Daily Equity Report 08-Aug-2012

CapitalHeight's stock recommendation for 8/08/12 is Axis Bank. Axis Bank has been consolidating in small range from last few months. Its major trend is bullish.

Indore, India (prHWY.com) August 8, 2012 - Stock Recommendation

CapitalHeight's stock recommendation for 8/08/12 is Axis Bank. Axis Bank has been consolidating in small range from last few months. Its major trend is bullish. In today's trading session is has move above high of its previous rally and close slightly above its trend line resistance. The stock has also crossed its 200 moving average and move up sharply with good volume and movement. The stock was up by 2.60%. One can go for the long position in Axis Bank above 1098. Axis Bank can move to the level of 1128 in near terms.
Our recommendation on Axis Bank is BUY above 1098 for the Tg of 1112 & 1128

MARKET WRAP FOR EQUITY
* India market end significantly up, Nifty up by 1.03 % & Sensex by 1.08 %
* Asian pacific trade higher as US and European stocks rally continued.
* CHF foreign currency reserves 406.5B, CPI -0.5%, Dow Future up by 31pts.
Indian indices edge higher by more than 1% two days in a row on hopes of some reforms action and also provisional data showing that FIIs remained net buyers of Indian stock. Nifty up by 54pts settles at 5336 & Sensex by 188pts settle at 17601. Euro markets green with DAX by 34pts at 6953, CAC by 25pts at 3427 & FTSE flat at 5806
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5265
SUPP 2: 5190
RES 1: 5410
RES 2: 5495
CH BANK NIFTY OUTLOOK
BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 10450
SUPP 2: 10260
RES 1: 10810
RES 2: 11015

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