Daily Equity Newsletter 10-August-2012

India market ended lower, Nifty down by 0.23% & Sensex by 0.28%.

indore, India (prHWY.com) August 17, 2012 - MARKET WRAP FOR EQUITY

* India market ended lower, Nifty down by 0.23% & Sensex by 0.28%.
* Asian pacific hits 3-mth high ended green, Dow future down by 17pts.
* US trade balance -42.9B, unemployment claims 361K, NHPI 0.2%.
Indian indices edged lower in choppy trade as India industrial production in June 2012 reported lower than expected, IIP June 2012 at -1.8 v/s 2.5. Nifty down by at 15pts settles at 5322 & Sensex by 39pts settles at 17560. Euro markets red with DAX down by 66pts at 6899, CAC by 13pts at 3424 & FTSE by 15pts at 5830.
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
CH BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 10450
SUPP 2: 10260
RES 1: 10680
RES 2: 11015
Stock Recommendation
stock recommendation for 10/08/12 is Indian Bank. Indian Bank has being consolidating near to its support level and breaks its support level last week and consolidates near to its breakout level for whole week. In today's trading session it has move below its important level. The stock was down by 3.85 %. One can go for the short position in Indian Bank below 169. Indian Bank can test level of 162 in near terms.
Our recommendation on Indian Bank is SELL below 169 for the Tg of 166 & 162
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