Daily Equity Report By Money CapitalHeight 30-10-2012

Indian indices eked out small gains in choppy after PM of India announced a major reshuffled of his council of ministers, also FM announced plan of fiscal consolidation.

Indore, India (prHWY.com) October 30, 2012 - MARKET WRAP FOR EQUITY

* India market remains volatile and closed flat with Nifty & Sensex up by 0.05%.
* Asian pacific edged lower on concerns over disappointing corporate earnings.
* GBP M4 money supply m/m at 0.2% whereas, Mortgage approvals at 50K...
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Indian indices eked out small gains in choppy after PM of India announced a major reshuffled of his council of ministers, also FM announced plan of fiscal consolidation. Nifty and Sensex closed flat with gain of 0.05%.Euro mixed with DAX down by 53pts at 7178, CAC by 37pts at 3398 & FTSE by 39pts at 5768, Dow Future up by 3pts...
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5635
SUPP 2: 5560
RES 1: 5765
RES 2: 5840
CH BANK NIFTY OUTLOOK
BANK NIFTY FUTURE LEVELS:
SUPP 1: 11350
SUPP 2: 11060
RES 1: 11750
RES 2: 11970

Stock Recommendation
stock recommendation for 30/10/12 is Vijaya Bank. Vijaya bank has being consolidating on its support level from last many trading session. The major trend in the stock is bearish and at present it is in recovery phase. In its daily chart it's forming double top and trading near to its neckline. In upcoming session we can expect it to breach its support level and show downward trend. It is also taking resistance of its downward trend line. One can go for short position below 54, it may test once its next support level at 50.
Our recommendation on Vijaya Bank is SHORT below 54 for the Tg of 52 & 50.
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Categories: Finance

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