Daily Equity Report By Money CapitalHeight 3-12-2012

Indian indices gain as the weak second quarter GDP growth number fuelled hopes of RBI cutting interest rates sooner than expected.

Indore, India (prHWY.com) December 3, 2012 - MARKET WRAP FOR EQUITY

* India market extended weekly gain, Nifty up by 0.94% and Sensex by 0.88%.
* Asian pacific rose as Japan's cabinet approved an economic stimulus package.
* EUR CPI flash estimate at 2.20%, ahead of USD core PCE price index m/m.
Indian indices gain as the weak second quarter GDP growth number fuelled hopes of RBI cutting interest rates sooner than expected. Nifty up by 54pts settle at 5879 and Sensex by 168Pts settle at 19339. Euro Market trading in green with DAX up by 33pts at 7434, CAC by 13pts at 3581 and FTSE by 12pts at 5882, Dow Future up by 26pts..
CH NIFTY OUTLOOK
NIFTY TREND: BULLISH
NIFTY SPOT LEVELS:
SUPP 1: 5815
SUPP 2: 5740
RES 1: 5985
RES 2: 6075
CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND - BULLISH
BANK NIFTY FUTURE LEVELS:
SUPP 1: 12000
SUPP 2: 11850
RES 1: 12450
RES 2: 12845
Stock Recommendation
stock recommendation for 03/12/12 is Canara Bank. Major trend in the stock is bullish. Canara Bank is consolidating near 200DMA from a month after having sharp recovery from 52 week low. In todays trade stock move above its consolidation range and also break its short term trend line resistance with good volume and momentum. Stock was up by more than 4.60%. In upcoming days we expect stock may move up from this level. One can go for long position in Canara Bank above 468; Canara Bank may move to the level of 500 in near term.
Our recommendation on Canara Bank is BUY ABOVE 468 for the TGT of 480/ 500..
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Categories: Finance

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