Indian indices edged lower in choppy trading session on profit booking after recent strong gains in share rice.
(prHWY.com) January 24, 2013 - Indore, India -- MARKET WRAP FOR Equity
* India market consolidates with negative biasness and closed with loss of 0.5%.
* Asia-Pacific green on Chinese manufacturing activity provided demand support.
* US unemployment claims 330K, Flash Manufacturing PMI 56.
Indian indices edged lower in choppy trading session on profit booking after recent strong gains in share rice. The market breadth was weak. Many small-cap & mid-cap stocks witnessed sharp slide. Euro markets closed green with FTSE up by 67pts at 6265 & DAX by 41pts at 7748 & CAC by 26pts at 3752. Dow future up 25pts.
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5985
SUPP 2: 5910
RES 1: 6085
RES 2: 6150
CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND - CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 12450
SUPP 2: 12230
RES 1: 12885
RES 2: 13150
Stock Recommendation
stock recommendation for 25/01/2013 is Chambal Fertilizer. Major Trend in the stock is bullish. Chambal Fertilizer is consolidating with negative biasness from many months. Stock is facing strong resistance from its 200DMA. In today's trading session stock had breakdown its trend line support with good volume and momentum. Stock was down by more than 3.00% in trade. We expect stock may see some correction in upcoming days. One can go for short position in Chambal Fertilizer below 65. Chambal Fertilizer may move to the level of 58 in short term.
Our recommendation on Chambal Fertilizer is SELL below 65 for the Target of 62/ 58.
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