Daily Equity Report By Money CapitalHeight 12-10-2012

Indian indices extended gains in late trade and closed above 5700 on back of short coverings and also positive cues from European markets.

Indore, India (prHWY.com) October 12, 2012 - MARKET WRAP FOR EQUITY

* India market bounce back from low, Nifty up by 0.99% & Sensex by 0.93%.
* Asian pacific decline as Japan machinery orders dropped more than estimation.
* CAD NHPI 0.2%, USD trade balance -44.2B & unemployment claims 339K..
Indian indices extended gains in late trade and closed above 5700 on back of short coverings and also positive cues from European markets. Nifty up by 55pts settles at 5708 and Sensex by 173pts settles at 18804. Euro green with DAX up by 51pts at 7256, FTSE by 35pts at 5812 and CAC by 21pts at 3386, Dow Future up by 33pts.
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5685
SUPP 2: 5610
RES 1: 5765
RES 2: 5840
CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 11250
SUPP 2: 11060
RES 1: 11750
RES 2: 11970
Stock Recommendation
stock recommendation for 12/10/12 is JSW Steel. The major trend in the stock is consolidating. JSW Steel had taken support from its 200DMA and consolidating above it from more than three week. In today's trade stock crosses its consolidation range and also short term resistance level with good volume and movement and close above it. We expect this rally would continue in upcoming session; one can go for the long position in JSW Steel above 776. JSW Steel can move up to level of 808 in short terms.
Our recommendation on JSW Steel is BUY above 776 for the Tgt of 792 & 808.
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