Indian indices edged higher on strong global economic data and also as foreign institutional investors remain net buyer of Indian stock.
(prHWY.com) January 4, 2013 - Indore, India -- MARKET WRAP FOR Equity
* India market advanced for the third straight day, Nifty and Sensex up by 0.26%.
* Asian Pacific ended positive as economic data sign global economic recovery.
* GBP construction PMI at 48.7 and EUR French 10-y bond auction at 2.07/1.7..
Indian indices edged higher on strong global economic data and also as foreign institutional investors remain net buyer of Indian stock. Nifty up by 16pts settles at 6009 and Sensex by 50pts settles at 19764. European Markets red with DAX down by 27pts at 7751, CAC by 23pts at 3710 and FTSE by 05pts at 6022, Dow Future down by 27pts.
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5970
SUPP 2: 5875
RES 1: 6080
RES 2: 6135
CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND - BULLISH
BANK NIFTY FUTURE LEVELS:
SUPP 1: 12650
SUPP 2: 12230
RES 1: 13015
RES 2: 13315
Stock Recommendation
CapitalHeight's stock recommendation for 04/01/2013 is RCOM Ltd. Major trend in the stock is bearish. RCOM is consolidating with negative biasness from couple of week after a rally of nearly 50%. Stock is trading near to strong resistance level. In today's trading session stock breaks its consolidation range and also crosses its short term trend line resistance with good volume and momentum. Stock was up about 4.00%. One can go for long position in RCOM above 79. RCOM may move to the level of 88 in near term.
Our recommendation on Reliance Communication is BUY above 79 for the Target of 83/ 88.
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