Daily Equity Report By Money CapitalHeight 17-10-2012

Indian indices erased initial gains to close nearly three-week low on political worries and also due to heavy selling in Auto & Realty Stock.

Indore, India (prHWY.com) October 17, 2012 - MARKET WRAP FOR EQUITY

* India market edged lower, Nifty down by 0.69% & Sensex by 0.73%.
* Asian pacific rose as the U.S. reported better-than-expected retail sales.
* EUR German ZEW economic sentiment at -11.5, USD core CPI at 0.1%.
Indian indices erased initial gains to close nearly three-week low on political worries and also due to heavy selling in Auto & Realty Stock. Nifty down by 39pts settles at 5648 and Sensex by 135pts settles at 18577. Euro green with DAX up by 94pts at 7355, FTSE by 56pts at 5862 and CAC by 44pts at 3464, Dow Future up by 62pts.
CH NIFTY OUTLOOK
CH GOOD MORNING
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5635
SUPP 2: 5560
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 17/10/12 is Reliance Capital. The major trend in the stock is bearish. Reliance Capital is consolidating from couple of week after having rally of about 50% in recent time. Stock had shown some weakness at upper level. In today's trade stock has formed bearish engulfing candle and also tried to break its consolidation range. Stock was down more than 3.40%. We expect stock in upcoming days will see some correction; one can go for the short position in Reliance Capital below 436. Reliance Capital can test level of 402 in near terms.
Our recommendation on Reliance Capital is SELL below 436 for the Tg of 420 & 402.
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Categories: Finance

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