Daily Equity Report By Money CapitalHeight 08-03-2013

Indian markets bounced back after early choppy session due to fresh buying in some sectors.

indore, India (prHWY.com) March 8, 2013 - MARKET WRAP FOR Equity

* Indian markets overcome early downfall. Nifty, Sensex up by 0.77% & 0.84%.
* Asian-Pacific markets remain mixed. Focus is on BoE & ECB meetings.
* BoJ hold key rates. German factory orders -1.9%. Dow Futures up by 27.5 pts.

Indian markets bounced back after early choppy session due to fresh buying in some sectors. US payroll & manufacturing data supports world market. EUR shares extending rally. Nifty up by 44 points & closed at 5863. While Sensex up by 161 points & closed at 19413. US markets ended mixed amid signs of improvement in the labor market.

CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS
SUPP 1: 5815
SUPP 2: 5730
RES 1: 5915
RES 2: 5975

CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND - CONSOLIDATE
BANK NIFTY FUTURE LEVELS
SUPP 1: 11860
SUPP 2: 11670
RES 1: 12220
RES 2: 12550

Stock Recommendation

CapitalHeight's stock recommendation for 08/03/2013 is ICICI BANK Ltd. ICICIBANK has been trading in down trend in last month. It took support around 200 DMA which is strong support and bounced from that level. Its momentum indicator MACD has also given positive crossover on the daily chart. It was up by 0.96%. It's having near resistance level around 1160, above it we can see some upside movement in the stock. In short term some uptrend can be expected. One can go for long position in ICICIBANK above 1125. The stock may test level of 1160 in near term.
Our recommendation on SBI is BUY above 1125 for the Target of 1140/1155.

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Categories: Finance

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