Daily Equity Report By MarketMagnify 26-02-2013

Initial volatility was witnessed as key Indian indices gains after a firm start. Volatility continued it regained positive terrain after slipping into the red to hit fresh intraday low.

Indore, India (prHWY.com) February 26, 2013 - MARKET WRAP FOR Equity

* Indian markets remain volatile and closed with marginal gains of 0.08%.
* Asian-Pacific market closed mixed on uncertain global worries over economy.
* EUR ahead Italian Parliamentary election, Dow Future up 85pts.
Initial volatility was witnessed as key Indian indices gains after a firm start. Volatility continued it regained positive terrain after slipping into the red to hit fresh intraday low.Nifty up by 4pts settles at 5855 & Sensex by 15pts settles at 19332. Euro market green with FTSE up by 36pts at 6372, DAX by 149pts at 7811 & CAC by 45pts at 3750.

MM NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS
SUPP 1: 5780
SUPP 2: 5715
RES 1: 5885
RES 2: 5965

MM BANK NIFTY OUTLOOK
MM BANK NIFTY TREND - CONSOLIDATE
BANK NIFTY FUTURE LEVELS
SUPP 1: 11850
SUPP 2: 11620
RES 1: 12230
RES 2: 12550

Stock Recommendation

Marketmagnify stock recommendation for 26/02/2013 is Allahabad bank. The major trend in the stock is consolidating. At present its trading near to its support and upward trend line, once its breach the level of 142 we can expect it to test its 52 weeks low level in near term. In today's trading session it manages to trade below 200 DMA and closed near to it, it was down today by more than 1%. In upcoming session we can expect some more down turn if it able to breach & sustain below its support level. One can go for short position in Allahabad Bank below 142. The stock may test level of 138 in near term.
Our recommendation on Allahabad Bank is SELL below 142 for the Target of 140/138.

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Categories: Finance

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