY TREND: CONSOLIDATE

BANK NIFTY FUTURE LEVELS:

SUPP 1: 9870, SUPP 2: 9570

RES 1: 10230, RES 2: 10580

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