Weekly Equity Report by www.epicresearch.co - 11th March 2013

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indore, India (prHWY.com) March 11, 2013 - WEEKLY NEWS
* High inflation can't be new normal: Subbarao
RBI Governor D Subbarao has said that high inflation can not be the new normal. He reiterated today that India's near-term inflation target remains around 5%. He demolished the argument for keeping India's near term inflation target higher.What the Reserve Bank Governor is saying today is significant for a longish period of time not necessarily for the short-term. At least for the past three or four years starting from Kaushik Basu there has been a pressure on the Reserve Bank to accept thatIndia's inflation cannot be at the old 5 percent goal which was attained over the past 15 years up until 2008 and that it has to be revised higher.
* SC dismisses KFA's plea on depositing Rs 185cr to IT dept
The Supreme Court today rejected Kingfisher Airlines ' plea against the Karnataka High Court's order directing it to deposit around Rs 185 crore with the Income Tax Department as TDS from its employees' wages.The apex court, which had asked the cash-strapped airlines to deposit the money within four weeks, refused to extend the time limit as sought by the Kingfisher's counsel.
* Economy to bounce back to 8% growth rate by 2015-16: PM
Striking an optimistic note, Prime Minister Manmohan Singh today exuded confidence that the economic slowdown will not continue and the country will bounce back to the growth rate of 7 to 8 percent in next two to three years.

Market Analysis
* KEY BENCHMARK INDICES EDGED HIGHER IN THE WEEK ENDED FRIDAY, 8 MARCH 2013 AS WORLD STOCKS ROSE ON BULLISH ECONOMIC DATA IN THE US AND CHINA, THE WORLD'S NO 1 AND 2 ECONOMIES.THE BAROMETER INDEX,THE 30-SHARE S&P BSE SENSEX, ATTAINED ITS HIGHEST CLOSING LEVEL IN MORE THAN 4-1/2 WEEKS. THE 50-UNIT CNX NIFTY ATTAINED ITS HIGHEST CLOSING LEVEL IN MORE THAN 4 WEEKS.INDIAN STOCKS GAINED IN FOUR OUT OF FIVE TRADING SESSIONS IN THE WEEK ENDED FRIDAY, 8 MARCH 2013. THE BSE MID-CAP AND THE BSE SMALL-CAP INDICES UNDERPERFORMED THE SENSEX DURING THE WEEK
* IN THE WEEK ENDED FRIDAY, 8 MARCH 2013, THE 30-SHARE S&P BSE SENSEX ADVANCED 764.71POINTS OR 4.04% TO 19,683.23. THE 50-UNIT CNX NIFTY GAINED 226 POINTS OR 3.95% TO 5,945.70.
* FROM 30-SHARE SENSEX PACK, 27 STOCKS GAINED AND ONLY THREE OF THEM DECLINED IN THE WEEK ENDED FRIDAY, 8 MARCH 2013
* HINDUSTAN UNILEVER (DOWN 3.25%) AND NTPC (DOWN 0.43%) EDGED LOWER FROM THE SENSEX PACK.CIPLA (UP 5.93%), DR REDDY'S LABORATORIES (UP 4.74%) AND HDFC (UP 4.55%) EDGED HIGHER FROM THE SENSEX PACK.METAL STOCKS EDGED HIGHER AS GLOBAL COMMODITY PRICES ROSE. STERLITE INDUSTRIES (INDIA)(UP 8.37%) AND HINDALCO INDUSTRIES (UP 2.22%) GAINED.STEEL SHARES ROSE AFTER THE MINISTER OF STEEL, MR. BENI PRASAD VERMA ON THURSDAY,7 MARCH 2013, SAID THAT THE SUPREME COURT HAS PERMITTED SOME MINES IN KARNATAKA TO REOPEN.
MARKET UPDATE
* Nifty up by 241 pts and settle at 5945.70
* Bank Nifty up by 682 pts at 12197.25


Factors to watch
NIFTY
* Nifty looks Bearish
* Strategy: Sell on rise
* Support:5900
* Resistance: 6000
BANK NIFTY
* Bank Nifty looks Bearish
* Strategy: Sell on rise
* Support: 12100
* Resistance: 12300


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