Indian indices edged higher after PM Dr. Singh said that India is confident that the strong economic fundamentals will enable country to return to a higher growth path.
(prHWY.com) January 8, 2013 - Indore, India -- MARKET WRAP FOR Equity
* India market remains volatile & closed with gains, Nifty & Sensex up by 0.25%.
* Asian- Pacific markets traded lower on third quarter earnings season ahead.
* EUR retail sales 0.1%, unemployment rate 11.8%, German Factory order -1.8%..
Indian indices edged higher after PM Dr. Singh said that India is confident that the strong economic fundamentals will enable country to return to a higher growth path. Nifty up by 13pts settles at 6001 & Sensex by 51pts settles at 19742. Euro markets green with DAX up by 4pts at 7737, CAC by 21pts at 3725 and FTSE by 0.2pts at 6077.
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 - CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 12650
SUPP 2: 12230
RES 1: 13015
RES 2: 13315
Stock Recommendation
CapitalHeight's stock recommendation for 09/01/2013 is Reliance Infra. Major Trend in the stock is sideways. Reliance Infra is moving up from few months and also trading above its 200DMA. Stock had also taken breakout of pennant for target of 605 last week. In today's trading session stock crosses its crucial trend line resistance with good volume and momentum. Stock was up about 3.00%. One can go for long position in Reliance Infra above 570. Reliance Infra may move to the level of 600 in near term.
Our recommendation on Reliance Infra is BUY above 570 for the Target of 582/ 600.
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