India market consolidates with positivity, Nifty & Sensex up by 0.7%.
(prHWY.com) January 17, 2013 - Indore, India -- MARKET WRAP FOR Equity
* India market consolidates with positivity, Nifty & Sensex up by 0.7%.
* Asian-Pacific market mainly negative on announcement of Chinese data.
* CHF PPI m/m 0.1%, ahead US unemployment claims, Dow Future up by 15pts.
Indian indices edged higher in a volatile trading session on reports that government has given authority to PSU OMCs to change diesel prices by a small margin from time to time. Nifty up by 37pts settles at 6039 & Sensex by 146pts settle at 19664. Euro markets up with FTSE by 9pts at 6112 & CAC by 32pts at 3740 and DAX flat at 7686.
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5990
SUPP 2: 5915
RES 1: 6090
RES 2: 6180
CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND - CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 12450
SUPP 2: 12230
RES 1: 12985
RES 2: 13250
Stock Recommendation
stock recommendation for 18/01/2013 is BHEL. Major Trend in the stock is bullish. BHEL is consolidating with negative biasness from few months. Stock is hanging around its 200DMA and taking support of trend line nicely. In today's trading session stock close below its 200DMA and near to its trend line support. Stock marginally down in trade. We expect in upcoming day's stock break its support and move down. One can go for short position in BHEL below 222. BHEL may test level of 212 in short term.
Our recommendation on BHEL is SELL below 222 for the Target of 218/ 212.
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