Daily Equity Report By Money CapitalHeight 10-10-2012

Indian indices recovered from two sessions of losses and expected to remain volatile ahead of key results, Infosys & HDFC Bank are scheduled on Friday.

Indore, India (prHWY.com) October 11, 2012 - MARKET WRAP FOR EQUITY

* India market ended higher, Nifty up by 0.50% & Sensex by 0.45%.
* Asian pacific closed mixed on monetary stimulus hope from China.
* EUR manufacturing production at -1.1% m/m, trade balance at -9.8B.
Indian indices recovered from two sessions of losses and expected to remain volatile ahead of key results, Infosys & HDFC Bank are scheduled on Friday. Nifty up by 28pts settles at 5704 and Sensex by 84pts settles at 18793. Euro red with DAX down by 24pts at 7266, FTSE by 13pts at 5827 and CAC up by 8pts at 3414, Dow Future up by 4pts..
CH NIFTY OUTLOOK
NIFTY TREND: BULLISH
NIFTY SPOT LEVELS:
SUPP 1: 5660
SUPP 2: 5575
RES 1: 5765
RES 2: 5840
CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 11350
SUPP 2: 11080
RES 1: 11750
RES 2: 11970
Stock Recommendation
stock recommendation for 10/10/12 is Canara Bank. The major trend in the stock is Bullish. Canara Bank had shown sharp recovery from its 52 week low and managed to move above 200DMA. Stock is consolidating above its 200DMA from few days. In today's trade stock open near its resistance and try to move above its consolidation range but close flat. We expect stock will soon move above its resistance; one can go for the long position in Canara Bank above 444. Canara Bank can move up to level of 470 in short terms.
Our recommendation on Canara Bank is BUY above 444 for the Tgt of 458 & 470.
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