Daily Equity Report By Money CapitalHeight 01-03-2013

Indian markets shown sharp down fall, Nifty & Sensex down by 1.6% approx.

indore, India (prHWY.com) March 1, 2013 - MARKET WRAP FOR Equity

* Indian markets shown sharp down fall, Nifty & Sensex down by 1.6% approx.
* Asia-Pacific market positive on better US housing report & Bernake speak.
* EUR Core CPI y/y 1.3%, German unemployment -3K, Dow Future up 215pts.

Indian indices negative, Indian Finance Minister raised surcharge on corporate tax to 10% from 5% for domestic companies whose taxable income exceeds Rs 10 crore per year. Nifty down by 104pts settles at 5693 & Sensex by 291pts at 18861. Euro market green with FTSE up by 12pts at 6338, DAX by 40pts at 7716 & CAC by 10pts at 3701.

CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS
SUPP 1: 5645
SUPP 2: 5585
RES 1: 5745
RES 2: 5815

CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND - CONSOLIDATE
BANK NIFTY FUTURE LEVELS
SUPP 1: 11330
SUPP 2: 11040
RES 1: 11830
RES 2: 11990

Stock Recommendation

CapitalHeight's stock recommendation for 01/03/2013 is State Bank of India.SBI has being consolidating with negative biasness from last many trading session & in last trading session it has breached its crucial support level, also trading below its 200DMA, it was down by 6% and closed near to support level. It's having next crucial support at 2050 below it some more down turn expected, one can go for sell on high strategy in it. In short term some more bearish trend can be expected. One can go for short position in SBI below 2050. The stock may test level of 1930 in near term.
Our recommendation on SBI is SELL below 2050 for the Target of 2020/1995.

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Categories: Finance

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