Indian indices snapped three day winning streak as weak European stocks weighed on sentiment adversely. BSE Sensex slipped below the psychological 20,000 mark.
(prHWY.com) January 23, 2013 - Indore, India -- MARKET WRAP FOR Equity
* India market consolidates with negative biasness,Nifty & Sensex down by 0.6%.
* Asian-Pacific negative on latest monetary policy decision from Bank of Japan.
* EUR German ZEW economic sentiment at 31.5, Dow Future down by 25pts.
Indian indices snapped three day winning streak as weak European stocks weighed on sentiment adversely. BSE Sensex slipped below the psychological 20,000 mark. Nifty down by 34pts settle at 6048 & Sensex by 120pts settles at 19981. Euro markets red with FTSE down by 3pts at 6180, DAX by 27pts at 7722 and CAC by 5pts at 3758.
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 6030
SUPP 2: 5965
RES 1: 6125
RES 2: 6190
CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND - CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 12450
SUPP 2: 12230
RES 1: 12785
RES 2: 13150
Stock Recommendation
stock recommendation for 23/01/2013 is HDIL. Major Trend in the stock is bearish. HDIL gain some bullish momentum early this year and up almost 100% from its 52 week low. Stock is holding its upward moving trend line nicely. In today's trading session stock break its trend line support and move down with good volume and momentum. Stock was down by more than 7.10% in trade. Thus, we expect stock may see some correction in upcoming days. One can go for short position in HDIL below 111. HDIL may move to the level of 104 in near term.
Our recommendation on HDIL is SELL below 111 for the Target of 108/ 104.
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